Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Total Stock Option Activity and Amounts

Summarized information regarding total stock option activity and amounts for the year ended December 31, 2016 is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (millions)
Outstanding - January 1		3,918,435		$	124.77
Granted		249,213			218.15
Exercised		(795,663	)		97.31
Canceled/forfeited		(76,106	)		155.19
Outstanding - December 31		3,295,879		$	137.76		6.5	$	286.5
Exercisable		2,129,474		$	113.99		5.35	$	235.7

Assumptions Used To Estimate Fair Value of Stock Option Grants

The assumptions used to estimate the fair value of the company’s stock option grants for the following years ended December 31 are:

	2016			2015			2014
Dividend yield		0.5	%		0.5	%		0.6	%
Risk-free interest rate		1.6	%		1.3	%		1.2	%
Expected option life in years		7.4			6.5			6.5
Expected volatility		21	%		21	%		21	%
Option fair value	$	54.71		$	40.94		$	35.69

Activity in Nonvested Restricted Stock and Unit Awards

The activity in the nonvested restricted stock and unit awards for the year ended December 31, 2016 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding - January 1		471,920		$	147.41
Granted		178,825			219.63
Vested		(165,115	)		129.87
Forfeited		(12,542	)		153.13
Outstanding - December 31		473,088		$	180.67

Activity in Nonvested Restricted Stock Unit Awards

The activity in the nonvested restricted stock unit awards for the year ended December 31, 2016 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding - January 1		406,533		$	115.30
Granted		99,240			200.12
Vested		(79,750	)		96.65
Forfeited		(23,933	)		139.71
Outstanding - December 31		402,090		$	138.47

Activity in Management Stock Purchase Program

The activity in the MSPP for the year ended December 31, 2016 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding - January 1		197,997		$	39.70
Purchased		54,359			60.54
Vested		(44,562	)		32.44
Forfeited		(7,790	)		47.96
Outstanding - December 31		200,004		$	46.66

Management Stock Purchase Plan

Weighted Average Assumptions Used

The assumptions used for the following years ended December 31 are:

	2016			2015			2014
Dividend yield		0.5	%		0.6	%		0.6	%
Risk-free interest rate		0.39	%		0.16	%		0.07	%
Expected life in years		0.6			0.6			0.6
Expected volatility		18	%		17	%		20	%
Fair value	$	83.23		$	60.47		$	51.82

Employee Stock Purchase Plan

Weighted Average Assumptions Used

The company values the ESPP purchases utilizing the Black-Scholes model. The weighted average assumptions used for the following years ended December 31 are:

	2016			2015			2014
Dividend yield		0.5	%		0.6	%		0.6	%
Risk-free interest rate		0.45	%		0.14	%		0.08	%
Expected life in years		0.5			0.5			0.5
Expected volatility		21	%		17	%		18	%
Fair value	$	42.71		$	33.45		$	27.73