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Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2018, 2017 and 2016 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:
| Year ended December 31
| 2018 |  |  |  | 2017 |  |  | 2016 |  |
Expected term in years 1 | 6.5 |  |  |  | 6.3 |  |  | 6.3 |  |
Volatility 2 | 21.2 |  | % |  | 21.7 |  | % | 21.7 |  | %
Risk-free interest rate based on zero coupon U.S. treasury note | 2.6 |  | % |  | 2.2 |  | % | 1.6 |  | %
Dividend yield | 3.8 |  | % |  | 4.2 |  | % | 4.5 |  | %
Weighted-average fair value per option granted | $ | 18.18 |  |  |  | $ | 15.31 |  |  | $ | 9.53 |  |
1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
Summary of option activity | A summary of option activity during 2018 is presented below:
| Shares (Thousands) |  | Weighted-Average Exercise Price |  |  | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value |
Outstanding at January 1, 2018 | 103,765 |  |  | $ | 97.40 |  |  |  |  |
Granted | 4,665 |  |  | $ | 125.35 |  |  |  |  |
Exercised | (12,991 | ) |  | $ | 88.11 |  |  |  |  |
Forfeited | (715 | ) |  | $ | 115.25 |  |  |  |  |
Outstanding at December 31, 2018 | 94,724 |  |  | $ | 99.92 |  |  | 5.07 |  | $ | 1,101 |
Exercisable at December 31, 2018 | 81,074 |  |  | $ | 99.34 |  |  | 4.60 |  | $ | 933 |

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- Definition Tabular disclosure for share-based compensation plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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