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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Summary of Stock Options

The following is a summary of stock option activity for the nine months ended September 30, 2019:

	Number of Options (in thousands)			Weighted Average Exercise Price per Option
Outstanding at December 31, 2018	3,610			$	46.44
Granted	493			76.16
Exercised	(575	)		38.71
Outstanding at September 30, 2019	3,528			51.86

Details of Stock Options Outstanding

Details of stock options outstanding as of September 30, 2019 are as follows:

	Number of Options (in thousands)			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (In millions)
Vested or expected to vest	3,528			$	51.86			6.4		$	143
Exercisable	2,458			$	44.27			5.4		$	118

Stock Options Valuation Assumptions

During the nine months ended September 30, 2019 and 2018, we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees:

	Nine Months Ended September 30,
Assumptions:	2019				2018
Risk-free interest rate	2.49		%		2.67		%
Expected life in years	5.9				6.0
Expected volatility	20		%		20		%
Expected dividend yield	1.44		%		1.43		%
Estimated weighted-average fair value of options granted per share	$	15.45			$	14.08

Summary of Nonvested Restricted Stock Options

The following is a summary of the non-vested restricted share activity for the nine months ended September 30, 2019:  

	Number of Restricted Shares (in thousands)		Weighted Average Grant-Date Fair Value per Share
Non-vested at December 31, 2018	4,470		$	60.56
Granted	1,675		76.65
Vested	(2,191)		57.64
Forfeited	(189)		66.38
Non-vested at September 30, 2019	3,765		69.13

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure for stock option 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.

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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.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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