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Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Black-Scholes Option Pricing Model with Weighted Average

For purposes of expense recognition, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

		2019				2018
Expected dividend yield			1.7	%			2.3	%
Expected risk-free interest rate			2.5	%			2.7	%
Volatility			15.6	%			15.1	%
Expected life (in years)			5.5				5.5

Stock Option Activity and Related Information

The following is a summary of our stock option activity and related information for 2019 (in millions, except exercise price and year data):

		Nine-month period ended September 30, 2019
		Shares Under Option				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Beginning balance			8.8			$	50.16
Granted			1.3				79.59
Exercised			(1.5	)			42.60
Forfeited or canceled			(0.2	)			56.16
Ending balance			8.4			$	55.92				3.90			$	281.0
Exercisable at end of period			2.4			$	44.92				2.00			$	106.3
Ending unvested and expected to vest			5.8			$	59.74				4.61			$	170.2

Other Information Regarding Stock Options Outstanding and Exercisable

												Options Outstanding												Options Exercisable
																Weighted
																Average
																Remaining				Weighted								Weighted
																Contractual				Average								Average
												Number				Term				Exercise				Number				Exercise
Range of Exercise Prices												Outstanding				(in years)				Price				Exercisable				Price
$	39.17				—			$	39.17				0.4				0.45			$	39.17				0.3			$	39.17
	43.71				—				43.71				1.9				3.46				43.71				0.5				43.71
	46.17				—				46.87				2.1				2.03				46.46				1.6				46.56
	47.92								63.60				1.5				4.46				56.81				—				—
	70.74				—				70.74				1.2				5.46				70.74				—				—
	79.59				—				79.59				1.3				6.46				79.59				—				—
$	39.17				—			$	79.59				8.4				3.90			$	55.92				2.4			$	44.92

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ 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
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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- Definition

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.

+ 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 (d)
-URI http://asc.fasb.org/extlink&oid=116856206&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 (e)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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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=116856206&loc=d3e5070-113901

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