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Stock Option Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Text Block [Abstract]  
Black-Scholes Option Pricing Model with Weighted Average
For purposes of expense recognition in 2019, 2018 and 2017, 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:
                         
 
Year Ended December 31,
 
 
2019
 
  
2018
 
  
2017
 
Expected dividend yield
   
1.7
 %    
2.3
 %    
2.8
 %
Expected risk-free interest rate
   
2.5
 %    
2.7
 %    
2.3
 %
Volatility
   
15.6
 %    
15.1
 %    
27.2
 %
Expected life (in years)
   
5.5
     
5.5
     
5.0
 
 
 
 
 
 
 
Stock Option Activity and Related Information The following is a summary of our stock option activity and related information for 2019 and 2018 (in millions, except exercise price and year data):
                                 
 
Shares
Under
Option
 
  
Weighted
Average
Exercise
Price
 
  
Weighted
Average
Remaining
Contractual
Term
(in
years)
 
  
Aggregate
Intrinsic
Value
 
   
     
     
     
 
Year Ended December 31, 2019
  
 
 
  
 
 
  
 
 
  
 
 
Beginning balance
   
8.8
    $
50.16
     
     
 
Granted
   
1.3
     
79.59
     
     
 
Exercised
   
(1.9
 )    
42.91
     
     
 
Forfeited or canceled
   
(0.3
 )    
57.33
     
     
 
                                 
Ending balance
   
7.9
    $
56.40
     
3.75
    $
308.6
 
                                 
Exercisable at end of year
   
2.0
    $
45.03
     
1.82
    $
101.9
 
                                 
Ending unvested and expected to vest
   
5.7
    $
59.76
     
4.36
    $
201.5
 
                                 
Year Ended December 31, 2018
  
 
 
  
 
 
  
 
 
  
 
 
Beginning balance
   
9.5
    $
  45.27
     
     
 
Granted
   
1.3
     
70.74
     
     
 
Exercised
   
(1.6
 )    
37.85
     
     
 
Forfeited or canceled
   
(0.4
 )    
49.23
     
     
 
                                 
Ending balance
   
8.8
    $
50.16
     
3.86
    $
  206.8
 
                                 
Exercisable at end of year
   
2.1
    $
42.84
     
1.83
    $
64.4
 
Ending unvested and expected to vest
   
6.5
    $
52.14
     
4.46
    $
140.3
 
 
 
 
 
 
Other Information Regarding Stock Options Outstanding and Exercisable Other information regarding stock options outstanding and exercisable at December 31, 2019 is summarized as follows (in millions, except exercise price and year data):
                                             
 
  
Options Outstanding
   
Options Exercisable
 
Range of Exercise Prices
 
  
Number
Outstanding
 
  
Weighted
Average
Remaining
Contractual
Term
(in
years)
 
  
Weighted
Average
Exercise
Price
 
  
Number
Exercisable
 
  
Weighted
Average
Exercise
Price
 
 
$  
39.17
    
 -
  $     
39.17
      
0.2
     
0.20
    $
  39.17
     
0.3
     $
39.17
 
 
    
43.71
    
 -
         
43.71
      
1.9
     
3.21
     
43.71
     
0.4
     
43.71
 
 
    
46.17
     -        
46.87
      
1.9
     
1.82
     
46.43
     
1.3
     
46.54
 
 
    
47.92
     -         
63.60
      
1.5
     
4.21
     
56.81
     
—  
      
—  
  
 
    
70.74
     -         
70.74
      
1.2
     
5.21
     
70.74
     
—  
      
—  
  
 
    
79.59
    
 -
         
79.59
      
1.2
     
6.21
     
79.59
     
—  
      
—  
  
                                             
 
$  
39.17
     -  $     
79.59
      
7.9
     
3.75
    $
56.40
     
2.0
    $
45.03