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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock based compensation expense for the years ended December 31, 2019, 2018 and 2017 was as follows:

	2019				2018				2017
Stock based compensation	$	104.5			$	133.8			$	83.1
Tax benefit recognized in net earnings	22.0				28.1				29.1

Weighted-Average Assumptions of Stock-Based Compensation

The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:

	2019			2018			2017
Weighted-average fair value ($)	68.05			57.75			40.87
Risk-free interest rate (%)	2.37			2.65			2.03
Average expected option life (years)	5.42			5.32			5.26
Expected volatility (%)	19.22			18.05			18.74
Expected dividend yield (%)	0.58			0.59			0.67

Share-Based Compensation Activity

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2019 and 2018:

	Number of shares			Weighted-average exercise price per share				Weighted-average contractual term		Aggregate intrinsic value
Outstanding at December 31, 2017	3.196			$	140.68
Granted	0.723			279.10
Exercised	(0.650	)		90.43
Canceled	(0.064	)		211.57
Outstanding at December 31, 2018	3.205			180.69				6.58		$	284.0
Granted	0.764			320.65
Exercised	(0.527	)		122.94
Canceled	(0.093	)		273.64
Outstanding at December 31, 2019	3.349			219.14				6.66		$	452.8
Exercisable at December 31, 2019	1.611			$	150.31			4.74		$	328.6

Schedule of Stock-Based Compensation by Exercise Price Range

The following table summarizes information for stock options outstanding at December 31, 2019:

		Outstanding options									Exercisable options
Exercise price		Number			Average exercise price				Average remaining life (years)		Number			Average exercise price
$51.11 - $125.17		0.370			$	95.34			2.0		0.370			$	95.34
$125.18 - $154.16		0.371			137.31				4.1		0.371			137.31
$154.17 - $170.58		0.269			164.82				5.2		0.269			164.82
$170.59 - $183.97		0.393			173.20				6.4		0.362			172.75
$183.98 - $212.18		0.439			202.41				7.1		0.198			199.20
$212.19 - $279.31		0.357			261.80				8.3		0.039			233.39
$279.32 - $279.44		0.460			279.39				8.2		0.002			279.39
$279.45 - $327.91		0.597			321.33				9.1		—			—
$327.92 - $366.76		0.093			351.80				9.5		—			—
$51.11 - $366.76		3.349			$	219.14			6.7		1.611			$	150.31

Schedule of Nonvested Restricted Stock Awards Activity

A summary of the Company’s nonvested shares activity for 2019 and 2018 is as follows:

	Number of shares			Weighted-average grant date fair value
Nonvested at December 31, 2017	0.859			$	187.01
Granted	0.410			278.29
Vested	(0.492	)		204.24
Forfeited	(0.038	)		191.51
Nonvested at December 31, 2018	0.739			$	225.93
Granted	0.321			318.75
Vested	(0.290	)		209.05
Forfeited	(0.061	)		225.23
Nonvested at December 31, 2019	0.709			$	275.00

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