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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows:
| 2020 |  | 2019 |  | 2018
Stock based compensation | $ | 121.7 |  |  | $ | 104.5 |  |  | $ | 133.8 |
Tax benefit recognized in net earnings | 25.5 |  |  | 22.0 |  |  | 28.1 |
Weighted-Average Assumptions of Stock-Based Compensation | The weighted-average fair value of options granted in 2020, 2019 and 2018 were calculated using the following weighted-average assumptions:
| 2020 |  | 2019 |  | 2018
Weighted-average fair value ($) | 63.22 |  |  | 68.05 |  |  | 57.75 |
Risk-free interest rate (%) | 0.81 |  |  | 2.37 |  |  | 2.65 |
Average expected option life (years) | 5.64 |  | 5.42 |  | 5.32
Expected volatility (%) | 20.39 |  |  | 19.22 |  |  | 18.05 |
Expected dividend yield (%) | 0.62 |  |  | 0.58 |  |  | 0.59 |
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, 2020 and 2019:
| Number of shares |  | Weighted-average exercise price per share |  | Weighted-average contractual term |  | Aggregate intrinsic value
Outstanding at December 31, 2018 | 3.205 |  |  | $ | 180.69 |  |  |  |  |
Granted | 0.764 |  |  | 320.65 |  |  |  |  |
Exercised | (0.527) |  |  | 122.94 |  |  |  |  |
Canceled | (0.093) |  |  | 273.64 |  |  |  |  |
Outstanding at December 31, 2019 | 3.349 |  |  | 219.40 |  |  | 6.66 |  | $ | 452.8 |
Granted | 0.762 |  |  | 333.45 |  |  |  |  |
Exercised | (0.670) |  |  | 157.85 |  |  |  |  |
Canceled | (0.075) |  |  | 304.56 |  |  |  |  |
Outstanding at December 31, 2020 | 3.366 |  |  | 255.32 |  |  | 6.79 |  | $ | 591.7 |
Exercisable at December 31, 2020 | 1.431 |  |  | $ | 178.23 |  |  | 4.75 |  | $ | 361.9 |
Schedule of Stock-Based Compensation by Exercise Price Range | The following table summarizes information for stock options outstanding at December 31, 2020:
|  | Outstanding options |  | Exercisable options
Exercise price |  | Number |  | Average exercise price |  | Average remaining life (years) |  | Number |  | Average exercise price
$73.56 - $146.02 |  | 0.397 |  |  | $ | 123.73 |  |  | 2.3 |  | 0.397 |  |  | $ | 123.73 |
$146.03 - $170.66 |  | 0.398 |  |  | 166.28 |  |  | 4.7 |  | 0.398 |  |  | 166.28 |
$170.67 - $212.18 |  | 0.469 |  |  | 196.34 |  |  | 5.9 |  | 0.415 |  |  | 194.53 |
$212.19 - $279.31 |  | 0.316 |  |  | 264.83 |  |  | 7.3 |  | 0.121 |  |  | 254.54 |
$279.32 -$279.44 |  | 0.406 |  |  | 279.39 |  |  | 7.2 |  | 0.075 |  |  | 279.39 |
$279.45 - $321.52 |  | 0.080 |  |  | 291.04 |  |  | 8.0 |  | 0.025 |  |  | 290.10 |
$321.53 - $323.36 |  | 0.588 |  |  | 323.09 |  |  | 9.2 |  | — |  |  | — |
$323.37 - $327.91 |  | 0.487 |  |  | 326.33 |  |  | 8.2 |  | — |  |  | — |
$327.92 - $432.45 |  | 0.225 |  |  | 368.13 |  |  | 8.9 |  | — |  |  | — |
$73.56 - $432.45 |  | 3.366 |  |  | $ | 255.32 |  |  | 6.8 |  | 1.431 |  |  | $ | 178.23 |
Schedule of Nonvested Restricted Stock Awards Activity | A summary of the Company’s nonvested shares activity for 2020 and 2019 is as follows:
| Number of shares |  | Weighted-average grant date fair value
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 |
Granted | 0.285 |  |  | 358.07 |
Vested | (0.308) |  |  | 254.02 |
Forfeited | (0.085) |  |  | 309.28 |
Nonvested at December 31, 2020 | 0.601 |  |  | $ | 320.36 |

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