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Stock-Based Compensation (Tables)

12 Months Ended

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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