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STOCK INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Share-based Compensation, Stock Options

Transactions involving stock options are summarized as follows:

	Shares Subject to Option			Weighted Average Price Per Share				Options Exercisable
Outstanding at January 1, 2013	3,358,716			$	109.95			1,629,468
Granted	348,054			$	245.95
Exercised	(805,235	)		$	85.75
Canceled or expired	(51,080	)		$	150.15
Outstanding at December 31, 2013	2,850,455			$	132.67			1,652,417
Granted	257,693			$	248.21
Exercised	(479,452	)		$	100.33
Canceled or expired	(45,892	)		$	199.80
Outstanding at December 31, 2014	2,582,804			$	149.01			1,647,903
Granted	294,522			$	232.20
Exercised	(587,441	)		$	105.08
Canceled or expired	(63,599	)		$	216.76
Outstanding at December 31, 2015	2,226,286			$	169.96			1,411,460

Information about stock options excercised

The following table summarizes information about stock options exercised (in thousands of dollars):

		For the years ended December 31,
		2015				2014				2013
Fair value of options exercised		$	14,423			$	11,167			$	16,407
Total intrinsic value of options exercised		73,671				71,924				124,752
Fair value of options vested		16,047				16,115				20,219
Settlements of options exercised		61,863				47,974				69,049

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

Information about stock options outstanding and exercisable as of December 31, 2015, is as follows:

		Options Outstanding													Options Exercisable
					Weighted Average													Weighted Average
Range of Exercise Prices		Number			Remaining Contractual Life		Exercise Price				Intrinsic Value (000's)				Number			Remaining Contractual Life		Exercise Price				Intrinsic Value (000's)
$52.29 - $78.86		172,843			1.11 years		$	75.99			$	21,883			172,843			1.11 years		$	75.99			$	21,883
$81.49 - $85.82		291,301			2.83 years		$	82.68			34,930				291,301			2.83 years		$	82.68			34,930
$102.26 - $124.93		353,384			4.29 years		$	107.19			33,713				353,384			4.29 years		$	107.19			33,713
$149.02 - $204.24		576,025			5.83 years		$	176.89			14,804				576,025			5.83 years		$	176.89			14,804
$224.85 - $262.14		832,733			8.28 years		$	241.85			(32,692		)		17,907			7.41 years		$	246.08			(779		)
		2,226,286			5.74 years		$	169.96			$	72,638			1,411,460			4.27 years		$	128.52			$	104,551

Assumptions used to determine fair value of options granted

The fair value of each option granted in 2015, 2014 and 2013 used the following assumptions:

		For the years ended December 31,
		2015		2014		2013
Risk-free interest rate		1.5%		2.0%		0.9%
Expected life		6 years		6 years		6 years
Expected volatility		24.9%		25.0%		25.5%
Expected dividend yield		1.9%		1.7%		1.5%

Transactions involving performance-based share awards

The following table summarizes the transactions involving performance-based share awards:

	2015							2014							2013
	Shares			Weighted Average Price Per Share				Shares			Weighted Average Price Per Share				Shares			Weighted Average Price Per Share
Beginning nonvested shares outstanding	57,236			$	220.00			57,533			$	185.02			117,979			$	141.86
Issued	47,264			$	227.26			32,194			$	242.65			31,553			$	191.36
Canceled	(13,108	)		$	215.01			(6,835	)		$	190.90			(7,659	)		$	148.25
Vested	(18,232	)		$	191.36			(25,656	)		$	177.75			(84,340	)		$	130.35
Ending nonvested shares  outstanding	73,160			$	232.72			57,236			$	220.00			57,533			$	185.02

Activity for restricted stock units

The following table summarizes RSU activity:

	2015						2014						2013
	Shares		Weighted Average Price Per Share				Shares		Weighted Average Price Per Share				Shares		Weighted Average Price Per Share
Beginning nonvested units	560,351		$	182.40			739,717		$	154.09			978,888		$	118.60
Issued	104,220		$	234.21			103,427		$	248.12			139,529		$	248.28
Canceled	(38,124	)	$	219.74			(51,410	)	$	170.98			(54,533	)	$	141.48
Vested	(193,664	)	$	133.56			(231,383	)	$	123.82			(324,167	)	$	89.62
Ending nonvested units	432,783		$	213.45			560,351		$	182.40			739,717		$	154.09
Fair value of shares vested (in millions)	$26						$29						$29

Activity for stock units related to deferred director fees

The following table summarizes DSU activity (dollars in thousands):

	2015						2014						2013
	Units		Dollars				Units		Dollars				Units		Dollars
Beginning balance	159,670		$	33,474			158,868		$	33,063			151,775		$	30,952
Dividends	2,952		661				2,602		653				2,259		559
Deferred fees	6,996		1,743				5,866		1,453				7,337		2,059
Retirement distribution	(22,170	)	(4,700		)		(7,666	)	(1,695		)		(2,503	)	(507		)
Ending balance	147,448		$	31,178			159,670		$	33,474			158,868		$	33,063

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