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STOCK INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2016

STOCK INCENTIVE PLANS [Abstract]

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, 2014	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
Granted	294,874			$	234.25
Exercised	(317,110	)		$	108.28
Canceled or expired	(80,014	)		$	210.01
Outstanding at December 31, 2016	2,124,036			$	186.59			1,346,707

Information about stock options excercised

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

		For the years ended December 31,
		2016				2015				2014
Fair value of options exercised		$	8,086			$	14,423			$	11,167
Total intrinsic value of options exercised		35,800				73,671				71,924
Fair value of options vested		14,535				16,047				16,115
Settlements of options exercised		34,573				61,863				47,974

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, 2016, 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)
$72.14 - $85.82		261,307			1.85 years		$	80.95			$	39,536			261,307			1.85 years		$	80.95			$	39,536
$102.26 - $196.31		549,608			3.75 years		$	125.86			58,471				549,608			3.75 years		$	125.86			58,471
$204.01 - $262.14		1,313,121			7.34 years		$	233.03			(1,020		)		535,792			5.86 years		$	226.51			(22		)
		2,124,036			5.73 years		$	186.59			$	96,987			1,346,707			4.22 years		$	157.19			$	97,985

Assumptions used to determine fair value of options granted

The fair value of each option granted in 2016, 2015 and 2014 used the following assumptions:

		For the years ended December 31,
		2016		2015		2014
Risk-free interest rate		1.4%		1.5%		2.0%
Expected life		6 years		6 years		6 years
Expected volatility		24.5%		24.9%		25.0%
Expected dividend yield		2.0%		1.9%		1.7%

Transactions involving performance-based share awards

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

	2016							2015							2014
	Shares			Weighted Average Price Per Share				Shares			Weighted Average Price Per Share				Shares			Weighted Average Price Per Share
Beginning nonvested shares outstanding	73,160			$	232.72			57,236			$	220.00			57,533			$	185.02
Issued	60,414			$	191.38			47,264			$	227.26			32,194			$	242.65
Canceled	(11,724	)		$	241.41			(13,108	)		$	215.01			(6,835	)		$	190.90
Vested	(23,510	)		$	242.65			(18,232	)		$	191.36			(25,656	)		$	177.75
Ending nonvested shares  outstanding	98,340			$	203.91			73,160			$	232.72			57,236			$	220.00

Activity for restricted stock units

The following table summarizes RSU activity:

	2016						2015						2014
	Shares		Weighted Average Price Per Share				Shares		Weighted Average Price Per Share				Shares		Weighted Average Price Per Share
Beginning nonvested units	432,783		$	213.45			560,351		$	182.40			739,717		$	154.09
Issued	113,909		$	230.36			104,220		$	234.21			103,427		$	248.12
Canceled	(62,869	)	$	229.70			(38,124	)	$	219.74			(51,410	)	$	170.98
Vested	(110,420	)	$	193.51			(193,664	)	$	133.56			(231,383	)	$	123.82
Ending nonvested units	373,403		$	221.77			432,783		$	213.45			560,351		$	182.40
Fair value of shares vested	$21,367						$25,865						$28,650

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Disclosure of fair value and intrinsic value of a stock option exercised during the period under share-based compensation plan. Disclosure may also include cash received upon exercise of options during the period.

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STOCK INCENTIVE PLANS [Abstract]

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares.

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