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STOCK INCENTIVE PLANS (Tables) | 12 Months Ended
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Dec. 31, 2017
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, 2015 | 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 |
Granted | 306,206 |  |  | $ | 230.97 |  |  |  |
Exercised | (409,269 | ) |  | $ | 115.35 |  |  |  |
Canceled or expired | (87,260 | ) |  | $ | 222.00 |  |  |  |
Outstanding at December 31, 2017 | 1,933,713 |  |  | $ | 207.10 |  |  | 1,375,844 |
Information about stock options excercised | The following table summarizes information about stock options (in thousands of dollars):
|  | For the years ended December 31,
|  | 2017 |  | 2016 |  | 2015
Fair value of options exercised |  | $ | 10,816 |  |  | $ | 8,086 |  |  | $ | 14,423 |
Total intrinsic value of options exercised |  | 47,332 |  |  | 35,800 |  |  | 73,671 |
Fair value of options vested |  | 23,503 |  |  | 14,535 |  |  | 16,047 |
Settlements of options exercised |  | 47,181 |  |  | 34,573 |  |  | 61,863 |
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, 2017, is as follows:
|  | Options Outstanding |  | Options Exercisable
|  |  |  | Weighted Average |  |  |  |  | Weighted Average |
Range of Exercise Prices |  | Number |  | Remaining Contractual Life |  | Exercise Price |  | Intrinsic Value (000s) |  | Number |  | Remaining Contractual Life |  | Exercise Price |  | Intrinsic Value (000s)
$72.14 - $85.82 |  | 84,831 |  |  | 0.87 years |  | $ | 80.11 |  |  | $ | 13,246 |  |  | 84,831 |  |  | 0.87 years |  | $ | 80.11 |  |  | $ | 13,246 |
$102.26 - $196.31 |  | 363,820 |  |  | 2.96 years |  | $ | 133.79 |  |  | 37,275 |  |  | 362,677 |  |  | 2.94 years |  | $ | 133.68 |  |  | 37,199 |
$204.01 - $262.14 |  | 1,485,062 |  |  | 6.96 years |  | $ | 232.31 |  |  | 5,853 |  |  | 928,336 |  |  | 6.16 years |  | $ | 232.16 |  |  | 3,797 |
|  | 1,933,713 |  |  | 5.94 years |  | $ | 207.10 |  |  | $ | 56,374 |  |  | 1,375,844 |  |  | 4.98 years |  | $ | 196.83 |  |  | $ | 54,242 |
Assumptions used to determine fair value of options granted | The fair value of options granted in 2017, 2016 and 2015 used the following assumptions:
|  | For the years ended December 31,
|  | 2017 |  | 2016 |  | 2015
Risk-free interest rate |  | 2.0% |  | 1.4% |  | 1.5%
Expected life |  | 6 years |  | 6 years |  | 6 years
Expected volatility |  | 23.9% |  | 24.5% |  | 24.9%
Expected dividend yield |  | 2.1% |  | 2.0% |  | 1.9%
Transactions involving performance-based share awards | The following table summarizes the transactions involving performance-based share awards:
| 2017 |  | 2016 |  | 2015
| Shares |  | Weighted Average Price Per Share |  | Shares |  | Weighted Average Price Per Share |  | Shares |  | Weighted Average Price Per Share
Beginning nonvested shares outstanding | 98,340 |  |  | $ | 203.91 |  |  | 73,160 |  |  | $ | 232.72 |  |  | 57,236 |  |  | $ | 220.00 |
Issued | 52,371 |  |  | $ | 216.99 |  |  | 60,414 |  |  | $ | 191.38 |  |  | 47,264 |  |  | $ | 227.26 |
Canceled | (66,579 | ) |  | $ | 201.84 |  |  | (11,724 | ) |  | $ | 241.41 |  |  | (13,108 | ) |  | $ | 215.01 |
Vested | — |  |  | $ | — |  |  | (23,510 | ) |  | $ | 242.65 |  |  | (18,232 | ) |  | $ | 191.36 |
Ending nonvested shares outstanding | 84,132 |  |  | $ | 213.69 |  |  | 98,340 |  |  | $ | 203.91 |  |  | 73,160 |  |  | $ | 232.72 |
Activity for restricted stock units | The following table summarizes RSU activity:
| 2017 |  | 2016 |  | 2015
| Shares | Weighted Average Price Per Share |  | Shares | Weighted Average Price Per Share |  | Shares | Weighted Average Price Per Share
Beginning nonvested units | 373,403 |  | $ | 221.77 |  |  | 432,783 |  | $ | 213.45 |  |  | 560,351 |  | $ | 182.40 |
Issued | 129,378 |  | $ | 222.53 |  |  | 113,909 |  | $ | 230.36 |  |  | 104,220 |  | $ | 234.21 |
Canceled | (47,488 | ) | $ | 229.36 |  |  | (62,869 | ) | $ | 229.70 |  |  | (38,124 | ) | $ | 219.74 |
Vested | (102,374 | ) | $ | 203.51 |  |  | (110,420 | ) | $ | 193.51 |  |  | (193,664 | ) | $ | 133.56 |
Ending nonvested units | 352,919 |  | $ | 226.31 |  |  | 373,403 |  | $ | 221.77 |  |  | 432,783 |  | $ | 213.45 |
Fair value of shares vested | $20,834 |  |  | $21,367 |  |  | $25,865 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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