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STOCK INCENTIVE PLANS (Tables)
 12 Months Ended
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