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Common Stock (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Information Related to Stock Repurchase Programs | The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2017. During 2017, 2,960,843 shares ($322.2 million) were repurchased pursuant to the terms of our stock repurchase program, 305,278 shares ($34.2 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants and 10,791 shares were repurchased as a result of forfeited restricted shares. During 2016, 2,512,592 shares ($289.9 million) were repurchased pursuant to the terms of our stock repurchase program, 468,228 shares ($57.0 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants and 2,500 shares were repurchased as a result of forfeited restricted shares. During 2015, 1,326,207 shares ($166.2 million) were repurchased pursuant to the terms of our stock repurchase program and 493,296 shares ($58.0 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants.
|  | Additional dollars authorized for repurchase (in thousands) |  |  | Total number of shares purchased (a.) |  |  | Total number of shares cancelled |  |  | Average price paid per share for forfeited restricted shares |  |  | Total number of shares purchased as part of publicly announced programs |  |  | Average price paid per share for shares purchased as part of publicly announced program |  |  | Aggregate purchase price paid (in thousands) |  |  | Aggregate purchase price paid for shares purchased as part of publicly announced program |  |  | Maximum number of dollars that may yet be purchased under the program (in thousands) |
Balance as of January 1, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 342,050 |
2015 |  | $ | — |  |  |  | 1,819,503 |  |  |  | — |  |  | N/A |  |  |  | 1,326,207 |  |  | $ | 125.34 |  |  | $ | 224,260 |  |  | $ | 166,222 |  |  | $ | 175,828 |
2016 |  | $ | 400,000 |  |  |  | 2,983,320 |  |  |  | 2,500 |  |  | $ | 0.01 |  |  |  | 2,512,592 |  |  | $ | 115.39 |  |  | $ | 346,890 |  |  | $ | 289,937 |  |  | $ | 285,891 |
2017 |  | $ | 400,000 |  |  |  | 3,266,121 |  |  |  | 10,791 |  |  | $ | 0.01 |  |  |  | 2,960,843 |  |  | $ | 108.83 |  |  | $ | 356,413 |  |  | $ | 322,231 |  |  | $ | 363,660 |
Total for three year period ended December 31, 2017 |  | $ | 800,000 |  |  |  | 8,068,944 |  |  |  | 13,291 |  |  | $ | 0.01 |  |  |  | 6,799,642 |  |  | $ | 114.48 |  |  | $ | 927,563 |  |  | $ | 778,390 |  |  |  |  |
| (a) | Includes 10,791 and 2,500 of restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan during 2017 and 2016, respectively.
Weighted-Average Assumptions Fair Value of Option Grants | The weighted-average assumptions reflected below were based upon twenty-seven option grants for the five-year period ending December 31, 2017, twenty-seven option grants for the five-year period ending December 31, 2016 and twenty-five option grants for the five-year period ending December 31, 2015.
Year Ended December 31, |  | 2017 |  |  | 2016 |  |  | 2015 |
Volatility |  |  | 28 | % |  |  | 31 | % |  |  | 33 | %
Interest rate |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Expected life (years) |  |  | 3.4 |  |  |  | 3.4 |  |  |  | 3.4 |
Forfeiture rate |  |  | 10 | % |  |  | 10 | % |  |  | 10 | %
Dividend yield |  |  | 0.4 | % |  |  | 0.4 | % |  |  | 0.4 | %
Stock Option Activity | The table below summarizes our stock option activity during each of the last three years:
Outstanding Options |  | Number of Shares |  |  | Average Option Price |  |  | Range (High-Low)
Balance, January 1, 2015 |  |  | 7,897,451 |  |  | $ | 57.29 |  |  | $102.21-$36.95
Granted |  |  | 3,039,350 |  |  | $ | 117.70 |  |  | $142.43-$108.29
Exercised |  |  | (2,256,454 | ) |  | $ | 48.97 |  |  | $102.21-$36.95
Cancelled |  |  | (280,164 | ) |  | $ | 83.63 |  |  | $134.70-$36.95
Balance, January 1, 2016 |  |  | 8,400,183 |  |  | $ | 80.50 |  |  | $142.43-$36.95
Granted |  |  | 2,945,550 |  |  | $ | 118.72 |  |  | $138.00-$107.39
Exercised |  |  | (2,162,850 | ) |  | $ | 53.02 |  |  | $117.29-$36.95
Cancelled |  |  | (412,750 | ) |  | $ | 103.01 |  |  | $130.32-$36.95
Balance, January 1, 2017 |  |  | 8,770,133 |  |  | $ | 99.06 |  |  | $142.43-$36.95
Granted |  |  | 3,061,725 |  |  | $ | 124.38 |  |  | $124.56-$110.15
Exercised |  |  | (1,734,409 | ) |  | $ | 64.41 |  |  | $118.62-$36.95
Cancelled |  |  | (457,500 | ) |  | $ | 118.65 |  |  | $142.43-$53.38
Balance, December 31, 2017 |  |  | 9,639,949 |  |  | $ | 112.40 |  |  | $138.00-$53.38
Outstanding options vested and exercisable as of December 31, 2017 |  |  | 2,869,346 |  |  | $ | 100.51 |  |  | $138.00-$53.38
Information about Unvested Options | The following table provides information about unvested options for the year December 31, 2017:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested options as of January 1, 2017 |  |  | 6,695,266 |  |  | $ | 20.94 |
Granted |  |  | 3,061,725 |  |  | $ | 27.05 |
Vested |  |  | (2,555,013 | ) |  | $ | 19.21 |
Cancelled |  |  | (431,375 | ) |  | $ | 24.02 |
Unvested options as of December 31, 2017 |  |  | 6,770,603 |  |  | $ | 24.16 |
Information about all Outstanding Options | The following table provides information regarding all options outstanding at December 31, 2017:
|  | Options Outstanding |  |  | Options Exercisable |
Number of options outstanding |  |  | 9,639,949 |  |  |  | 2,869,346 |
Weighted average exercise price |  | $ | 112.40 |  |  | $ | 100.51 |
Aggregate intrinsic value as of December 31, 2017 |  | $ | 65,133,533 |  |  | $ | 44,588,121 |
Weighted average remaining contractual life |  |  | 2.9 |  |  |  | 2.0 |
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options | The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2017 were as follows:
Exercise Price |  | Options Outstanding |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Exercisable Options |  |  | Weighted Average Exercise Price Per Share |  |  | Expected to Vest Options (a) |  |  | Weighted Average Exercise Price Per Share |
|  | Shares |  |  |  |  |  |  |  |  |  |  | Shares |  |  |  |  |  |  | Shares |  |  |  |  |
$53.38 – $79.79 |  |  | 1,752,085 |  |  | $ | 76.37 |  |  |  | 1.1 |  |  |  | 1,173,671 |  |  | $ | 75.48 |  |  |  | 565,589 |  |  | $ | 78.17 |
$96.98 – $117.29 |  |  | 2,384,488 |  |  |  | 117.06 |  |  |  | 2.2 |  |  |  | 1,070,813 |  |  |  | 117.12 |  |  |  | 1,152,681 |  |  |  | 117.05 |
$118.60 – $124.44 |  |  | 2,583,401 |  |  |  | 118.65 |  |  |  | 3.2 |  |  |  | 605,862 |  |  |  | 118.65 |  |  |  | 1,549,346 |  |  |  | 118.65 |
$124.56 – $138.00 |  |  | 2,919,975 |  |  |  | 124.69 |  |  |  | 4.2 |  |  |  | 19,000 |  |  |  | 131.62 |  |  |  | 1,763,506 |  |  |  | 124.67 |
Total |  |  | 9,639,949 |  |  | $ | 112.40 |  |  |  | 2.9 |  |  |  | 2,869,346 |  |  | $ | 100.51 |  |  |  | 5,031,122 |  |  | $ | 118.17 |
(a) | Assumes a weighted average forfeiture rate of 9.64%.

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