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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Summary of option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Awards Plans

 

Director Stock Option Plans

 

 

    

 

 

    

Weighted Average

    

 

    

Weighted Average

 

 

 

 

Options

 

Exercise Price

 

Options

 

Exercise Price

 

Outstanding, January 1, 2016

 

 

8,032,030

 

$

51.44

 

303,501

 

$

56.00

 

Granted

 

 

1,481,180

 

 

71.17

 

 —

 

 

 —

 

Exercised

 

 

(1,304,374)

 

 

42.20

 

(22,167)

 

 

50.37

 

Forfeited or expired

 

 

(138,392)

 

 

62.49

 

 

 

 —

 

Outstanding at December 31, 2016

 

 

8,070,444

 

$

56.36

 

281,334

 

$

56.45

 

Exercisable at December 31, 2016

 

 

5,317,690

 

$

50.06

 

255,998

 

$

55.44

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

6.1

 

 

 

 

5.9

 

 

 

 

Exercisable at December 31, 2016

 

 

4.9

 

 

 

 

5.7

 

 

 

 

Aggregate Intrinsic Value:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

$

137,933

 

 

 

$

4,783

 

 

 

 

Exercisable at December 31, 2016

 

$

124,425

 

 

 

$

4,610

 

 

 

 

Intrinsic Value of Options Exercised During the Years Ended:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

$

44,972

 

 

 

$

548

 

 

 

 

December 31, 2015

 

$

43,041

 

 

 

$

1,478

 

 

 

 

December 31, 2014

 

$

33,059

 

 

 

$

741

 

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director Restricted

 

 

 

Stock Awards Plans

 

Stock Unit Plan

 

 

 

    

    

Weighted Average

    

 

    

Weighted Average

 

 

 

RSUs

 

Grant-Date Fair Value

 

RSUs

 

Grant-Date Fair Value

 

Nonvested at January 1,  2016

 

66,376

 

$

66.61

 

18,857

 

$

63.10

 

Granted

 

21,754

 

 

73.45

 

15,745

 

 

75.56

 

Vested

 

(11,371)

 

 

61.96

 

(18,857)

 

 

63.10

 

Forfeited

 

(4,632)

 

 

68.00

 

 —

 

 

 —

 

Nonvested at December 31, 2016

 

72,127

 

$

69.31

 

15,745

 

$

75.56

 

 

Stock Awards Plans  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

 

 

Stock Awards Plans:

    

 

 

 

 

 

 

Years Ended December 31,

 

2016

    

2015

    

2014

 

Dividend Yield

 

1.8

%  

1.7

%

1.7

%  

Expected Stock Price Volatility

 

16.9

%  

21.9

%

22.2

%  

Risk-free Interest Rate

 

1.6

%  

1.6

%

2.3

%  

Expected Life of Option (years)

 

6.7

 

6.9

 

6.9

 

 

Director Stock Option Plans  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

Director Stock Option Plans:

    

 

 

Year Ended December 31,

 

2014

 

Dividend Yield

 

1.8

%  

Expected Stock Price Volatility

 

22.2

%  

Risk-free Interest Rate

 

2.2

%  

Expected Life of Option (years)

 

6.9