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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2017
STOCK-BASED COMPENSATION |
Weighted-average assumptions used to estimate fair value of stock options granted |
Stock Awards Plans: |  |  |  |  |
Nine Months Ended September 30, |  | 2017 |  | 2016 |
Dividend Yield |  | 1.7 | % | 1.8 | %
Expected Stock Price Volatility |  | 15.8 | % | 16.9 | %
Risk-free Interest Rate |  | 2.2 | % | 1.6 | %
Expected Life of Option (years) |  | 6.7 |  | 6.7 |
Summary of option activity |
|  | Stock Awards Plans |  | Director Stock Option Plans |
|  |  |  |  | Weighted Average |  |  |  | Weighted Average |
|  |  | Options |  | Exercise Price |  | Options |  | Exercise Price |
Outstanding, January 1, 2017 |  |  | 8,070,444 |  | $ | 56.36 |  | 281,334 |  | $ | 56.45 |
Granted |  |  | 1,622,082 |  |  | 74.90 |  | — |  |  | — |
Exercised |  |  | (1,345,252) |  |  | 46.67 |  | (66,367) |  |  | 53.23 |
Forfeited or expired |  |  | (122,282) |  |  | 71.42 |  | — |  |  | — |
Outstanding at September 30, 2017 |  |  | 8,224,992 |  | $ | 61.38 |  | 214,967 |  | $ | 57.44 |
Exercisable at September 30, 2017 |  |  | 5,310,730 |  | $ | 55.44 |  | 214,967 |  | $ | 57.44 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2017 |  |  | 6.3 |  |  |  |  | 5.3 |  |  |  |
Exercisable at September 30, 2017 |  |  | 5.0 |  |  |  |  | 5.3 |  |  |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2017 |  | $ | 206,938 |  |  |  | $ | 6,255 |  |  |  |
Exercisable at September 30, 2017 |  | $ | 165,175 |  |  |  | $ | 6,255 |  |  |  |
Intrinsic Value of Options Exercised During the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2017 |  | $ | 44,734 |  |  |  | $ | 1,995 |  |  |  |
September 30, 2016 |  | $ | 38,514 |  |  |  | $ | 536 |  |  |  |
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, 2017 |  | 72,127 |  | $ | 69.31 |  | 15,745 |  | $ | 75.56 |
Granted |  | 89,110 |  |  | 74.43 |  | 14,793 |  |  | 80.45 |
Vested |  | (51,963) |  |  | 68.52 |  | (15,745) |  |  | 75.56 |
Nonvested at September 30, 2017 |  | 109,274 |  | $ | 73.86 |  | 14,793 |  | $ | 80.45 |

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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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