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Equity (Tables)

3 Months Ended

Mar. 31, 2015

The following is a summary of stock options for the three months ended March 31, 2015:



	Number of Options		Weighted Average Exercise Price per Option
Outstanding at December 31, 2014	762,867		$	136.03
Granted	176,464		207.97
Exercised	(35,580	)	94.72
Outstanding at March 31, 2015	903,751		151.70

Details of Stock Options Outstanding

Details of stock options outstanding as of March 31, 2015 are as follows:



	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In millions)
Vested or expected to vest	903,751	$	151.70	6.6	$	74
Exercisable	596,511	$	128.04	5.2	$	63

Stock Options Valuation Assumptions

During the three months ended March 31, 2015 and 2014, we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees:



	Three Months Ended March 31,
Assumptions:	2015			2014
Risk-free interest rate	1.08		%	1.23		%
Expected life in years	5.0			5.0
Expected volatility	24		%	27		%
Expected dividend yield	1.25		%	1.26		%
Estimated weighted-average fair value of options granted per share	$	40.94		$	45.23

Summary of Nonvested Restricted Stock Options

The following is a summary of the non-vested restricted shares for the three months ended March 31, 2015:



	Number of Restricted Stock Shares	Weighted Average Grant-Date Fair Value per Share
Non-vested at December 31, 2014	1,070,995	$	176.82
Granted	506,560	207.31
Vested	(369,511)	153.79
Forfeited	(18,840)	193.04
Non-vested at March 31, 2015	1,189,204	196.70