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EQUITY COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2019
Summary of stock option activity and average exercise prices

    

2019

2018

    

2017

 

    

Number of

    

Exercise

Number of

Exercise

Number of

Exercise

 

Options

Price (a)

    

Options

Price (a)

Options

Price (a)

 

Outstanding, beginning of year

 

10,516,633

$ 108.28

11,380,013

$ 95.76

 

11,910,501

$ 84.22

Granted

 

879,862

184.31

1,202,314

158.23

 

1,491,893

136.87

Exercised

 

(2,270,374)

82.93

(1,942,192)

64.63

 

(1,951,920)

56.00

Canceled

 

(83,801)

143.08

(123,502)

127.02

 

(70,461)

116.44

Outstanding, end of year

 

9,042,320

$ 108.28

10,516,633

$ 108.28

 

11,380,013

$ 95.76

Exercisable, end of year

 

7,048,422

$ 109.34

7,993,297

$ 97.13

 

8,371,809

$ 84.40

Vested and expected to vest, end of year

 

8,923,240

$ 121.14

(a)Represents weighted average price per share.

Weighted-average grant-date fair value of options granted and significant assumptions used in determining the underlying fair value of each option grant

    

2019

    

2018

2017

Weighted-average grant-date fair value of options

granted at market prices

$ 40.30

$ 37.34

$ 30.34

Assumptions

Risk-free rate of return

1.6

%

2.8

%

 

2.2

%  

Expected life

 

 

6

years

 

6

years

 

6

years

Expected volatility

23.0

%

22.5

%

 

22.7

%  

Expected dividend yield

1.0

%

1.2

%

 

1.2

%  

Summary of non-vested PBRSU awards and restricted stock activity

PBRSU

Grant Date

RSAs and

Grant Date

Awards

Fair Value (a)

RSUs

Fair Value (a)

December 31, 2016

 

1,386,687

$ 107.70

 

254,387

$ 107.95

Granted

 

323,750

131.71

96,980

125.34

Vested / Earned

 

(312,745)

99.65

(86,622)

102.02

Canceled

 

(34,856)

108.16

(15,343)

109.72

December 31, 2017

 

1,362,836

$ 115.24

 

249,402

$ 116.66

Granted

 

284,104

152.59

109,074

138.69

Vested / Earned

 

(324,561)

103.15

(92,032)

113.03

Canceled

 

(55,026)

114.25

(19,975)

115.05

December 31, 2018

 

1,267,353

$ 126.75

 

246,469

$ 127.09

Granted

207,704

178.20

102,941

177.38

Vested / Earned

(334,351)

114.38

(64,597)

119.08

Canceled

(23,808)

135.70

(19,300)

124.77

December 31, 2019

1,116,898

$ 139.83

 

265,513

$ 149.46

(a)Represents weighted average price per share.