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

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2019

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2018

    

2017

 

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Number of

    

Exercise

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Number of

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Exercise

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Number of

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Exercise

 

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Options

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Price (a)

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Options

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Price (a)

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Options

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Price (a)

 

Outstanding, beginning of year

 

10,516,633

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$ 108.28

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11,380,013

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$ 95.76

 

11,910,501

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$ 84.22

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Granted

 

879,862

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184.31

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1,202,314

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158.23

 

1,491,893

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136.87

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Exercised

 

(2,270,374)

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82.93

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(1,942,192)

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64.63

 

(1,951,920)

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56.00

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Canceled

 

(83,801)

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143.08

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(123,502)

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127.02

 

(70,461)

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116.44

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Outstanding, end of year

 

9,042,320

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$ 108.28

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10,516,633

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$ 108.28

 

11,380,013

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$ 95.76

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Exercisable, end of year

 

7,048,422

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$ 109.34

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7,993,297

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$ 97.13

 

8,371,809

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$ 84.40

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Vested and expected to vest, end of year

 

8,923,240

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$ 121.14

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(a)Represents weighted average price per share.

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

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2019

    

2018

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2017

Weighted-average grant-date fair value of options

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granted at market prices

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$ 40.30

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$ 37.34

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$ 30.34

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Assumptions

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Risk-free rate of return

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1.6

%

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2.8

%

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2.2

%  

Expected life

 

 

6

years

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6

years

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6

years

Expected volatility

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23.0

%

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22.5

%

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22.7

%  

Expected dividend yield

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1.0

%

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1.2

%

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1.2

%  

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Summary of non-vested PBRSU awards and restricted stock activity

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PBRSU

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Grant Date

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RSAs and

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Grant Date

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Awards

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Fair Value (a)

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RSUs

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Fair Value (a)

December 31, 2016

 

1,386,687

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$ 107.70

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254,387

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$ 107.95

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Granted

 

323,750

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131.71

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96,980

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125.34

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Vested / Earned

 

(312,745)

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99.65

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(86,622)

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102.02

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Canceled

 

(34,856)

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108.16

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(15,343)

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109.72

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December 31, 2017

 

1,362,836

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$ 115.24

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249,402

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$ 116.66

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Granted

 

284,104

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152.59

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109,074

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138.69

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Vested / Earned

 

(324,561)

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103.15

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(92,032)

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113.03

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Canceled

 

(55,026)

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114.25

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(19,975)

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115.05

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December 31, 2018

 

1,267,353

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$ 126.75

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246,469

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$ 127.09

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Granted

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207,704

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178.20

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102,941

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177.38

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Vested / Earned

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(334,351)

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114.38

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(64,597)

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119.08

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Canceled

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(23,808)

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135.70

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(19,300)

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124.77

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December 31, 2019

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1,116,898

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$ 139.83

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265,513

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$ 149.46

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(a)Represents weighted average price per share.