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Equity (Tables)
12 Months Ended
Dec. 31, 2019
Equity  
Schedule of stock option activity

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Weighted

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Average

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Aggregate

 

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Weighted

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Remaining

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Intrinsic

 

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Average

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Contractual

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Value

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Options

    

Exercise Price

    

Term (in years)

    

(in millions)

 

Options outstanding at January 1, 2017

 

32,266,391

​

$

44.14

 

7.03

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​

​

​

Options granted

 

7,029,600

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72.98

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​

​

​

​

​

Options exercised

 

(5,773,287)

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31.87

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​

​

​

​

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Options forfeited

 

(300,340)

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55.16

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​

​

​

​

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Options outstanding at December 31, 2017

 

33,222,364

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52.27

 

7.05

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Options granted

 

6,302,100

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87.95

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​

​

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Options exercised

 

(3,464,876)

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37.81

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Options forfeited

 

(508,920)

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69.03

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Options outstanding at December 31, 2018

 

35,550,668

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59.77

 

6.81

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Options granted

 

6,181,700

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89.52

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Options exercised

 

(5,847,252)

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42.14

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Options forfeited

 

(209,910)

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78.17

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Options outstanding at December 31, 2019

 

35,675,206

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$

67.70

​

6.75

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$

1,445.9

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Vested and non-vested options expected to vest at December 31, 2019

 

33,577,637

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$

67.05

​

6.67

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$

1,382.7

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Exercisable options at December 31, 2019

 

16,658,376

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$

54.79

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5.30

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$

890.2

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Summary of status of non-vested options and changes during the year

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Weighted Average

 

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Fair Value

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​

​

Options

​

at Grant Date

 

Non-vested options at January 1, 2019

 

19,289,500

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$

9.73

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Options granted

 

6,181,700

​

 

12.26

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Options vested

 

(6,244,460)

​

 

9.18

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Options forfeited

 

(209,910)

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10.62

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Non-vested options at December 31, 2019

 

19,016,830

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$

10.72

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Summary of activity in the option plans

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2019

    

2018

    

2017

Total intrinsic value of stock options exercised

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$

329.6

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$

188.1

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$

268.7

Total fair value of stock options vested

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57.3

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51.0

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46.3

Schedule of fair value of stock options estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions

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2019

    

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2018

    

​

2017

 

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Risk free interest rate

 

2.1

%  

 

2.9

%  

 

1.7

%  

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Expected life

 

4.7

years

 

4.7

years

 

4.6

years

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Expected volatility

 

14.0

%  

 

13.0

%  

 

13.0

%  

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Expected dividend yield

 

1.0

%  

 

1.0

%  

 

1.0

%  

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Schedule of restricted stock activity

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Weighted Average

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Fair Value

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Remaining

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Restricted

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at Grant

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Amortization

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Shares

    

Date

    

Term (in years)

 

Restricted shares outstanding at January 1, 2017

 

16,905

​

$

57.99

 

0.38

​

Restricted shares granted

 

12,905

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73.25

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Shares vested and issued

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(16,905)

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​

57.99

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Restricted shares outstanding at December 31, 2017

 

12,905

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73.25

 

0.37

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Restricted shares granted

 

15,014

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87.84

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Shares vested and issued

 

(13,046)

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73.35

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Restricted shares outstanding at December 31, 2018

 

14,873

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87.89

    

0.39

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Restricted shares granted

 

14,304

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89.49

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Shares vested and issued

 

(16,661)

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88.07

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Restricted shares outstanding at December 31, 2019

    

12,516

    

$

89.49

    

0.39

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Schedules of dividends

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2019

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2018

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2017

First Quarter

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$

0.23

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$

0.19

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$

0.16

Second Quarter

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​

0.23

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​

0.23

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​

0.16

Third Quarter

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​

0.25

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​

0.23

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​

0.19

Fourth Quarter

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​

0.25

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​

0.23

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​

0.19

Total

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$

0.96

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$

0.88

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$

0.70

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Dividends declared and paid for the years ended December 31, 2019, 2018 and 2017 were as follows:

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2019

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2018

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2017

Dividends declared

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$

285.3

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$

264.3

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$

213.7

Dividends paid (including those declared in the prior year)

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279.5

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253.7

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205.0

Schedule of components comprising Accumulated other comprehensive income (loss) included in equity

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Foreign

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Unrealized

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Pension and

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Accumulated

 

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Currency

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Gain (Loss)

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Postretirement

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Other

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Translation

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on Cash

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Benefit Plan

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Comprehensive

 

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Adjustments

    

Flow Hedges

    

Adjustment

    

Income (Loss)

 

Balance at January 1, 2017

​

$

(273.5)

​

$

(0.1)

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$

(195.4)

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$

(469.0)

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Other comprehensive income (loss) before reclassifications, net of tax of nil, $0.1 and ($3.4), respectively

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​

240.3

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(0.1)

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10.7

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250.9

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Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($9.1)

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—

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—

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17.1

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17.1

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Balance at December 31, 2017

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(33.2)

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(0.2)

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(167.6)

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(201.0)

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Other comprehensive income (loss) before reclassifications, net of tax of nil, ($0.1) and $6.6, respectively

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​

(164.3)

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0.4

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(22.0)

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​

(185.9)

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Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($6.4)

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—

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—

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20.2

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20.2

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Amounts reclassified from Accumulated other comprehensive income (loss) to retained earnings, resulting from income tax effects of the Tax Act (ASU 2018-02)

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—

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—

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(23.5)

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​

(23.5)

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Balance at December 31, 2018

​

 

(197.5)

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0.2

​

 

(192.9)

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(390.2)

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Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and $5.3, respectively

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​

(40.4)

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​

0.1

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​

(15.7)

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​

(56.0)

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Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($4.9)

​

​

—

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​

—

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15.3

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​

15.3

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Balance at December 31, 2019

​

$

(237.9)

​

$

0.3

​

$

(193.3)

​

$

(430.9)

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