Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity

Schedule of stock option activity

				Weighted
				Average	Aggregate
		Weighted		Remaining	Intrinsic
		Average		Contractual	Value
	Options	Exercise Price		Term (in years)	(in millions)
Options outstanding at January 1, 2017	32,266,391	$	44.14	7.03
Options granted	7,029,600		72.98
Options exercised	(5,773,287)		31.87
Options forfeited	(300,340)		55.16
Options outstanding at December 31, 2017	33,222,364		52.27	7.05
Options granted	6,302,100		87.95
Options exercised	(3,464,876)		37.81
Options forfeited	(508,920)		69.03
Options outstanding at December 31, 2018	35,550,668		59.77	6.81
Options granted	6,181,700		89.52
Options exercised	(5,847,252)		42.14
Options forfeited	(209,910)		78.17
Options outstanding at December 31, 2019	35,675,206	$	67.70	6.75	$	1,445.9
Vested and non-vested options expected to vest at December 31, 2019	33,577,637	$	67.05	6.67	$	1,382.7
Exercisable options at December 31, 2019	16,658,376	$	54.79	5.30	$	890.2

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

		Weighted Average
		Fair Value
	Options	at Grant Date
Non-vested options at January 1, 2019	19,289,500	$	9.73
Options granted	6,181,700		12.26
Options vested	(6,244,460)		9.18
Options forfeited	(209,910)		10.62
Non-vested options at December 31, 2019	19,016,830	$	10.72

Summary of activity in the option plans

	2019		2018		2017
Total intrinsic value of stock options exercised	$	329.6	$	188.1	$	268.7
Total fair value of stock options vested		57.3		51.0		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

	2019		2018		2017
Risk free interest rate	2.1	%	2.9	%	1.7	%
Expected life	4.7	years	4.7	years	4.6	years
Expected volatility	14.0	%	13.0	%	13.0	%
Expected dividend yield	1.0	%	1.0	%	1.0	%

Schedule of restricted stock activity

				Weighted Average
		Fair Value		Remaining
	Restricted	at Grant		Amortization
	Shares	Date		Term (in years)
Restricted shares outstanding at January 1, 2017	16,905	$	57.99	0.38
Restricted shares granted	12,905		73.25
Shares vested and issued	(16,905)		57.99
Restricted shares outstanding at December 31, 2017	12,905		73.25	0.37
Restricted shares granted	15,014		87.84
Shares vested and issued	(13,046)		73.35
Restricted shares outstanding at December 31, 2018	14,873		87.89	0.39
Restricted shares granted	14,304		89.49
Shares vested and issued	(16,661)		88.07
Restricted shares outstanding at December 31, 2019	12,516	$	89.49	0.39

Schedules of dividends

	2019		2018		2017
First Quarter	$	0.23	$	0.19	$	0.16
Second Quarter		0.23		0.23		0.16
Third Quarter		0.25		0.23		0.19
Fourth Quarter		0.25		0.23		0.19
Total	$	0.96	$	0.88	$	0.70

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

	2019		2018		2017
Dividends declared	$	285.3	$	264.3	$	213.7
Dividends paid (including those declared in the prior year)		279.5		253.7		205.0

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

	Foreign		Unrealized		Pension and		Accumulated
	Currency		Gain (Loss)		Postretirement		Other
	Translation		on Cash		Benefit Plan		Comprehensive
	Adjustments		Flow Hedges		Adjustment		Income (Loss)
Balance at January 1, 2017	$	(273.5)	$	(0.1)	$	(195.4)	$	(469.0)
Other comprehensive income (loss) before reclassifications, net of tax of nil, $0.1 and ($3.4), respectively		240.3		(0.1)		10.7		250.9
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($9.1)		—		—		17.1		17.1
Balance at December 31, 2017		(33.2)		(0.2)		(167.6)		(201.0)
Other comprehensive income (loss) before reclassifications, net of tax of nil, ($0.1) and $6.6, respectively		(164.3)		0.4		(22.0)		(185.9)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($6.4)		—		—		20.2		20.2
Amounts reclassified from Accumulated other comprehensive income (loss) to retained earnings, resulting from income tax effects of the Tax Act (ASU 2018-02)		—		—		(23.5)		(23.5)
Balance at December 31, 2018		(197.5)		0.2		(192.9)		(390.2)
Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and $5.3, respectively		(40.4)		0.1		(15.7)		(56.0)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($4.9)		—		—		15.3		15.3
Balance at December 31, 2019	$	(237.9)	$	0.3	$	(193.3)	$	(430.9)