Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Equity-Based Compensation

Summary of RSUs

Restricted Stock Units — A summary of our RSUs is presented in the table below (units in thousands):

		Weighted Average
		Per Share
	Units	Fair Value
Unvested as of January 1, 2019	392	$	70.52
Granted	121	$	99.91
Vested	(151)	$	56.74
Forfeited	(14)	$	86.11
Unvested as of December 31, 2019	348	$	86.15

Summary of PSUs

		Weighted Average
		Per Share
	Units	Fair Value
Unvested as of January 1, 2019	1,164	$	90.17
Granted	364	$	116.26
Vested	(427)	$	93.03
Forfeited	(24)	$	98.33
Unvested as of December 31, 2019	1,077	$	99.66

Summary of Stock Options

		Weighted Average
		Per Share
	Options	Exercise Price
Outstanding as of January 1, 2019	4,441	$	59.46
Granted	839	$	98.90
Exercised	(1,278)	$	107.96
Forfeited or expired	(64)	$	83.20
Outstanding as of December 31, 2019 (a)	3,938	$	69.66
Exercisable as of December 31, 2019 (b)	2,063	$	52.90

(a) Stock options outstanding as of December 31, 2019 have a weighted average remaining contractual term of 6.5 years and an aggregate intrinsic value of $174 million based on the market value of our common stock on December 31, 2019.

(b) Stock options exercisable as of December 31, 2019 have an aggregate intrinsic value of $126 million based on the market value of our common stock on December 31, 2019.

Summary of Exercisable Stock Options

		Weighted Average
		Per Share		Weighted Average
Range of Exercise Prices	Options	Exercise Price		Remaining Years
$33.49-$50.00	829	$	37.94	2.6
$50.01-$70.00	809	$	55.58	5.7
$70.01-$98.90	425	$	76.98	7.5
$33.49-$98.90	2,063	$	52.90	4.8

Weighted Average Assumptions Used to Value Employee Stock Options Granted

	2019		2018		2017
Expected option life	4.2	years	4.3	years	3.5	years
Expected volatility	15.5	%	17.9	%	15.3	%
Expected dividend yield	2.1	%	2.2	%	2.3	%
Risk-free interest rate	2.5	%	2.6	%	1.7	%