Long-term Equity-based Compensation (Tables)

The assumptions used in the Black-Scholes pricing model for Tandem Awards granted during the years ended December 31, 2019, 2018 and 2017 are presented below.



	2019					2018					2017
RANGE OF VALUATION ASSUMPTIONS
Expected Volatility	28.97	%	-	33.78	%	27.31	%	-	32.15	%	26.17	%	-	30.39	%
Risk-free Interest Rate	1.35		-	2.60		2.44		-	3.00		1.59		-	2.25
Expected Dividend Yield	1.05		-	1.38		1.16		-	1.72		1.39		-	2.43
WEIGHTED-AVERAGE EXPECTED LIFE IN YEARS
Employee Grants	4		-	6		4		-	6		4		-	6.5

Tandem Award activity for the year ended December 31, 2019 is presented below.



	Shares Subject to Awards		Weighted- average Exercise Price Per Share ($)		Weighted- average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value ($ In Millions)
Outstanding at Beginning of the Year	1,434,273		$	46.48
Granted	578,375		76.96
Exercised	(159,630	)	36.92
Forfeited or Expired	(44,203	)	68.43
Outstanding at December 31, 2019	1,808,815		56.53		7.65	$	38.3
Vested and Expected to Vest at December 31, 2019	1,718,559		$	56.03	7.61	$	37.2
Exercisable at December 31, 2019	803,769		$	42.15	6.50	$	28.4

Information pertaining to Tandem Awards outstanding at December 31, 2019 is presented below.



				Outstanding				Exercisable
Range of Exercise Prices ($)				Shares Subject to Awards	Weighted- average Exercise Price Per Share ($)		Weighted- average Remaining Contractual Life (in Years)	Shares Subject to Awards	Weighted- average Exercise Price Per Share ($)
$	20.01	-	30.00	150,627	$	27.77	5.63	150,627	$	27.77
30.01		-	40.00	173,895	34.83		5.36	165,086	34.58
40.01		-	50.00	401,385	42.56		6.79	313,459	42.41
50.01		-	60.00	461,459	59.90		8.07	147,944	59.89
60.01		-	70.00	57,395	67.04		8.14	22,289	66.85
70.01		-	80.00	518,820	76.27		9.09	3,435	77.76
80.01		-	90.00	45,234	85.44		9.30	929	82.10
20.01		-	90.00	1,808,815	56.53		7.65	803,769	42.15

Activity related to DSU awards for the year ended December 31, 2019 is presented below.



	Number of DSUs		Weighted- average Grant-date Fair Value Per DSU
Vested Balance at Beginning of the Year	57,340		$	44.89
Reduction for Shares Issued on Conversion	(12,520	)	45.44
Vested Balance at December 31, 2019	44,820		$	44.74

Activity related to nonvested RSUs for the year ended December 31, 2019 is presented below.



	Time-based Restricted Stock Unit Awards
	Number of Restricted Stock Units		Weighted- average Grant-date Fair Value Per Unit
Nonvested Balance at Beginning of the Year	316,241		$	65.36
Granted	23,383		82.56
Vested	(135,909	)	61.59
Forfeited	(21,527	)	69.48
Nonvested Balance at December 31, 2019	182,188		$	71.12

Activity related to nonvested PSU awards for the year ended December 31, 2019 is presented below.



	PSU Awards
	Number of PSUs		Weighted- average Grant-date Fair Value Per PSU
Nonvested Balance at Beginning of the Year	327,300		$	47.14
Granted	254,535		61.22
Vested	(204,542	)	29.20
Forfeited	(16,473	)	65.55
Nonvested Balance at December 31, 2019	360,820		$	66.42