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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted-Average Assumptions Used for Estimating the Fair Value of Option Rights
The fair value of the Company’s option rights was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted-average assumptions for all options granted:
 
2018
 
2017
 
2016
Risk-free interest rate
2.99
%
 
1.97
%
 
1.24
%
Expected life of option rights
5.05 years

 
5.05 years

 
5.05 years

Expected dividend yield
of stock
.89
%
 
.85
%
 
1.06
%
Expected volatility of stock
.211

 
.213

 
.212
Summary of Non-Qualified and Incentive Stock Option Right Activity
A summary of the Company’s non-qualified and incentive stock option right activity is shown in the following table:
 
2018
 
2017
 
2016
 
Optioned
Shares
 
Weighted-
Average
Exercise
Price
Per Share
 
Aggregate
Intrinsic
Value
 
Optioned
Shares
 
Weighted-
Average
Exercise
Price
Per Share
 
Aggregate
Intrinsic
Value
 
Optioned
Shares
 
Weighted-
Average
Exercise
Price
Per Share
 
Aggregate
Intrinsic
Value
Outstanding beginning
of year
4,646,313

 
$
204.33

 
 
 
5,163,709

 
$
163.61

 
 
 
5,219,506

 
$
141.58

 
 
Granted
565,336

 
410.00

 
 
 
689,506

 
377.84

 
 
 
712,967

 
271.46

 
 
Exercised
(662,218
)
 
137.03

 
 
 
(1,154,698
)
 
123.16

 
 
 
(733,876
)
 
108.81

 
 
Forfeited
(60,288
)
 
327.08

 
 
 
(49,977
)
 
267.02

 
 
 
(26,653
)
 
232.83

 
 
Expired
(3,894
)
 
238.26

 
 
 
(2,227
)
 
236.97

 
 
 
(8,235
)
 
176.28

 
 
Outstanding end of year
4,485,249

 
$
238.53

 
$
704,160

 
4,646,313

 
$
204.33

 
$
955,810

 
5,163,709

 
$
163.61

 
$
545,531

Exercisable at end of year
3,274,780

 
$
188.48

 
$
671,269

 
3,288,237

 
$
156.43

 
$
833,938

 
3,783,755

 
$
130.59

 
$
522,921
Summary of RSU Activity
A summary of the Company’s RSU activity for the years ended December 31 is shown in the following table:
 
2018
 
2017
 
2016
Outstanding at beginning
of year
335,796

 
397,326

 
467,744

Granted
116,636

 
112,647

 
99,662

Exchanged Valspar awards (net of forfeitures)


 
51,009

 

Vested
(150,576
)
 
(215,433
)
 
(166,405
)
Forfeited
(11,454
)
 
(9,753
)
 
(3,675
)
Outstanding at end of year
290,402

 
335,796

 
397,326