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STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Activity in stock option plans |
The tables below summarize the activity in the Plan:
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Options |
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Weighted-average
Exercise Price
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Weighted-average
Remaining
Contractual Life
(in years)
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|
Aggregate
Intrinsic Value
(in millions)
|
Balance at December 31, 2011 |
|
1,243,037 |
|
|
$ |
59.02 |
|
|
|
|
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|
Granted |
|
321,945 |
|
|
119.34 |
|
|
|
|
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Exercised |
|
(241,815 |
) |
|
31.73 |
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|
|
|
|
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Forfeited |
|
(13,999 |
) |
|
67.86 |
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Balance at December 31, 2012 |
|
1,309,168 |
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|
78.80 |
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Granted |
|
432,370 |
|
|
112.07 |
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Exercised |
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(265,528 |
) |
|
40.48 |
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Forfeited |
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(13,674 |
) |
|
105.19 |
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Balance at December 31, 2013 |
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1,462,336 |
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|
95.35 |
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|
|
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Granted |
|
350,630 |
|
|
148.98 |
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Exercised |
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(175,526 |
) |
|
82.06 |
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Forfeited |
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(10,716 |
) |
|
102.56 |
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Balance at December 31, 2014 |
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1,626,724 |
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|
$ |
108.30 |
|
|
7.22 |
|
$ |
62 |
|
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Exercisable, December 31, 2012 |
|
785,869 |
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$ |
51.40 |
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|
6.26 |
|
$ |
44 |
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Exercisable, December 31, 2013 |
|
758,936 |
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$ |
76.85 |
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|
5.94 |
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$ |
48 |
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Exercisable, December 31, 2014 |
|
903,059 |
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$ |
92.18 |
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|
6.05 |
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$ |
48 |
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| Weighted-average grant date fair value of performance and restricted shares |
The weighted-average grant date fair value of performance and restricted shares was as follows:
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Performance Shares |
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Restricted Shares |
Nonvested |
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Shares |
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Weighted-average
Fair Value |
|
Shares |
|
Weighted-average
Fair Value |
Balance at December 31, 2011 |
|
525,391 |
|
|
$ |
62.05 |
|
|
81,845 |
|
|
$ |
61.49 |
|
Granted |
|
325,590 |
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|
89.92 |
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|
3,150 |
|
|
91.68 |
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Vested |
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(194,484 |
) |
|
25.46 |
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(22,766 |
) |
|
52.16 |
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Forfeited |
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(26,413 |
) |
|
91.94 |
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— |
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— |
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Balance at December 31, 2012 |
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630,084 |
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|
86.49 |
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|
62,229 |
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|
66.43 |
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Granted |
|
176,649 |
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|
106.40 |
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|
7,506 |
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|
114.56 |
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Vested |
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(303,882 |
) |
|
61.48 |
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(26,901 |
) |
|
62.03 |
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Forfeited |
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(26,938 |
) |
|
85.07 |
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|
(10,293 |
) |
|
65.41 |
|
Balance at December 31, 2013 |
|
475,913 |
|
|
109.93 |
|
|
32,541 |
|
|
81.49 |
|
Granted |
|
206,031 |
|
|
130.38 |
|
|
— |
|
|
— |
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Vested |
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(207,093 |
) |
|
107.64 |
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(21,266 |
) |
|
65.88 |
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Forfeited |
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(8,158 |
) |
|
121.18 |
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— |
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— |
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Balance at December 31, 2014 |
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466,693 |
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$ |
119.78 |
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|
11,275 |
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$ |
110.94 |
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| Fair value of option grant estimated on the grant date using Black-Scholes option pricing model assumptions |
The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
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2014 |
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2013 |
|
2012 |
Expected life (years) |
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5 |
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5 |
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|
5 |
|
Risk-free interest rate |
|
1.80 |
% |
|
0.79 |
% |
|
1.05 |
% |
Expected volatility |
|
41.17 |
% |
|
56.59 |
% |
|
58.98 |
% |
Dividend yield |
|
1.61 |
% |
|
1.55 |
% |
|
1.30 |
% |
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