STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
The following is an analysis of options to purchase shares of class A common stock issued and outstanding:
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Shares
(in thousands)
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Weighted-Average
Exercise
Price
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Weighted-Average Remaining
Contractual Term
(in years)
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Aggregate Intrinsic
Value (in millions)
|
Outstanding at January 1, 2016 |
2,771 |
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$ |
77.33 |
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Exercised |
(1,186 |
) |
|
77.63 |
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Granted |
259 |
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|
100.92 |
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Forfeited / Expired |
(16 |
) |
|
80.88 |
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Outstanding at December 31, 2016 |
1,828 |
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$ |
80.45 |
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|
4.26 |
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$ |
62 |
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Options Vested and Expected to Vest |
1,828 |
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$ |
80.45 |
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|
4.26 |
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$ |
62 |
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Exercisable at December 31, 2016 |
1,410 |
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$ |
75.07 |
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|
3.01 |
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$ |
56 |
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| Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
As of December 31, 2016, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award program, Coyote Restricted Stock Award and Long-Term Incentive Performance Award program (granted prior to 2014):
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Shares
(in thousands)
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Weighted-Average
Grant Date
Fair Value
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Weighted-Average Remaining
Contractual Term
(in years)
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Aggregate Intrinsic
Value (in millions)
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Nonvested at January 1, 2016 |
11,012 |
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$ |
90.71 |
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Vested |
(5,180 |
) |
|
87.79 |
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Granted |
5,446 |
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|
97.04 |
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Reinvested Dividends |
348 |
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N/A |
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Forfeited / Expired |
(151 |
) |
|
95.23 |
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Nonvested at December 31, 2016 |
11,475 |
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$ |
94.32 |
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|
1.42 |
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$ |
1,315 |
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Restricted Units Expected to Vest |
11,129 |
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$ |
94.33 |
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|
1.41 |
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$ |
1,276 |
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| Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] |
As of December 31, 2016, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Long-Term Incentive Performance Award program (granted after 2013):
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Shares
(in thousands)
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Weighted-Average
Grant Date
Fair Value
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Weighted-Average Remaining
Contractual Term
(in years)
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Aggregate Intrinsic
Value (in millions)
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Nonvested at January 1, 2016 |
1,615 |
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$ |
96.80 |
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Vested |
(800 |
) |
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97.02 |
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Granted |
926 |
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105.50 |
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Reinvested Dividends |
70 |
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N/A |
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Forfeited / Expired |
(128 |
) |
|
99.70 |
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Nonvested at December 31, 2016 |
1,683 |
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$ |
101.36 |
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1.53 |
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$ |
193 |
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Performance Units Expected to Vest |
1,590 |
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$ |
101.44 |
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|
1.56 |
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$ |
182 |
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| Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] |
The following table summarizes information about stock options outstanding and exercisable at December 31, 2016:
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Options Outstanding |
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Options Exercisable |
Exercise Price Range |
Shares
(in thousands)
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Average Life
(in years)
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Weighted-Average
Exercise
Price
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Shares
(in thousands)
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Weighted-Average
Exercise
Price
|
$55.01 - $70.00 |
201 |
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2.93 |
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$ |
62.42 |
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201 |
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$ |
62.42 |
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$70.01 - $80.00 |
937 |
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1.79 |
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72.42 |
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921 |
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72.34 |
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$80.01 - $90.00 |
147 |
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6.17 |
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82.94 |
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115 |
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82.92 |
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$90.01 - $110.00 |
543 |
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8.49 |
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100.31 |
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173 |
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99.14 |
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1,828 |
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4.26 |
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$ |
80.45 |
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1,410 |
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$ |
75.07 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used, by year, and the calculated weighted-average fair values of options, are as follows:
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2016 |
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2015 |
|
2014 |
Expected dividend yield |
2.95 |
% |
|
2.63 |
% |
|
2.56 |
% |
Risk-free interest rate |
1.62 |
% |
|
2.07 |
% |
|
2.40 |
% |
Expected life in years |
7.5 |
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7.5 |
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7.5 |
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Expected volatility |
22.40 |
% |
|
20.61 |
% |
|
24.26 |
% |
Weighted-average fair value of options granted |
$ |
16.46 |
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$ |
18.07 |
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$ |
20.48 |
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2016 |
|
2015 |
|
2014 |
Risk-free interest rate |
1.00 |
% |
|
0.89 |
% |
|
0.65 |
% |
Expected volatility |
16.46 |
% |
|
15.53 |
% |
|
17.02 |
% |
Weighted-average fair value of units granted |
$ |
136.18 |
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$ |
63.64 |
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$ |
106.52 |
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Share payout |
129.08 |
% |
|
65.86 |
% |
|
109.84 |
% |
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