Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.8.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
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:
 
Shares
(in thousands)
 
Weighted-Average
Exercise
Price
 
Weighted-Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Outstanding at January 1, 2017
1,828

 
$
80.45

 
 
 
 
Exercised
(802
)
 
71.57

 
 
 
 
Granted
272

 
106.87

 
 
 
 
Forfeited / Expired
(7
)
 
70.90

 
 
 
 
Outstanding at December 31, 2017
1,291

 
$
91.58

 
6.30
 
$
36

Options Vested and Expected to Vest
1,291

 
$
91.58

 
6.30
 
$
36

Exercisable at December 31, 2017
757

 
$
83.28

 
4.80
 
$
27

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
As of December 31, 2017, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award program and the Coyote Restricted Stock Award:
 
Shares
(in thousands)
 
Weighted-Average
Grant Date
Fair Value
 
Weighted-Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Nonvested at January 1, 2017
11,475

 
$
94.32

 
 
 
 
Vested
(5,100
)
 
90.71

 
 
 
 
Granted
3,927

 
105.62

 
 
 
 
Reinvested Dividends
332

 
N/A

 
 
 
 
Forfeited / Expired
(163
)
 
99.70

 
 
 
 
Nonvested at December 31, 2017
10,471

 
$
99.16

 
1.38
 
$
1,248

Restricted Units Expected to Vest
10,325

 
$
99.20

 
1.38
 
$
1,230

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
As of December 31, 2017, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Long-Term Incentive Performance Award program:
 
Shares
(in thousands)
 
Weighted-Average
Grant Date
Fair Value
 
Weighted-Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Nonvested at January 1, 2017
1,683

 
$
101.36

 
 
 
 
Vested
(839
)
 
97.11

 
 
 
 
Granted
958

 
105.65

 
 
 
 
Reinvested Dividends
73

 
N/A

 
 
 
 
Forfeited / Expired
(88
)
 
103.87

 
 
 
 
Nonvested at December 31, 2017
1,787

 
$
105.58

 
1.53
 
$
213

Performance Units Expected to Vest
1,699

 
$
105.72

 
1.54
 
$
202

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, 2017:
 
Options Outstanding
 
Options Exercisable
Exercise Price Range
Shares
(in thousands)
 
Weighted-Average
Remaining Contractual Term
(in years)
 
Weighted-Average
Exercise
Price
 
Shares
(in thousands)
 
Weighted-Average
Exercise
Price
$55.01 - $70.00
131

 
1.89
 
$
61.97

 
131

 
$
61.97

$70.01 - $80.00
223

 
3.30
 
75.12

 
223

 
75.12

$80.01 - $90.00
141

 
5.17
 
82.88

 
127

 
82.87

$90.01 - $110.00
796

 
8.07
 
102.59

 
276

 
100.11

 
1,291

 
6.30
 
$
91.58

 
757

 
$
83.28

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
 
2017
 
2016
 
2015
Risk-free interest rate
1.46
%
 
1.00
%
 
0.89
%
Expected volatility
16.59
%
 
16.46
%
 
15.53
%
Weighted-average fair value of units granted
$
119.29

 
$
136.18

 
$
63.64

Share payout
113.55
%
 
129.08
%
 
65.86
%
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:
 
2017
 
2016
 
2015
Expected dividend yield
2.89
%
 
2.95
%
 
2.63
%
Risk-free interest rate
2.15
%
 
1.62
%
 
2.07
%
Expected life in years
7.5

 
7.5

 
7.5

Expected volatility
17.81
%
 
22.40
%
 
20.61
%
Weighted-average fair value of options granted
$
14.70

 
$
16.46

 
$
18.07