Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.10.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018
1,291

 
$
91.58

 
 
 
 
Exercised
(178
)
 
84.79

 
 
 
 
Granted
279

 
106.38

 
 
 
 
Forfeited / Expired
(8
)
 
104.87

 
 
 
 
Outstanding at December 31, 2018
1,384

 
$
95.36

 
6.28
 
$
9

Options Vested and Expected to Vest
1,384

 
$
95.36

 
6.28
 
$
9

Exercisable at December 31, 2018
857

 
$
89.36

 
5.05
 
$
9

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
As of December 31, 2018, 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, 2018
10,471

 
$
99.16

 
 
 
 
Vested
(5,197
)
 
97.33

 
 
 
 
Granted
4,734

 
110.95

 
 
 
 
Reinvested Dividends
352

 
N/A

 
 
 
 
Forfeited / Expired
(221
)
 
104.74

 
 
 
 
Nonvested at December 31, 2018
10,139

 
$
104.47

 
1.41
 
$
989

Restricted Units Expected to Vest
10,029

 
$
104.52

 
1.40
 
$
978

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
As of December 31, 2018, 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, 2018
1,787

 
$
105.58

 
 
 
 
Vested
(912
)
 
105.60

 
 
 
 
Granted
957

 
111.42

 
 
 
 
Reinvested Dividends
79

 
N/A

 
 
 
 
Forfeited / Expired
(210
)
 
107.98

 
 
 
 
Nonvested at December 31, 2018
1,701

 
$
108.63

 
1.49
 
$
166

Restricted Units Expected to Vest
1,631

 
$
108.64

 
1.50
 
$
159

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, 2018:
 
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
116

 
0.88
 
$
61.94

 
116

 
$
61.94

$70.01 - $80.00
168

 
2.81
 
75.79

 
168

 
75.79

$80.01 - $90.00
104

 
4.17
 
82.89

 
104

 
82.89

$90.01 - $110.00
996

 
7.72
 
103.88

 
469

 
102.49

 
1,384

 
6.28
 
$
95.36

 
857

 
$
89.36

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:
 
2018
 
2017
 
2016
Expected dividend yield
2.93
%
 
2.89
%
 
2.95
%
Risk-free interest rate
2.84
%
 
2.15
%
 
1.62
%
Expected life in years
7.5

 
7.5

 
7.5

Expected volatility
16.72
%
 
17.81
%
 
22.40
%
Weighted-average fair value of options granted
$
15.23

 
$
14.70

 
$
16.46

 
2018
 
2017
 
2016
Risk-free interest rate
2.61
%
 
1.46
%
 
1.00
%
Expected volatility
16.51
%
 
16.59
%
 
16.46
%
Weighted-average fair value of units granted
$
137.57

 
$
119.29

 
$
136.18

Share payout
123.47
%
 
113.55
%
 
129.08
%