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STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
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Dec. 31, 2014
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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, 2014 |
5,212 |
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|
$ |
73.73 |
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Exercised |
(1,620 |
) |
|
72.52 |
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Granted |
127 |
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|
96.98 |
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Forfeited / Expired |
(28 |
) |
|
72.82 |
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Outstanding at December 31, 2014 |
3,691 |
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|
$ |
75.07 |
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|
2.85 |
|
$ |
133 |
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Options Vested and Expected to Vest |
3,691 |
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|
$ |
75.07 |
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|
2.85 |
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$ |
133 |
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Exercisable at December 31, 2014 |
3,356 |
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$ |
74.20 |
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|
2.35 |
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$ |
124 |
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| Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
As of December 31, 2014, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award program 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)
|
Nonvested at January 1, 2014 |
12,748 |
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$ |
74.60 |
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Vested |
(6,455 |
) |
|
71.61 |
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Granted |
5,064 |
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|
92.35 |
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Reinvested Dividends |
363 |
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N/A |
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Forfeited / Expired |
(161 |
) |
|
81.73 |
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Nonvested at December 31, 2014 |
11,559 |
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$ |
82.58 |
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|
1.39 |
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$ |
1,285 |
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Restricted Units Expected to Vest |
11,292 |
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$ |
82.62 |
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|
1.38 |
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$ |
1,255 |
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| Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] |
As of December 31, 2014, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our 2014 Long-Term Incentive Performance Award:
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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)
|
Nonvested at January 1, 2014 |
— |
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|
$ |
— |
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Vested |
(28 |
) |
|
96.98 |
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Granted |
932 |
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|
96.98 |
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Reinvested Dividends |
17 |
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N/A |
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Forfeited / Expired |
(106 |
) |
|
96.98 |
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Nonvested at December 31, 2014 |
815 |
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$ |
96.98 |
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2.08 |
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$ |
91 |
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Performance Units Expected to Vest |
777 |
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$ |
96.98 |
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|
2.08 |
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$ |
86 |
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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, 2014:
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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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Average
Exercise
Price
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Shares
(in thousands)
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Average
Exercise
Price
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$50.01 - $70.00 |
264 |
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|
4.85 |
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$ |
61.52 |
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|
246 |
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$ |
61.11 |
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$70.01 - $80.00 |
2,118 |
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2.52 |
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72.05 |
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2,002 |
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71.82 |
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$80.01 - $90.00 |
1,182 |
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2.30 |
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81.17 |
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|
1,081 |
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81.00 |
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$90.01 - $100.00 |
127 |
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|
9.18 |
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96.98 |
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27 |
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96.98 |
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3,691 |
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|
2.85 |
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$ |
75.07 |
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3,356 |
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$ |
74.20 |
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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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2014 |
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2013 |
|
2012 |
Expected dividend yield |
2.56 |
% |
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2.75 |
% |
|
2.77 |
% |
Risk-free interest rate |
2.40 |
% |
|
1.38 |
% |
|
1.63 |
% |
Expected life in years |
7.5 |
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|
7.5 |
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|
7.5 |
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Expected volatility |
24.26 |
% |
|
24.85 |
% |
|
25.06 |
% |
Weighted average fair value of options granted |
$ |
20.48 |
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$ |
15.50 |
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$ |
14.88 |
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