STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-based Payment Arrangement, Option, Activity |
The table below summarizes the employee share-based 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) |
|
Aggregate
Intrinsic Value
(in millions) |
| Balance at December 31, 2021 |
|
2,743,098 |
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$ |
143.51 |
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| Granted |
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18,900 |
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|
207.79 |
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| Exercised |
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(586,990) |
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137.83 |
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| Forfeited |
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(29,045) |
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148.08 |
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| Balance at December 31, 2022 |
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2,145,963 |
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|
145.57 |
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| Granted |
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17,500 |
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225.39 |
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| Exercised |
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(345,250) |
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142.69 |
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| Forfeited |
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(3,793) |
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144.16 |
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| Balance at December 31, 2023 |
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1,814,420 |
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146.89 |
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| Granted |
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9,100
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294.05
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| Exercised |
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(1,004,358) |
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142.18
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| Forfeited |
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(4,821) |
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149.48
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| Balance at December 31, 2024 |
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814,341
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$ |
154.33
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4.0 |
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$ |
159
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| Exercisable, December 31, 2022 |
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1,655,298 |
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$ |
146.37 |
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4.6 |
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$ |
159 |
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| Exercisable, December 31, 2023 |
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1,814,420 |
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$ |
146.89 |
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4.2 |
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$ |
169 |
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| Exercisable, December 31, 2024 |
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814,341
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$ |
154.33
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4.0 |
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$ |
159
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| Schedule of Nonvested Share Activity |
The share-based activity and 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 |
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Shares |
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Weighted-average
Fair Value |
| Balance at December 31, 2021 |
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440,149 |
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$ |
183.72 |
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|
29,928 |
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$ |
252.99 |
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| Granted |
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230,535 |
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|
184.92 |
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215,260 |
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209.08 |
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| Vested |
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(122,188) |
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148.99 |
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(5,513) |
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249.79 |
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| Forfeited |
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(63,197) |
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182.68 |
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(3,262) |
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211.37 |
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| Balance at December 31, 2022 |
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485,299 |
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|
193.17 |
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236,413 |
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213.66 |
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| Granted |
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170,205 |
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222.86 |
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176,128 |
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223.92 |
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| Vested |
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(99,425) |
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126.38 |
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(74,270) |
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|
215.38 |
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| Forfeited |
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(68,566) |
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199.69 |
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(27,931) |
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|
217.01 |
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| Balance at December 31, 2023 |
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487,513 |
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216.24 |
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310,340 |
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218.77 |
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| Granted |
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259,004
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264.95
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208,029
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276.83
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| Vested |
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(233,136) |
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244.14
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(75,759) |
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215.98
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| Forfeited |
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(40,909) |
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233.84
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(37,493) |
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232.01
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| Balance at December 31, 2024 |
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472,472
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$ |
227.65
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405,117
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$ |
247.88
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| Schedule of Share-based Payment Award,s for Performance and Restricted shares - 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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2024 |
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2023 |
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2022 |
| Expected life (years) |
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6 |
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6 |
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6 |
| Risk-free interest rate |
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4.20
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% |
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3.91 |
% |
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2.32 |
% |
| Expected volatility |
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29.15
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% |
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28.73 |
% |
|
28.40 |
% |
| Dividend yield |
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2.79
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% |
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2.81 |
% |
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2.85 |
% |
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