STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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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, 2022 |
|
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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| Granted |
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17,500
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329.81
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| Exercised |
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(435,214) |
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157.70
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| Forfeited |
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(900) |
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149.82
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| Balance at December 31, 2025 |
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395,727
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$ |
158.39
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3.3 |
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$ |
140
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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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| Exercisable, December 31, 2025 |
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395,727
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$ |
158.39
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3.3 |
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$ |
140
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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, 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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| Granted |
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202,736
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242.48
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114,116
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303.98
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| Vested |
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(248,197) |
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185.74
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(78,084) |
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169.73
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| Forfeited |
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(19,454) |
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264.83
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(20,213) |
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|
253.47
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| Balance at December 31, 2025 |
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407,557
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$ |
258.77
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420,936
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$ |
277.32
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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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2025 |
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2024 |
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2023 |
| Expected life (years) |
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5 |
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6 |
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6 |
| Risk-free interest rate |
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4.10
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% |
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4.20 |
% |
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3.91 |
% |
| Expected volatility |
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30.12
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% |
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29.15 |
% |
|
28.73 |
% |
| Dividend yield |
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2.59
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% |
|
2.79 |
% |
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2.81 |
% |
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