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EQUITY COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
EQUITY COMPENSATION PLANS |
Summary of stock option activity and average exercise prices | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022 |  | 2021 |
​ |  | Number of |  | Exercise | ​ | ​ | Number of | ​ | Exercise | ​ | Number of | ​ | Exercise |
​ | ​ | Options | ​ | Price (a) | ​ |  | Options | ​ | Price (a) | ​ | Options | ​ | Price (a) |
Outstanding, beginning of year |  | 7,031,103 | ​ | ​ | $160.45 | ​ | ​ | 6,217,161 | ​ | ​ | $160.91 |  | 6,802,415 | ​ | ​ | $144.20 | ​
Granted |  | 861,840 | ​ | ​ | 190.53 | ​ | ​ | 1,228,673 | ​ | ​ | 148.79 |  | 812,853 | ​ | ​ | 223.85 | ​
Exercised |  | (832,050) | ​ | ​ | 119.41 | ​ | ​ | (294,228) | ​ | ​ | 101.08 |  | (1,306,998) | ​ | ​ | 110.91 | ​
Canceled |  | (139,537) | ​ | ​ | 183.77 | ​ | ​ | (120,503) | ​ | ​ | 210.26 |  | (91,109) | ​ | ​ | 192.49 | ​
Outstanding, end of year |  | 6,921,356 | ​ | ​ | $168.65 | ​ | ​ | 7,031,103 | ​ | ​ | $160.45 |  | 6,217,161 | ​ | ​ | $160.91 | ​
Exercisable, end of year |  | 5,107,518 | ​ | ​ | $165.77 | ​ | ​ | 5,168,161 | ​ | ​ | $155.45 |  | 4,604,922 | ​ | ​ | $141.21 | ​
Vested and expected to vest, end of year |  | 6,862,799 | ​ | ​ | $168.60 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (a) | Represents weighted average price per share.
​
Weighted-average grant-date fair value of options granted and significant assumptions used in determining the underlying fair value of each option grant | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​ | 2021
Weighted-average grant-date fair value of options | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
granted at market prices | ​ | ​ | $50.26 | ​ | ​ | ​ | $37.04 | ​ | ​ | ​ | $47.65 | ​
Assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free rate of return | ​ | ​ | 4.1 | % | ​ | ​ | 3.5 | % | ​ |  | 1.2 | %
Expected life |  |  | 6 | years | ​ |  | 6 | years | ​ |  | 6 | years
Expected volatility | ​ | ​ | 22.4 | % | ​ | ​ | 23.5 | % | ​ |  | 23.0 | %
Expected dividend yield | ​ | ​ | 1.2 | % | ​ | ​ | 1.4 | % | ​ |  | 0.9 | %
​
Summary of non-vested PBRSU awards and restricted stock activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | PBRSU | ​ | Grant Date | ​ | RSAs and | ​ | Grant Date
​ | ​ | Awards | ​ | Fair Value (a) | ​ | RSUs | ​ | Fair Value (a)
December 31, 2020 |  | 914,630 | ​ | ​ | ​ | $165.76 | ​ |  | 163,683 | ​ | ​ | ​ | $172.92 | ​
Granted |  | 176,297 | ​ | ​ | ​ | 223.77 | ​ | ​ | 130,807 | ​ | ​ | ​ | 211.12 | ​
Vested / Earned |  | (271,731) | ​ | ​ | ​ | 131.74 | ​ | ​ | (48,977) | ​ | ​ | ​ | 160.84 | ​
Canceled | ​ | (30,667) | ​ | ​ | ​ | 178.46 | ​ | ​ | (13,239) | ​ | ​ | ​ | 192.12 | ​
December 31, 2021 |  | 788,529 | ​ | ​ | ​ | $189.96 | ​ |  | 232,274 | ​ | ​ | ​ | $195.95 | ​
Granted |  | 291,496 | ​ | ​ | ​ | 142.24 | ​ | ​ | 240,370 | ​ | ​ | ​ | 146.90 | ​
Vested / Earned |  | (232,210) | ​ | ​ | ​ | 152.63 | ​ | ​ | (68,864) | ​ | ​ | ​ | 163.81 | ​
Canceled | ​ | (24,645) | ​ | ​ | ​ | 207.05 | ​ | ​ | (18,683) | ​ | ​ | ​ | 201.39 | ​
December 31, 2022 |  | 823,170 | ​ | ​ | ​ | $181.68 | ​ |  | 385,097 | ​ | ​ | ​ | $170.50 | ​
Granted | ​ | 328,739 | ​ | ​ | ​ | 185.10 | ​ | ​ | 156,618 | ​ | ​ | ​ | 165.81 | ​
Vested / Earned | ​ | (180,674) | ​ | ​ | ​ | 178.26 | ​ | ​ | (61,776) | ​ | ​ | ​ | 191.22 | ​
Canceled | ​ | (26,409) | ​ | ​ | ​ | 175.05 | ​ | ​ | (24,449) | ​ | ​ | ​ | 166.22 | ​
December 31, 2023 | ​ | 944,826 | ​ | ​ | ​ | $183.71 | ​ |  | 455,490 | ​ | ​ | ​ | $166.31 | ​
​
| (a) | Represents weighted average price per share.

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