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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions | The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used and the calculated weighted-average fair values of options granted in 2019 and 2018 are as follows:
| 2019 |  | 2018
Expected dividend yield | 2.93 | % |  | 2.93 | %
Risk-free interest rate | 2.60 | % |  | 2.84 | %
Expected life (in years) | 7.5 |  |  | 7.5 |
Expected volatility | 17.79 | % |  | 16.72 | %
Weighted-average fair value of options granted | $ | 16.39 |  |  | $ | 15.23 |
The weighted-average assumptions used and the calculated weighted-average fair values of the RTSR portion of the LTIP awards granted in 2019 and 2018 are as follows:
| 2019 |  | 2018
Risk-free interest rate | 2.24 | % |  | 2.61 | %
Expected volatility | 19.61 | % |  | 16.51 | %
Weighted-average fair value of units granted | $ | 123.40 |  |  | $ | 137.57 |
Share payout | 114.95 | % |  | 123.47 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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