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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions | The weighted-average assumptions used and the calculated weighted-average fair values of the LTIP awards granted in 2021 and 2020 are as follows:
| 2021 |  | 2020 |
Risk-free interest rate | 0.19 | % |  | 0.15 | % |
Expected volatility | 30.70 | % |  | 27.53 | % |
Weighted-average fair value of units granted | $ | 167.17 |  |  | $ | 92.77 |  |
Share payout | 102.40 | % |  | 101.00 | % |
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 2021 and 2020 are as follows:
| 2021 |  | 2020 |  |
Expected dividend yield | 3.31 | % |  | 3.51 | % |  |
Risk-free interest rate | 0.84 | % |  | 1.26 | % |  |
Expected life (in years) | 7.5 |  | 7.5 |  |
Expected volatility | 23.15 | % |  | 19.25 | % |  |
Weighted-average fair value of options granted | $ | 23.71 |  |  | $ | 11.74 |  |  |

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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=120381028&loc=d3e5070-113901 + Details
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