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SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, Activity | The following tables set forth activity and various statistics for our restricted stock unit awards:
|  | Number of Units |  | Weighted Average Price
Nonvested December 31, 2022 |  | 832,734 |  |  | $ | 58.30 |
Granted (a) |  | 1,667,473 |  |  | $ | 66.50 |
Released to participants (b) |  | (698,906) |  |  | $ | 68.47 |
Forfeited |  | (76,736) |  |  | $ | 58.92 |
Nonvested December 31, 2023 |  | 1,724,565 |  |  | $ | 62.08 |
(a) - Includes 1,346,845 restricted stock unit awards granted in conjunction with the Magellan Acquisition. (b) - Includes 488,929 restricted stock unit awards released to participants in conjunction with the Magellan Acquisition.
|  | 2023 |  | 2022 |  | 2021 |
Weighted-average grant date fair value (per share) |  | $ | 66.50 |  |  | $ | 60.96 |  |  | $ | 46.84 |  |
Fair value of units granted (millions of dollars) |  | $ | 111 |  |  | $ | 20 |  |  | $ | 20 |  |
Grant date fair value of units vested (millions of dollars) |  | $ | 48 |  |  | $ | 14 |  |  | $ | 13 |  |
The following tables set forth activity and various statistics related to the performance unit awards and the assumptions used in the valuations at the respective grant dates:
|  | Number of Units |  | Weighted Average Price
Nonvested December 31, 2022 |  | 1,045,706 |  |  | $ | 74.15 |
Granted |  | 369,222 |  |  | $ | 87.46 |
Released to participants |  | (235,874) |  |  | $ | 88.96 |
Forfeited |  | (84,114) |  |  | $ | 77.22 |
Nonvested December 31, 2023 |  | 1,094,940 |  |  | $ | 75.22 |
|  | 2023 |  | 2022 |  | 2021 |
Volatility (a) |  | 63.30% |  | 61.10% |  | 60.30% |
Dividend yield |  | 5.75% |  | 6.15% |  | 8.13% |
Risk-free interest rate |  | 4.43% |  | 1.78% |  | 0.21% |
(a) - Volatility was based on historical volatility over three years using daily stock price observations.
|  | 2023 |  | 2022 |  | 2021 |
Weighted-average grant date fair value (per share) |  | $ | 87.46 |  |  | $ | 79.05 |  |  | $ | 62.03 |  |
Fair value of units granted (millions of dollars) |  | $ | 32 |  |  | $ | 32 |  |  | $ | 34 |  |
Grant date fair value of units vested (millions of dollars) |  | $ | 21 |  |  | $ | 20 |  |  | $ | 20 |  |

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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