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SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
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 Dec. 31, 2023 (a) |  | 1,724,565 |  |  | $ | 62.08 |
Granted |  | 512,427 |  |  | $ | 75.42 |
Released to participants (b) |  | (808,544) |  |  | $ | 58.60 |
Forfeited (b) |  | (68,326) |  |  | $ | 71.14 |
Nonvested Dec. 31, 2024 (c) |  | 1,360,122 |  |  | $ | 68.71 |
(a) - Includes 847,120 unvested restricted stock unit awards granted in conjunction with the Magellan Acquisition. (b) - Includes 509,077 restricted stock unit awards released to participants and forfeited in conjunction with the Magellan Acquisition. (c) - Includes 338,043 restricted stock that remain unvested related to the Magellan Acquisition.
|  | 2024 |  | 2023 |  | 2022
Weighted-average grant date fair value (per share) |  | $ | 75.42 |  |  | $ | 66.50 |  |  | $ | 60.96 |
Fair value of units granted (millions of dollars) |  | $ | 39 |  |  | $ | 111 |  |  | $ | 20 |
Grant date fair value of units vested (millions of dollars) |  | $ | 47 |  |  | $ | 48 |  |  | $ | 14 |
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 Dec. 31, 2023 |  | 1,094,940 |  |  | $ | 75.22 |
Granted |  | 452,360 |  |  | $ | 85.69 |
Released to participants |  | (418,357) |  |  | $ | 62.32 |
Forfeited |  | (29,244) |  |  | $ | 82.10 |
Nonvested Dec. 31, 2024 |  | 1,099,699 |  |  | $ | 84.25 |
|  | 2024 |  | 2023 |  | 2022
Volatility (a) |  | 29.00% |  | 63.30% |  | 61.10%
Dividend yield |  | 5.40% |  | 5.75% |  | 6.15%
Risk-free interest rate |  | 4.46% |  | 4.43% |  | 1.78%
(a) - Volatility was based on historical volatility over three years using daily stock price observations.
|  | 2024 |  | 2023 |  | 2022
Weighted-average grant date fair value (per share) |  | $ | 85.69 |  |  | $ | 87.46 |  |  | $ | 79.05 |
Fair value of units granted (millions of dollars) |  | $ | 39 |  |  | $ | 32 |  |  | $ | 32 |
Grant date fair value of units vested (millions of dollars) |  | $ | 26 |  |  | $ | 21 |  |  | $ | 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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