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STOCK COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Compensation Costs | For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Pre-tax compensation expense |  | $ | 81,021 |  |  | $ | 65,991 |  |  | $ | 66,711 |
Related income tax benefit |  | 11,910 |  |  | 9,635 |  |  | 11,608 |
Schedule of Activity Relating to the Grants of Stock Options | A summary of activity relating to grants of stock options for the year ended December 31, 2023 is as follows:
Stock Options | Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value
Outstanding at beginning of the period | 976,634 |  | $104.36 | 3.8 years |
Granted | 5,215 |  | $240.90 |  |
Exercised | (255,148) |  | $103.41 |  |
Forfeited | — |  | $0.00 |  |
Expired | — |  | $0.00 |  |
Outstanding as of December 31, 2023 | 726,701 |  | $105.67 | 3.3 years | $ | 59,044
Options exercisable as of December 31, 2023 | 700,646 |  | $103.12 | 3.1 years | $ | 58,394 |
Schedule of Fair Value Estimated on the Grant Date and the Weighted Average Assumptions | The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Dividend yields |  | 1.7 | % |  | 1.9 | % |  | 2.2 | %
Expected volatility |  | 20.9 | % |  | 21.1 | % |  | 21.8 | %
Risk-free interest rates |  | 4.1 | % |  | 1.9 | % |  | 1.0 | %
Expected term in years |  | 6.3 |  | 6.3 |  | 6.3
•“Dividend yields” means the sum of dividends declared for the four most recent quarterly periods, divided by the average price of our Common Stock for the comparable periods; •“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant; •“Risk-free interest rates” means the U.S. Treasury yield curve rate in effect at the time of grant for periods within the contractual life of the stock option; and •“Expected term” means the period of time that stock options granted are expected to be outstanding based on historical data.
Schedule of Outstanding Stock Options | The following table summarizes information about stock options outstanding as of December 31, 2023:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding as of 12/31/23 |  | Weighted-Average Remaining Contractual Life in Years |  | Weighted-Average Exercise Price |  | Number Exercisable as of 12/31/23 |  | Weighted-Average Exercise Price
$60.68 - $99.90 |  | 388,522 |  |  | 3.4 |  | $96.78 |  | 388,522 |  |  | $96.78
$99.91 - $107.95 |  | 210,214 |  |  | 2.2 |  | $107.09 |  | 210,214 |  |  | $107.09
$107.96 - $240.90 |  | 127,965 |  |  | 4.7 |  | $130.31 |  | 101,910 |  |  | $119.09
$60.68 - $240.90 |  | 726,701 |  |  | 3.3 |  | $105.67 |  | 700,646 |  |  | $103.12
Schedule of Activity Relating to Grants of PSUs and RSUs | A summary of activity relating to grants of PSUs and RSUs for the period ended December 31, 2023 is as follows:
Performance Stock Units and Restricted Stock Units |  | Number of units |  | Weighted-average grant date fair value for equity awards (per unit)
Outstanding at beginning of year |  | 1,141,679 |  |  | $181.91
Granted |  | 341,374 |  |  | $241.41
Performance assumption change (1) |  | 24,325 |  |  | $(88.67)
Vested |  | (443,502) |  |  | $173.02
Forfeited |  | (24,185) |  |  | $207.81
Outstanding at end of year |  | 1,039,691 |  |  | $198.31
(1)Reflects the net number of PSUs above and below target levels based on the performance metrics.
Schedule of Information Pertaining to Fair Value of PSUs and RSUs Granted for Potential Future Distribution | The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees and non-employee directors. In addition, the table provides assumptions used to determine the fair value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant.
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Units granted |  | 341,374 |  |  | 313,285 |  |  | 404,517 |
Weighted-average fair value at date of grant |  | $ | 241.41 |  |  | $ | 211.85 |  |  | $ | 154.83 |
Monte Carlo simulation assumptions: |  |  |  |  |  |
Estimated values |  | $ | 118.90 |  |  | $ | 100.41 |  |  | $ | 66.44 |
Dividend yields |  | 1.7 | % |  | 1.8 | % |  | 2.2 | %
Expected volatility |  | 19.2 | % |  | 25.3 | % |  | 26.4 | %
•“Estimated values” means the fair value for the market-based total shareholder return component of each PSU at the date of grant using a Monte Carlo simulation model; •“Dividend yields” means the sum of dividends declared for the four most recently quarterly periods, divided by the average price of our Common Stock for the comparable periods; •“Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant.

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