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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock Option Activity | The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and Directors Plan for the years ended December 31:
|  | Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic value (in millions)
Outstanding at December 31, 2018 |  | 466,677 |  |  | $ | 61.04 |  |  | 5.7 |  | $ | 4 |
Granted |  | 134,450 |  |  | $ | 70.44 |  |  |  |  | $ | 1 |
Exercised |  | (4,868) |  |  | $ | 22.45 |  |  |  |  | — |
Canceled |  | (8,235) |  |  | $ | 73.00 |  |  |  |  | — |
Outstanding at December 31, 2019 |  | 588,024 |  |  | $ | 63.36 |  |  | 5.7 |  | $ | 9 |
Granted |  | 136,506 |  |  | $ | 77.75 |  |  |  |  | — |
Exercised |  | (86,145) |  |  | $ | 35.47 |  |  |  |  | — |
Canceled |  | (85,716) |  |  | $ | 73.73 |  |  |  |  | — |
Outstanding at December 31, 2020 |  | 552,669 |  |  | $ | 69.82 |  |  | 6.1 |  | $ | 4 |
Granted |  | 126,794 |  |  | $ | 81.21 |  |  |  |  | — |
Exercised |  | (113,728) |  |  | $ | 50.38 |  |  |  |  | — |
Canceled |  | (33,820) |  |  | $ | 73.53 |  |  |  |  | — |
Outstanding at December 31, 2021 |  | 531,915 |  |  | $ | 75.40 |  |  | 6.5 |  | $ | 9 |
Exercisable at December 31, 2021 |  | 308,591 |  |  | $ | 73.39 |  |  | 6.1 |  | $ | 6 |
Stock Options Outstanding | Options outstanding at December 31, 2021 were as follows:
Range of exercise prices |  | Number of Options Outstanding |  | Weighted Average Exercise Price of Options Outstanding |  | Weighted Average Remaining Contractual Life |  | Number of Options Currently Exercisable |  | Weighted Average Exercise Price of Options Currently Exercisable
35.00 - 50.00 |  | 35,002 |  |  | $ | 47.80 |  |  | 1.1 |  | 35,002 |  |  | $ | 47.80 |
50.00 - 65.00 |  | 40,317 |  |  | $ | 59.09 |  |  | 4.6 |  | 37,217 |  |  | $ | 60.52 |
65.00 - 80.00 |  | 248,483 |  |  | $ | 74.43 |  |  | 6.9 |  | 143,862 |  |  | $ | 73.37 |
Over 80.00 |  | 208,113 |  |  | $ | 84.36 |  |  | 7.3 |  | 92,510 |  |  | $ | 88.28 |
|  | 531,915 |  |  | $ | 75.40 |  |  | 6.5 |  | 308,591 |  |  | $ | 73.39 |
Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | For the year ended December 31,
|  | 2021 |  | 2020 |  | 2019
Dividend yield |  | 0.60 | % |  | 0.60 | % |  | 0.66 | %
Risk-free interest rate |  | 0.8 | % |  | 1.5 | % |  | 2.6 | %
Stock price volatility |  | 36.1 | % |  | 28.1 | % |  | 25.8 | %
Expected life (years) |  | 5.0 |  | 5.0 |  | 5.0
Weighted average fair value of options granted during the year |  | $ | 25.01 |  |  | $ | 21.05 |  |  | $ | 19.54 |
Restricted Stock Activity and Incentive Stock Awards Activity | The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan, and Directors Plan, and incentive stock units activity and related information for the 2011 Plan and the 2000 Plan with related information for the years ended December 31:
|  | Restricted Stock and Units |  | Incentive Stock Awards |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018 |  | 445,089 |  |  | 415,242 |  |  | $ | 75.51 |
Granted |  | 608,813 |  |  | 259,950 |  |  | $ | 70.61 |
Vested |  | (235,406) |  |  | (119,835) |  |  | $ | 71.65 |
Adjustment for incentive stock awards expected to vest |  | — |  |  | 80,403 |  |  | $ | 78.04 |
Canceled |  | (27,465) |  |  | (63,758) |  |  | $ | 74.04 |
Outstanding at December 31, 2019 |  | 791,031 |  |  | 572,002 |  |  | $ | 73.64 |
Granted |  | 283,587 |  |  | 250,197 |  |  | $ | 75.68 |
Vested |  | (345,859) |  |  | (147,069) |  |  | $ | 77.45 |
Adjustment for incentive stock awards expected to vest |  | — |  |  | (331,004) |  |  | $ | 71.32 |
Canceled |  | (72,753) |  |  | (73,481) |  |  | $ | 72.83 |
Outstanding at December 31, 2020 |  | 656,006 |  |  | 270,645 |  |  | $ | 73.80 |
Granted |  | 235,902 |  |  | 241,467 |  |  | $ | 81.64 |
Vested |  | (350,955) |  |  | (37,672) |  |  | $ | 71.82 |
Adjustment for incentive stock awards expected to vest |  | — |  |  | 180,767 |  |  | $ | 76.26 |
Canceled |  | (33,255) |  |  | (48,106) |  |  | $ | 76.24 |
Outstanding at December 31, 2021 |  | 507,698 |  |  | 607,101 |  |  | $ | 78.06 |

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