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STOCK COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Disclosure of Share Based Compensation Arrangements by Share Based Payment Awards | Changes in options outstanding were as follows:
| Number of Options |  | Weighted-Average Exercise Price per Option |  | Weighted-Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2023 | 0.6 |  |  | $ | 174.45 |  |  |  |  |
Granted | 0.1 |  |  | $ | 223.94 |  |  |  |  |
Exercised | (0.1) |  |  | $ | 182.68 |  |  |  |  |
Canceled | — |  |  | $ | 230.58 |  |  |  |  |
Outstanding at December 31, 2024 | 0.6 |  |  | $ | 180.29 |  |  | 5.6 |  | $ | 32.1 |
Exercisable at December 31, 2024 | 0.5 |  |  | $ | 165.99 |  |  | 4.7 |  | $ | 31.2 |
Disclosure of the Impact of Stock Options Exercised | Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options exercised from option exercises under all share-based payment arrangements were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash received by the Company | $ | 6.5 |  |  | $ | 2.9 |  |  | $ | 7.1 |
Tax benefits realized | $ | 1.6 |  |  | $ | 0.7 |  |  | $ | 1.8 |
Aggregate intrinsic value | $ | 1.6 |  |  | $ | 0.7 |  |  | $ | 8.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table shows the weighted-average grant-date fair values of options issued during the respective year and the weighted-average assumptions that the Company used to develop the fair value estimates:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fair value per option | $ | 73.08 |  |  | $ | 72.27 |  |  | $ | 68.35 |
Weighted-average expected life (in years) | 6.0 |  | 6.0 |  | 6.0
Risk free interest rate | 4.1 | % |  | 3.4 | % |  | 2.0 | %
Expected volatility | 30.0 | % |  | 29.8 | % |  | 28.6 | %
Expected dividend yield | 1.3 | % |  | 1.4 | % |  | 0.9 | %
The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fair value of the employee’s purchase right | $ | 47.56 |  |  | $ | 49.19 |  |  | $ | 62.50 |
Valuation assumptions |  |  |  |  |
Risk free interest rate | 5.0 | % |  | 5.0 | % |  | 1.3 | %
Expected volatility | 27.9 | % |  | 30.0 | % |  | 30.0 | %
Expected dividend yield | 1.3 | % |  | 1.4 | % |  | 0.9 | %
Schedule of Nonvested Share Activity | The following table shows a summary of non-vested shares for the year ended December 31, 2024:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Beginning balance | 1.0 |  |  | $ | 248.41 |
Granted | 0.5 |  |  | $ | 224.23 |
Vested | (0.5) |  |  | $ | 264.80 |
Canceled | (0.1) |  |  | $ | 222.52 |
Ending balance | 0.9 |  |  | $ | 226.44 |

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