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STOCK OWNERSHIP AND COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of Assumptions Used in Valuing The Company's Stock Options | The weighted average assumptions used in valuing stock options granted in the periods presented were:
| 2019 |  | 2018 |  | 2017
Fair value at grant date | $14.30 |  | $18.14 |  | $15.98
Expected volatility | 20.4% |  | 19.1% |  | 19.8%
Dividend yield | 2.4% |  | 1.9% |  | 1.9%
Risk-free interest rate | 2.5% |  | 2.8% |  | 2.1%
Expected holding period, in years | 5.2 |  | 5.3 |  | 5.2
Summary of Transactions Under The Company's Stock Option Plans | The following summarizes the activity relative to stock option awards for 2019:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Options outstanding, beginning of year | 8.4 |  |  | $ | 77.35 |  |  |  |  |
Options granted | 1.8 |  |  | 87.16 |  |  |  |  |
Options exercised | (1.8 | ) |  | 65.03 |  |  |  |  |
Options forfeited and canceled | (0.4 | ) |  | 94.68 |  |  |  |  |
Options outstanding, end of year | 8.0 |  |  | $ | 81.67 |  |  | 6.7 |  | $ | 202 |
Exercisable, end of year | 5.0 |  |  | $ | 74.72 |  |  | 5.5 |  | $ | 161 |
Vested and expected to vest, end of year | 7.9 |  |  | $ | 81.51 |  |  | 6.6 |  | $ | 200 |
Summary of Transactions Under Stock Awards Other than Options | The following summarizes the activity relative to stock awards, including restricted stock units and performance share units, for 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Shares outstanding, beginning of year | 1.1 |  |  | $ | 88.13 |  |  | 1.3 |  |  | $ | 77.90 |  |  | 1.5 |  |  | $ | 63.88 |
Shares granted | 0.4 |  |  | 86.28 |  |  | 0.4 |  |  | 103.51 |  |  | 0.4 |  |  | 96.27 |
Shares vested | (0.4 | ) |  | 75.58 |  |  | (0.5 | ) |  | 74.00 |  |  | (0.6 | ) |  | 57.59 |
Shares forfeited and canceled | (0.1 | ) |  | 94.09 |  |  | (0.1 | ) |  | 90.16 |  |  | — |  |  | — |
Shares outstanding, end of year | 1.0 |  |  | $ | 93.30 |  |  | 1.1 |  |  | $ | 88.13 |  |  | 1.3 |  |  | $ | 77.90 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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