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STOCK OWNERSHIP AND COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
| 2020 |  | 2019 |  | 2018
Fair value at grant date | $17.25 |  | $14.30 |  | $18.14
Expected volatility | 20.3% |  | 20.4% |  | 19.1%
Dividend yield | 2.0% |  | 2.4% |  | 1.9%
Risk-free interest rate | 1.5% |  | 2.5% |  | 2.8%
Expected holding period, in years | 5.0 |  | 5.2 |  | 5.3
Summary of Transactions Under The Company's Stock Option Plans | The following summarizes the activity relative to stock option awards for 2020:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Options outstanding, beginning of year | 8.0 |  |  | $ | 81.67 |  |  |  |  |
Options granted | 1.1 |  |  | 112.23 |  |  |  |  |
Options exercised | (2.6) |  |  | 72.57 |  |  |  |  |
Options outstanding, end of year | 6.5 |  |  | $ | 90.32 |  |  | 6.7 |  | $ | 187 |
Exercisable, end of year | 3.9 |  |  | $ | 83.72 |  |  | 5.6 |  | $ | 138 |
Vested and expected to vest, end of year | 6.4 |  |  | $ | 90.14 |  |  | 6.7 |  | $ | 185 |
Schedule of Assumptions Used in Valuing The Company's Performance Share Units | The weighted average assumptions used in valuing performance share units in 2020 with a market-based relative TSR goal were:
Fair value at grant date | $144.03
Expected volatility | 20.1%
Dividend yield | 2.0%
Risk-free interest rate | 1.4%
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 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
| 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 | 1.0 |  |  | $ | 93.30 |  |  | 1.1 |  |  | $ | 88.13 |  |  | 1.3 |  |  | $ | 77.90 |
Shares granted | 0.4 |  |  | 112.43 |  |  | 0.4 |  |  | 86.28 |  |  | 0.4 |  |  | 103.51 |
Shares vested | (0.4) |  |  | 96.36 |  |  | (0.4) |  |  | 75.58 |  |  | (0.5) |  |  | 74.00 |
Shares forfeited and canceled | — |  |  | — |  |  | (0.1) |  |  | 94.09 |  |  | (0.1) |  |  | 90.16 |
Shares outstanding, end of year | 1.0 |  |  | $ | 100.12 |  |  | 1.0 |  |  | $ | 93.30 |  |  | 1.1 |  |  | $ | 88.13 |

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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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=120381028&loc=d3e5070-113901 + Details
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