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STOCK OWNERSHIP AND COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022 |  | 2021
Fair value at grant date | $36.09 |  | $26.80 |  | $21.82
Expected volatility | 27.4% |  | 26.4% |  | 25.6%
Dividend yield | 2.0% |  | 2.0% |  | 2.0%
Risk-free interest rate | 4.2% |  | 2.0% |  | 0.6%
Expected holding period, in years | 4.9 |  | 4.9 |  | 4.8
Summary of Transactions Under The Company's Stock Option Plans | The following summarizes the activity relative to stock option awards for 2023:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Options outstanding, beginning of year | 4.7 |  |  | $ | 101.78 |  |  |  |  |
Options granted | 0.4 |  |  | 142.92 |  |  |  |  |
Options exercised | (0.8) |  |  | 88.35 |  |  |  |  |
Options forfeited and canceled | (0.1) |  |  | 129.67 |  |  |  |  |
Options outstanding, end of year | 4.2 |  |  | $ | 107.47 |  |  | 5.1 |  | $ | 129 |
Exercisable, end of year | 3.4 |  |  | $ | 101.86 |  |  | 4.5 |  | $ | 124 |
Vested and expected to vest, end of year | 4.1 |  |  | $ | 107.31 |  |  | 5.1 |  | $ | 129 |
Schedule of Assumptions Used in Valuing The Company's Performance Share Units | The weighted average assumptions used in valuing performance share units with a market-based relative TSR goal in the periods presented were:
| 2023 |  | 2022 |  | 2021
Fair value at grant date | $171.58 |  | $130.00 |  | $150.15
Expected volatility | 25.0% |  | 29.9% |  | 30.2%
Dividend yield | 2.0% |  | 2.0% |  | 2.0%
Risk-free interest rate | 4.4% |  | 1.7% |  | 0.2%
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 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| 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 |  |  | $ | 122.45 |  |  | 1.0 |  |  | $ | 107.46 |  |  | 1.0 |  |  | $ | 100.12 |
Shares granted | 0.6 |  |  | 141.77 |  |  | 0.8 |  |  | 128.49 |  |  | 0.5 |  |  | 122.78 |
Shares vested | (0.5) |  |  | 112.28 |  |  | (0.6) |  |  | 92.45 |  |  | (0.5) |  |  | 103.41 |
Shares forfeited and canceled | — |  |  | — |  |  | (0.1) |  |  | 122.38 |  |  | — |  |  | — |
Shares outstanding, end of year | 1.2 |  |  | $ | 130.70 |  |  | 1.1 |  |  | $ | 122.45 |  |  | 1.0 |  |  | $ | 107.46 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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