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SHARE-BASED COMPENSATION PLANS AND AWARDS (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Assumptions Used in the Determination of Fair Value of Stock Options Awarded | The weighted average assumptions used in the determination of fair value for stock options awarded in 2020, 2019, and 2018 are provided in the table below:
Assumptions |  | 2020 |  | 2019 |  | 2018
Expected volatility rate |  | 21.56% |  | 19.80% |  | 19.03%
Expected dividend yield |  | 3.30% |  | 2.51% |  | 2.48%
Average risk-free interest rate |  | 0.94% |  | 2.44% |  | 2.61%
Expected term years |  | 5.9 |  | 5.7 |  | 5.1
Schedule of Activity of Stock Option Awards | A summary of the activity of the Company's stock option awards for 2020, 2019, and 2018 is presented below:
| 2020 |  | 2019 |  | 2018
| Options |  | Weighted-Average Exercise Price |  | Options |  | Weighted-Average Exercise Price |  | Options |  | Weighted-Average Exercise Price
Outstanding at beginning of year | 3,479,300 |  |  | $ | 80 |  |  | 2,905,600 |  |  | $ | 79 |  |  | 2,614,100 |  |  | $ | 70 |
Granted | 622,000 |  |  | 62 |  |  | 786,000 |  |  | 81 |  |  | 619,700 |  |  | 104 |
Exercised | (568,800) |  |  | 64 |  |  | (135,700) |  |  | 67 |  |  | (323,000) |  |  | 55 |
Cancelled, forfeited, or expired | (5,900) |  |  | 82 |  |  | (76,600) |  |  | 88 |  |  | (5,200) |  |  | 78 |
Outstanding at end of year | 3,526,600 |  |  | $ | 79 |  |  | 3,479,300 |  |  | $ | 80 |  |  | 2,905,600 |  |  | $ | 79 |
Options exercisable at year-end | 2,192,300 |  |  |  |  | 2,077,600 |  |  |  |  | 1,606,800 |  |  |
Available for grant at end of year | 4,046,748 |  |  |  |  | 6,085,857 |  |  |  |  | 8,174,614 |  |  |
Schedule of Remaining Contractual Term and Weighted Average Exercise Price of Stock Options Outstanding and Exercisable | The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable at December 31, 2020:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding at December 31, 2020 |  | Weighted-Average Remaining Contractual Life (Years) |  | Weighted-Average Exercise Price |  | Number Exercisable at December 31, 2020 |  | Weighted-Average Exercise Price
$38-$64 |  | 658,900 |  | 8.8 |  | $ | 61 |  |  | 21,300 |  | $ | 44 |
$65-$74 |  | 829,900 |  | 6.2 |  | 70 |  |  | 781,900 |  | 70 |
$75-$89 |  | 1,440,800 |  | 6.7 |  | 82 |  |  | 991,100 |  | 82 |
$90-$104 |  | 597,000 |  | 7.2 |  | 104 |  |  | 398,000 |  | 104 |
|  | 3,526,600 |  | 7.1 |  | $ | 79 |  |  | 2,192,300 |  | $ | 81 |
Schedule of Summary of Status of Nonvested Options | A summary of the changes in the Company's nonvested options during the year ended December 31, 2020 is presented below:
Nonvested Options |  | Number of Options |  | Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2020 |  | 1,401,700 |  |  | $13.68
Granted |  | 622,000 |  |  | $7.92
Vested |  | (689,400) |  |  | $13.47
Nonvested options at December 31, 2020 |  | 1,334,300 |  |  | $11.11

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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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