STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table shows the change in non-vested Restricted Units under our equity compensation programs other than the LTIP (defined below) in 2023:

	Restricted Units (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested as of January 1, 2023	3,106	$	221.97
Vested	(5,965)	204.63
Granted	2,816	185.66
Reinvested Dividends	120	N/A
Forfeited / Expired	(19)	220.60
Non-vested as of December 31, 2023	58	$	176.68

Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions

The weighted-average assumptions used in our Monte Carlo models for each award year were as follows:

	2023			2022			2021
Risk-free interest rate	3.89		%	2.35		%	0.19		%
Expected volatility	30.23		%	31.92		%	30.70		%
Weighted-average fair value of units granted	$	198.78		$	227.00		$	168.05
Share payout	107.72		%	107.37		%	102.39		%

Share-Based Payment Arrangement, Performance Shares, Activity

The following table shows LTIP RPU activity during the year ended December 31, 2023:

	RPUs (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested as of January 1, 2023	1,243	$	197.17
Vested	(661)	172.39
Granted	760	198.78
Reinvested Dividends	69	N/A
Forfeited / Expired	(143)	205.74
Non-vested as of December 31, 2023	1,268	$	210.04

Share-based Payment Arrangement, Option, Activity

The following table provides an analysis of activity during 2023 relating to options to purchase shares of class A common stock:

	Options (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	1,466	$	120.51
Exercised	(188)	106.38
Granted	127	185.54
Forfeited / Expired	(23)	N/A
Outstanding as of December 31, 2023	1,382	$	127.91	5.61	$	51
Options Vested and Expected to Vest	1,382	$	127.91	5.61	$	51
Exercisable as of December 31, 2023	1,004	$	116.59	4.93	$	46

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used by year, and the calculated weighted-average fair values of options, are as follows:

	2023			2022			2021
Expected dividend yield	3.54		%	2.35		%	3.31		%
Risk-free interest rate	3.70		%	2.39		%	0.84		%
Expected life in years	5.93			7.50			7.50
Expected volatility	28.31		%	25.04		%	23.15		%
Weighted-average fair value of options granted	$	41.08		$	48.45		$	23.71