STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

The table below summarizes the employee share-based activity in the Plan:

	Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)
Balance at December 31, 2020	3,175,530	$	142.63
Granted	16,550	232.44
Exercised	(400,154)	138.93
Forfeited	(48,828)	153.72
Balance at December 31, 2021	2,743,098	143.51
Granted	18,900	207.79
Exercised	(586,990)	137.83
Forfeited	(29,045)	148.08
Balance at December 31, 2022	2,145,963	145.57
Granted	17,500	225.39
Exercised	(345,250)	142.69
Forfeited	(3,793)	144.16
Balance at December 31, 2023	1,814,420	$	146.89	4.2	$	169
Exercisable, December 31, 2021	1,629,588	$	136.74	4.4	$	133
Exercisable, December 31, 2022	1,655,298	$	146.37	4.6	$	159
Exercisable, December 31, 2023	1,814,420	$	146.89	4.2	$	169

Schedule of Nonvested Share Activity

The share-based activity and weighted-average grant date fair value of performance and restricted shares was as follows:

	Performance Shares			Restricted Shares
Nonvested	Shares	Weighted-average Fair Value		Shares	Weighted-average Fair Value
Balance at December 31, 2020	376,954	$	140.85	3,704	$	165.04
Granted	217,684	234.22		26,224	265.41
Vested	(131,744)	146.55		—	—
Forfeited	(22,745)	171.91		—	—
Balance at December 31, 2021	440,149	183.72		29,928	252.99
Granted	230,535	184.92		215,260	209.08
Vested	(122,188)	148.99		(5,513)	249.79
Forfeited	(63,197)	182.68		(3,262)	211.37
Balance at December 31, 2022	485,299	193.17		236,413	213.66
Granted	170,205	222.86		176,128	223.92
Vested	(99,425)	126.38		(74,270)	215.38
Forfeited	(68,566)	199.69		(27,931)	217.01
Balance at December 31, 2023	487,513	$	216.24	310,340	$	218.77

Schedule of Share-based Payment Award,s for Performance and Restricted shares - Assumptions

The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:

	2023		2022		2021
Expected life (years)	6		6		6
Risk-free interest rate	3.91	%	2.32	%	1.15	%
Expected volatility	28.73	%	28.40	%	28.68	%
Dividend yield	2.81	%	2.85	%	2.95	%