XML 69 R45.htm IDEA: XBRL DOCUMENT v3.20.4
STOCK OWNERSHIP AND COMPENSATION PLANS (Tables)
 12 Months Ended
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:
202020192018
Fair value at grant date$17.25$14.30$18.14
Expected volatility20.3%20.4%19.1%
Dividend yield2.0%2.4%1.9%
Risk-free interest rate1.5%2.5%2.8%
Expected holding period, in years5.05.25.3
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 year8.0 $81.67 
Options granted1.1 112.23 
Options exercised(2.6)72.57 
Options outstanding, end of year6.5 $90.32 6.7$187 
Exercisable, end of year3.9 $83.72 5.6$138 
Vested and expected to vest, end of year6.4 $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 volatility20.1%
Dividend yield2.0%
Risk-free interest rate1.4%
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:
202020192018
SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value
Shares outstanding, beginning of year1.0 $93.30 1.1 $88.13 1.3 $77.90 
Shares granted0.4 112.43 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 year1.0 $100.12 1.0 $93.30 1.1 $88.13