STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions

The weighted-average assumptions used and the calculated weighted-average fair values of the RTSR portion of the LTIP awards granted in 2019 are as follows:

	2019
Risk-free interest rate	2.23		%
Expected volatility	19.64		%
Weighted-average fair value of units granted	$	123.44
Share payout	115.04		%

The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used and the calculated weighted-average fair values of options granted in 2020 and 2019 are as follows:

	2020			2019
Expected dividend yield	3.47		%	2.94		%
Risk-free interest rate	1.50		%	2.60		%
Expected life (in years)	7.5			7.5
Expected volatility	18.64		%	17.79		%
Weighted-average fair value of options granted	$	11.93		$	16.34