STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 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 first measurement period for the 2020 LTIP and the RTSR portion of the 2019 LTIP are as follows:

	2020			2019
Risk-free interest rate	0.15		%	2.23		%
Expected volatility	27.53		%	19.64		%
Weighted-average fair value of units granted	$	92.77		$	123.44
Share payout	101.00		%	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	3.51		%	2.94		%
Risk-free interest rate	1.26		%	2.60		%
Expected life (in years)	7.5			7.5
Expected volatility	19.25		%	17.79		%
Weighted-average fair value of options granted	$	11.74		$	16.34