Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.24.1.u1
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Weighted-Average Assumptions and Fair Values Used of Performance Units Granted
The weighted-average assumptions used and the weighted-average fair values of the LTIP awards granted in 2024 and 2023 are as follows:
2024 2023
Risk-free interest rate 4.45  % 3.81  %
Expected volatility 27.00  % 30.30  %
Weighted-average fair value of units granted
$ 158.16  $ 200.01 
Share payout 102.20  % 107.80  %
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions
The fair value of each option granted is estimated using a Black-Scholes option pricing model. The weighted-average assumptions used and the weighted-average fair values of options granted in 2024 and 2023 are as follows:
2024 2023
Expected dividend yield 3.96  % 3.54  %
Risk-free interest rate 4.25  % 3.70  %
Expected life (in years) 6.13 5.93
Expected volatility 28.94  % 28.31  %
Weighted-average fair value of options granted
$ 34.76  $ 41.08