STOCK-BASED COMPENSATION - Fair Value of Employee Stock Options Granted as Determined by Black-Scholes Valuation Model Assumptions (Details) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Long Term Incentive Performance Award | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 3.89% | 2.35% | 0.19% |
| Expected volatility | 30.23% | 31.92% | 30.70% |
| Weighted-average fair value granted (in dollars per share) | $ 198.78 | $ 227.00 | $ 168.05 |
| Share payout | 107.72% | 107.37% | 102.39% |
| Nonqualified Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expected dividend yield | 3.54% | 2.35% | 3.31% |
| Risk-free interest rate | 3.70% | 2.39% | 0.84% |
| Expected life in years | 5 years 11 months 4 days | 7 years 6 months | 7 years 6 months |
| Expected volatility | 28.31% | 25.04% | 23.15% |
| Weighted-average fair value granted (in dollars per share) | $ 41.08 | $ 48.45 | $ 23.71 |
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- Definition Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Share Payout No definition available.
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- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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