COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Weighted-Average Assumptions for Options Granted

The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods:

Option Awards



	2016			2015			2014
Average risk-free interest rate	1.1		%	1.4		%	1.5		%
Expected dividend yield	None			None			None
Expected volatility	33		%	30		%	31		%
Expected life (years)	4.5			4.6			4.6
Fair value, per share	$	31.00		$	18.13		$	11.75

Schedule of Weighted-Average Assumptions for ESPP Subscriptions

The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods:

ESPP



	2016			2015			2014
Average risk-free interest rate	0.3		%	0.2		%	0.1		%
Expected dividend yield	None			None			None
Expected volatility	29		%	28		%	30		%
Expected life (years)	0.6			0.6			0.6
Fair value, per share	$	22.09		$	15.59		$	8.59

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 2016 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2015	11.6		$	41.14
Options granted	1.0		105.30
Options exercised	(2.4	)	30.49
Options forfeited	(0.2	)	54.95
Outstanding as of December 31, 2016	10.0		49.85		3.6 years	$	450.4
Exercisable as of December 31, 2016	6.5		40.99		2.8 years	345.3
Vested and expected to vest as of December 31, 2016	9.6		49.08		3.5 years	437.1

Schedule of Restricted Stock Unit Activity

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2016 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):



	Shares		Weighted- Average Grant-Date Fair Value
Nonvested as of December 31, 2015	1.6		$	47.99
Granted (a)	0.4		84.67
Vested	(0.5	)	35.06
Forfeited	(0.1	)	51.97
Nonvested as of December 31, 2016	1.4		63.59

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(a)

Includes 46,200 shares of market-based restricted stock units granted during 2016, which represents the targeted number of shares to be issued, and 107,755 shares related to a previous year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of target. As described above, the actual number of shares ultimately issued is determined based on the Company's total stockholder return relative to a selected industry peer group.