COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accelerated Share Repurchases

The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):

			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per Share (a)		Value of Shares as % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share (a)
November 2017	$	150.0	1.1	$	109.86	80	%	December 2017	1.3	$	114.85
April 2018	$	400.0	2.5	$	127.36	80	%	July 2018	2.8	$	142.37
October 2018	$	250.0	1.4	$	139.22	80	%	November 2018	1.7	$	150.54
May 2019	$	150.0	0.7	$	178.66	80	%	May 2019	0.8	$	178.42
May 2019	$	100.0	0.5	$	170.02	80	%	June 2019	0.6	$	178.46

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

	2019			2018			2017
Average risk-free interest rate	2.3		%	2.9		%	1.8		%
Expected dividend yield	None			None			None
Expected volatility	30		%	29		%	33		%
Expected life (years)	5.1			5.0			4.6
Fair value, per share	$	54.51		$	42.51		$	33.74

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

	2019			2018			2017
Average risk-free interest rate	2.4		%	1.7		%	0.8		%
Expected dividend yield	None			None			None
Expected volatility	32		%	33		%	33		%
Expected life (years)	0.6			0.6			0.6
Fair value, per share	$	49.29		$	36.53		$	25.69

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 2019 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, 2018	7.2		$	73.42
Options granted	0.7		179.53
Options exercised	(2.2	)	49.59
Outstanding as of December 31, 2019	5.7		96.57		3.4 years	$	780.9
Exercisable as of December 31, 2019	3.8		72.07		2.5 years	611.4
Vested and expected to vest as of December 31, 2019	5.4		94.13		3.3 years	756.7

Schedule of Restricted Stock Unit Activity

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2019 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, 2018	1.0		$	113.86
Granted (a)	0.3		182.70
Vested	(0.3	)	90.78
Forfeited (b)	(0.1	)	118.74
Nonvested as of December 31, 2019	0.9		140.68

_______________________________________________________________________________

(a) The shares granted includes 33,225 shares of market-based restricted stock units granted during 2019, which represents the targeted number of shares to be issued.

(b) The shares forfeited includes 10,660 shares related to the cancellation of market-based restricted stock units since the payout percentage achieved at the end of the performance period was less than 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.