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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Stock-Based Compensation Expense
The compensation expense that has been charged against income for these plans was as follows for the years ended December 31, 2019, 2018, and 2017:
 
2019
 
2018
 
2017
 
(in millions)
Stock-based compensation expense by type:
 
 
 
 
 
Restricted stock
$
152

 
$
124

 
$
145

Stock options
11

 
13

 
12

Total stock-based compensation expense
163

 
137

 
157

Tax benefit recognized
(35
)
 
(21
)
 
(32
)
Stock-based compensation expense, net of tax
$
128

 
$
116

 
$
125
Activity for Restricted Stock Awards Activity for our restricted stock was as follows for the year ended December 31, 2019:
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
 
(shares in thousands)
Nonvested restricted stock at December 31, 2018
964

 
$
213.99

Granted
503

 
302.09

Vested
(421
)
 
239.42

Forfeited
(70
)
 
269.06

Nonvested restricted stock at December 31, 2019
976

 
$
245.21
Weighted-Average Fair Value of Stock Options The fair value was estimated on the date of grant using the Black-Scholes pricing model with the weighted-average assumptions indicated below:
 
2019
 
2018
 
2017
Weighted-average fair value at grant date
$
68.53

 
$
63.67

 
$
49.81

Expected option life (years)
4.1 years

 
4.1 years

 
4.1 years

Expected volatility
25.5
%
 
26.1
%
 
27.1
%
Risk-free interest rate at grant date
2.4
%
 
2.5
%
 
2.0
%
Dividend yield
0.7
%
 
0.7
%
 
0.7
%
Activity for Option Plans
Activity for our option plans was as follows for the year ended December 31, 2019:
 
Shares  Under
Option
 
Weighted-Average
Exercise Price
 
(shares in thousands)
Options outstanding at December 31, 2018
677

 
$
213.17

Granted
121

 
304.59

Exercised
(305
)
 
189.24

Forfeited
—

 
—

Options outstanding at December 31, 2019
493

 
$
250.46

Options exercisable at December 31, 2019
109

 
$
216.49