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COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2020

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)
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

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(a)    The three-for-one stock split distributed on May 29, 2020 excluded treasury shares. The shares and per share prices in the table are reflected at the pre-split amounts and prices at the time of the transaction.

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

			2020						2019						2018
Average risk-free interest rate			0.3		%				2.3		%				2.9		%
Expected dividend yield			None						None						None
Expected volatility			33		%				30		%				29		%
Expected life (years)			5.0						5.1						5.0
Fair value, per share			$	21.70					$	18.17					$	14.17

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

			2020						2019						2018
Average risk-free interest rate			1.3		%				2.4		%				1.7		%
Expected dividend yield			None						None						None
Expected volatility			33		%				27		%				31		%
Expected life (years)			0.6						0.6						0.6
Fair value, per share			$	16.61					$	16.43					$	12.18

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 2020 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, 2019			17.1						$	32.19
Options granted			1.8						73.02
Options exercised			(4.3)						18.16
Options forfeited			(0.3)						49.74
Outstanding as of December 31, 2020			14.3						41.27						3.4 years						$	712.5
Exercisable as of December 31, 2020			9.5						32.32						2.5 years						558.1
Vested and expected to vest as of December 31, 2020			13.6						40.37						3.3 years						690.4

Schedule of Restricted Stock Unit Activity

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2020 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, 2019			2.7						$	46.89
Granted (a)			0.9						71.31
Vested			(0.9)						40.03
Forfeited			(0.1)						49.90
Nonvested as of December 31, 2020			2.6						57.59

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(a)    The shares granted includes 0.1 million shares of market-based restricted stock units granted during 2020, which represents the target number of shares to be issued, and 0.1 million 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.

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- Definition

Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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