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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
  SUBSEQUENT EVENTS

Share Repurchase Authorization
On October 20, 2015, the Company’s board of directors approved a new share repurchase authorization of $1.5 billion of the Company’s common stock (the “2015 Repurchase Authorization”). The Company expects to finance the share repurchases through the issuance of debt, which may include long-term notes. The adoption of the new program follows the substantial completion of purchases of common stock under the prior repurchase authorization approved in September 2013. Shares will be repurchased from time to time in the open market or in privately negotiated transactions, including without limitation, the anticipated use of a $1.0 billion accelerated share repurchase program (described below).
Accelerated Share Repurchase Agreement
The Company expects to enter into a $1.0 billion accelerated share repurchase agreement (the “ASR Agreement”) in the short-term with an investment bank. The ASR Agreement and related accelerated share repurchase program will be made pursuant to the 2015 Repurchase Authorization described above.
Under the ASR Agreement, approximately 11 million shares will be received by the Company once the ASR Agreement is executed. At final settlement of the ASR Agreement, which is expected to occur during or prior to the second quarter of 2016, the investment bank may be required to deliver additional shares of common stock to the Company or the Company may be required to deliver shares of its common stock to the investment bank, with the number of shares to be delivered based on the volume-weighted average price of Company’s common stock during the term of the accelerated share repurchase program. 



Term Loan
The Company has entered into a six-month $1.0 billion term loan agreement dated as of October 21, 2015, with lenders who administer its existing Credit Facility. The proceeds of such borrowings are expected to fund the accelerated share repurchase program, but may also be used for working capital and other general corporate purposes.