Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation activity

A summary of activity for the Company’s Share-Based Awards for the year ended December 31, 2022 is presented below:

	Shares or Units (1)	Weighted-Average Grant-Date Fair Value (per share or unit)		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2021	2,293,105	$	18.23	$	62
Granted	591,528	34.02
Vested	(1,004,918)	19.30
Forfeited	(141,095)	18.35
Non-vested at December 31, 2022	1,738,620	$	22.97	$	68

(1)As of December 31, 2022, there are no outstanding awards under the LTIPs, and the only outstanding and unvested awards are issued in connection with and not under the LTIPs.

A summary of total share-based compensation expense and unrecognized compensation expense related to the Share-Based Awards and the Company’s performance awards during the years ended December 31, 2022, 2021, and 2020 is presented below:

	Expenses						Unrecognized Expense
	For the year ended December 31,						At December 31, 2022
(in millions)	2022		2021		2020		Amount		Weighted-Average Remaining Years
Share-Based Awards:
Incentive Units	$	45	$	22	$	3	$	33	2.0
CVR Partners - Phantom Units	26		27		1		11		1.4
Performance Unit Awards:
CEO Performance Award (1)	—		(3)		—		10		2.0
Total share-based compensation expense	$	71	$	46	$	4	$	54

(1)All expenses, recognized and unrecognized, related to the CEO Performance Award are contingent upon whether the performance parameters are probable of being met. If the performance parameters are not met, no expense will be recognized.