Share-based Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted in 2015 and 2019:

	2015 Stock Options			2019 Stock Options
Expected volatility	28.6		%	26.5		%
Expected term (in years)	6.02			5.99
Strike price	$	37.60		$	50.03
Risk-free interest rate	2.1		%	2.7		%
Expected dividend yield	0.11		%	1.00		%
Weighted average estimated fair value	$	11.89		$	13.78

The following is a summary of the significant assumptions used to calculate the fair value of the TSR component of the PSU awards granted during the periods indicated:

	2023		2022		2021
Expected volatility of the Company's common stock	30.43	%	34.37	%	34.54	%
Average expected volatility of peer companies	41.53	%	49.41	%	45.24	%
Expected term (in years)	2.85		2.85		2.87
Risk-free interest rate	4.42	%	1.71	%	0.20	%
Expected dividend yield	—	%	—	%	—	%
Average correlation coefficient of peer companies	65.80	%	71.50	%	78.00	%

Schedule of Compensation Cost Recognized and Related Income Tax Benefit for Stock Based Compensation Plans

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans for the periods indicated:

	Year Ended December 31,
	2023		2022		2021
RSUs	$	81	$	45	$	41
PSU awards	48		45		46
Stock options	—		—		1
Total	129		90		88
Income tax benefit	31		24		22
Share-based compensation	$	98	$	66	$	66

The following table summarizes the unrecognized compensation cost and expected remaining weighted-average period of expense recognition as of December 31, 2023:

	RSU Awards		PSU Awards
Unrecognized compensation cost	$	40	$	39
Expected remaining weighted-average period of expense recognition (in years)	1.00		1.26

RSU and PSU Award Activity

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and Director Plan for the periods indicated:

	RSU Awards			PSU Awards
(awards in millions)	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	1.5	$	60.91	2.1	$	55.68
Adjusted for PSU performance factor	—	—		(0.1)	61.50
Granted	1.7	70.51		0.8	66.10
Vested	(1.1)	63.75		(0.5)	62.86
Forfeited	(0.1)	66.09		(0.1)	65.98
Outstanding at December 31, 2023	2.0	$	67.06	2.2	$	61.17
Awards expected to vest as of December 31, 2023	2.0	$	67.06	2.2	$	61.17

Option Activity

The following table summarizes the number of options under the Omnibus Plans for the periods indicated:

	Stock Options
(awards in millions)	Number of Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2023	1.6	$	43.05	4.4	$	30.20
Granted	—	—
Exercised	(0.4)	38.62
Forfeited	—	50.03
Outstanding as of December 31, 2023	1.2	$	44.79	3.1	$	34.30
Vested, exercisable, as of December 31, 2023	1.2	44.79		3.1	34.30