Stock-based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

total direct and allocated stock-based compensation expense for the nine months ended September 30, 2021, the allocated stock-based compensation expense for the three and nine months ended September 30, 2020 and the respective income tax benefits recognized by the Company in the Condensed Consolidated Statement of Income are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2021		2020		2021		2020
Stock-based compensation expense	$	15	$	11	$	44	$	32
Income tax benefits	3		2		9		7

Schedule of Stock Option Valuation Assumptions

In connection with the stock options grant during the third quarter of 2021, the Company used the Black-Scholes model to determine the fair value of the stock options as of the grant date using the following assumptions:

	Three Months Ended September 30, 2021
Expected dividend yield	3.22	%
Risk-free interest rate	0.92	%
Expected volatility	45.80	%
Expected life (years)	5.89

Share-based Payment Arrangement, Performance Shares, Activity

A summary of the transactions under the 2021 Incentive Stock Plan as of September 30, 2021 follows:

	Stock Options					Restricted Share Units			Performance Share Units
(shares in thousands)	Shares	Weighted average exercise price		Weighted average grant date fair value		Shares	Weighted average grant date fair value		Shares	Weighted average grant date fair value
Outstanding as of June 2, 2021	4,097	$	34.30	$	8.55	3,311	$	36.77	—	$	—
Granted	379	$	35.38	$	11.20	56	$	35.38	120	$	51.63
Vested/Exercised	—	$	—	$	—	(43)	$	38.83	—	$	—
Forfeited/Cancelled	(53)	$	36.61	$	9.11	(42)	$	36.59	—	$	—
Outstanding as of September 30, 2021	4,423	$	34.36	$	8.63	3,282	$	36.72	120	$	51.63

Share-based Payment Arrangement, Activity

The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at September 30, 2021:

	Equity Awards Vested and Expected to Vest						Equity Awards That are Exercisable
(shares in thousands; aggregate intrinsic value in millions)	Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Remaining Term	Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Remaining Term
Stock Options	4,162	$	34.39	$	5	8.29	1,454	$	30.66	$	5	5.90
Restricted Share Units	3,016	—		108		2.18	—	—		—		—
Performance Share Units	201	—		8		2.88	—	—		—		—