Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expenses

Stock-based compensation expenses incurred by the Company were as follows:

	Three Months Ended March 31,
($ in millions)	2024		2023
Stock-based compensation expense recognized in:
Cost of sales	$	4	$	4
Selling, general and administrative	18		15
Research and development	4		3
Total	$	26	$	22
Income tax benefits	$	5	$	5

Schedule of Stock Option Valuation Assumptions

The fair value of options granted was determined using the following assumptions:

	Three Months Ended March 31,
	2024		2023
Expected dividend yield	6.00	%	4.82	%
Risk-free interest rate	4.12		3.56
Expected volatility	41.02		42.30
Expected life (years)	5.89		5.89

Schedule of Equity Award Transactions

A summary of the equity award transactions for the three months ended March 31, 2024 is as follows:

	Stock Options					RSU’s			PSU’s
(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 January 1, 2024	5,758	$	32.20	$	8.51	7,511	$	25.05	1,122	$	30.16
Granted	1,503	18.80		4.59		4,676	18.80		734	21.91
Vested/Exercised	—	—		—		(2,417)	28.37		—	—
Forfeited/Cancelled	(204)	29.34		8.27		(153)	23.84		(74)	27.08
Outstanding as of March 31, 2024	7,057	$	29.43	$	7.68	9,617	$	19.50	1,782	$	26.89

Schedule of Equity Awards Outstanding

The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable as of March 31, 2024:

	Equity Awards Vested and Expected to Vest						Equity Awards That are Exercisable
(awards in thousands; aggregate intrinsic value in millions)	Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Remaining Term (in years)	Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Remaining Term (in years)
Stock Options	6,829	$	29.47	$	—	7.23	3,841	$	32.86	$	—	5.82
RSU’s	8,737			181		2.35
PSU’s	1,302			28		2.09