STOCK-BASED COMPENSATION (Note)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement

The Company has an Incentive Compensation Plan ("ICP") which is administered by the Management Development and Compensation Committee of the Board of Directors (the Committee). The ICP authorizes the grants of restricted stock, restricted or deferred stock units, performance awards payable in cash or stock upon the attainment of specified performance goals, dividend equivalents, stock options, stock appreciation rights, other stock-based awards and cash-based awards at the discretion of the Committee. As of June 30, 2023, 5.5 million shares were available for grant under the ICP.

Stock-based compensation expense and related income tax benefits were as follows: 

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2023		2022		2023		2022
Total stock-based compensation (benefit) expense (selling and administrative)	$	(8)	$	6	$	26	$	72
Income tax benefits related to stock-based compensation	—		1		11		13

The company recognized $8 million of stock-based compensation benefit in the three months ended June 30, 2023 as a result of revised estimates regarding the achievement of certain performance metrics.

At June 30, 2023, $103 million, net of estimated forfeitures, of compensation cost related to time-based and performance-based shares, executive continuity awards and restricted stock attributable to future service had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.2 years.

Long-Term Incentive Plan

During the first six months of 2023, the Company granted 1.6 million performance units at an average grant date fair value of $37.83 and 1.3 million time-based units at an average grant date fair value of $34.63.