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Stock-Based Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Total compensation expense (in millions) by award type for our stock-based incentive compensation plans was as follows:


	For the Years Ended December 31,
	2023		2022		2021
Stock options	$	8	$	6	$	8
Performance shares	12		10		18
RSUs	41		35		35
Total	$	61	$	51	$	61

Recognized tax benefit	$	9	$	11	$	13

Total Unrecognized Compensation Expense for All Stock-Based Incentive Compensation Plans

Total unrecognized compensation expense (in millions) and expected weighted-average life (in years) by award type for our stock-based incentive compensation plans was as follows:


	For the Years Ended December 31,
	2023			2022			2021
	Expense		Weighted-Average Period	Expense		Weighted-Average Period	Expense		Weighted-Average Period
Stock options	$	9	0.8	$	11	0.8	$	8	0.7
Performance shares	21		1.3	19		1.2	14		1.2
RSUs	54		1.6	55		1.4	43		1.4
Total unrecognized stock-based
incentive compensation expense	$	84		$	85		$	65

Schedule of Stock Option Valuation Assumptions

The option price assumptions used for our stock option awards were as follows:


	For the Years Ended December 31,
	2023			2022		2021
Weighted-average fair value per option granted	$	11.64		$	18.13	$	17.26
Weighted-average assumptions:
Dividend yield	4.1		%	3.2%		3.0%
Expected volatility	48.1		%	44.4%		45.0%
Risk-free interest rate (1)	3.8-4.1%			1.9-3.8%		0.6-1.0%
Expected life (in years)	5.8			5.8		5.8

(1) Risk-free interest rate expressed as a range and not a weighted average.

Summary of Activity for Stock Options

Information with respect to our incentive plans involving stock options with service conditions (aggregate intrinsic value shown in millions) was as follows:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	3,396,539	$	58.36
Granted	687,027	33.90
Exercised	(7,170)	29.54
Forfeited or expired	(199,418)	54.14
Outstanding as of December 31, 2023	3,876,978	$	54.30	5.71	$	–

Vested or expected to vest as of December 31, 2023 (1)	3,725,100	$	54.65	5.59	$	–

Exercisable as of December 31, 2023	2,752,896	$	59.57	4.44	$	–

(1) Includes estimated forfeitures.

Information with respect to our incentive plans involving stock options with performance conditions (aggregate intrinsic value shown in millions) was as follows:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	121,397	$	57.55
Granted	24,496	25.66
Forfeited or expired	(33,356)	73.99
Outstanding as of December 31, 2023	112,537	$	45.73	2.36	$	–

Vested or expected to vest as of December 31, 2023 (1)	107,553	$	45.92	2.30	$	–

Exercisable as of December 31, 2023	95,924	$	46.41	2.12	$	–

(1) Includes estimated forfeitures.

Summary of Activity for Performance Shares

Information with respect to our performance shares was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2022 (1)	767,428	$	64.61
Granted	692,803	38.36
Vested	–	–
Forfeited	(79,253)	54.00
Performance adjustment (2)	(188,570)	64.62
Outstanding as of December 31, 2023 (1)	1,192,408	$	50.06

(1) Represents target award amounts.

(2) Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures.

Summary of Activity for Restricted Stock Units

Information with respect to our RSUs was as follows:


	Shares	Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2022	1,939,149	$	61.26
Granted	1,828,881	32.91
Vested	(669,674)	62.00
Forfeited	(179,038)	49.96
Outstanding as of December 31, 2023	2,919,318	$	44.00