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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
 
Our 2014 Long Term Stock Incentive Plan provides for the issuance of stock-based incentives in various forms to our employees and non-employee Directors. At September 30, 2021, outstanding stock-based incentives were in the form of long-term stock awards, stock options, restricted stock units, performance restricted stock units and phantom stock awards.

Pre-tax compensation expense included in income from continuing operations for these stock-based incentives was as follows, in millions: 
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Long-term stock awards$2 $4 $8 $11 
Stock options1 1 6 6 
Restricted stock units3 1 26 12 
Performance restricted stock units2 2 8 3 
Phantom stock awards1 1 3 3 
Total$9 $9 $51 $35 
    
Long-Term Stock Awards. Prior to the amendment of our 2014 Long Term Stock Incentive Plan in December 2019, we granted long-term stock awards to our key employees and non-employee Directors. We did not grant shares of long-term stock awards in the nine months ended September 30, 2021 and 2020.
    
Our long-term stock award activity was as follows, shares in millions: 
Nine Months Ended September 30,
 20212020
Unvested stock award shares at January 11 2 
Weighted average grant date fair value$36 $34 
Stock award shares vested— 1 
Weighted average grant date fair value$34 $32 
Stock award shares forfeited— — 
Weighted average grant date fair value$37 $35 
Unvested stock award shares at September 301 1 
Weighted average grant date fair value$37 $36 

At September 30, 2021 and 2020, there was $12 million and $25 million, respectively, of total unrecognized compensation expense related to unvested stock awards; such awards had a weighted average remaining vesting period of two years at both September 30, 2021 and 2020.

The total market value (at the vesting date) of stock award shares which vested was $28 million and $31 million during the nine months ended September 30, 2021 and 2020, respectively.
J. STOCK-BASED COMPENSATION (Continued)
Stock Options. Stock options are granted to certain key employees.

We granted 331,970 shares of stock options in the nine months ended September 30, 2021 with a grant date weighted average exercise price of approximately $56 per share.

Our stock option activity was as follows, shares in millions: 
Nine Months Ended September 30,
 20212020
Option shares outstanding, January 12 3 
Weighted average exercise price$33 $27 
Option shares granted1 1 
Weighted average exercise price$56 $48 
Option shares exercised— 1 
Aggregate intrinsic value on date of exercise (A)
$
1 million
$
29 million
Weighted average exercise price$20 $17 
Option shares forfeited— — 
Weighted average exercise price$11 $42 
Option shares outstanding, September 303 3 
Weighted average exercise price$36 $34 
Weighted average remaining option term (in years)67
Option shares vested and expected to vest, September 303 2 
Weighted average exercise price$36 $33 
Aggregate intrinsic value (A)
$
53 million
$
54 million
Weighted average remaining option term (in years)67
Option shares exercisable (vested), September 302 1 
Weighted average exercise price$30 $28 
Aggregate intrinsic value (A)
$
43 million
$
35 million
Weighted average remaining option term (in years)55
(A)    Aggregate intrinsic value is calculated using our stock price at each respective date, less the exercise price (grant date price), multiplied by the number of shares.

At September 30, 2021 and 2020, there was $4 million and $7 million, respectively, of unrecognized compensation expense (using the Black-Scholes option pricing model at the grant date) related to unvested stock options; such options had a weighted average remaining vesting period of two years and three years at September 30, 2021 and 2020, respectively.
J. STOCK-BASED COMPENSATION (Concluded)

The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows: 
Nine Months Ended September 30,
 20212020
Weighted average grant date fair value$13.61 $10.67 
Risk-free interest rate0.75 %1.53 %
Dividend yield1.67 %1.14 %
Volatility factor30.00 %24.00 %
Expected option life6 years6 years
Restricted Stock Units. Restricted stock units are granted to our key employees and non-employee Directors. These grants did not cause net share dilution due to our practice of repurchasing and retiring an equal number of shares in the open market.

We granted 662,980 restricted stock units in the nine months ended September 30, 2021 with a weighted average grant date fair value of $57 per share. In the nine months ended September 30, 2021, 141,461 shares were issued and 15,487 restricted stock units were forfeited. During the nine months ended September 30, 2020, we granted 437,170 restricted stock units with a grant date fair value of approximately $47 per share and 7,930 restricted stock units were forfeited.

At September 30, 2021 and 2020, there was $18 million and $8 million, respectively, of unrecognized compensation expense related to unvested restricted stock units; such units had a weighted average remaining vesting period of two years at both September 30, 2021 and 2020.

The total market value (at the vesting date) of restricted stock units which vested was $8 million during the nine months ended September 30, 2021.

Performance Restricted Stock Units. Under our Long Term Incentive Program, we grant performance restricted stock units to certain senior executives. These performance restricted stock units will vest and share awards will be issued at no cost to the employees, subject to our achievement of specified performance metrics established by our Compensation Committee over a three-year performance period and the recipient's continued employment through the share award date.

During the nine months ended September 30, 2021, we granted 85,360 performance restricted stock units with a grant date fair value of approximately $53 per share and 104,757 shares were issued. During the nine months ended September 30, 2020, we granted 133,390 performance restricted stock units with a grant date fair value of approximately $34 per share and 151,724 shares were issued. No performance restricted stock units were forfeited during the nine months ended September 30, 2021 and 2020.