Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of pre-tax compensation expense and the related income tax benefit for these stock-based incentives

Pre-tax compensation expense for these stock-based incentives was as follows, in millions: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Restricted stock units	$	6	$	4	$	25	$	23
Performance restricted stock units	3		4		4		6
Stock options	1		1		6		5
Long-term stock awards	2		3		4		6
Phantom stock awards	—		—		—		2
Total	$	12	$	12	$	39	$	42

Schedule of the Company's long-term stock award activity

Our restricted stock unit activity was as follows, units in millions: 

	Six Months Ended June 30,
	2022		2021
Unvested restricted stock units at January 1	1		—
Weighted average grant date fair value	$	54	$	47
Restricted stock units granted	1		1
Weighted average grant date fair value	$	59	$	57
Restricted stock units vested	1		—
Weighted average grant date fair value	$	53	$	47
Restricted stock units forfeited	—		—
Weighted average grant date fair value	$	56	$	54
Unvested restricted stock units at June 30	1		1
Weighted average grant date fair value	$	57	$	54

Our long-term stock award activity was as follows, shares in millions: 

	Six Months Ended June 30,
	2022		2021
Unvested stock award shares at January 1	1		1
Weighted average grant date fair value	$	37	$	36
Stock award shares vested	1		—
Weighted average grant date fair value	$	37	$	34
Stock award shares forfeited	—		—
Weighted average grant date fair value	$	37	$	37
Unvested stock award shares at June 30	—		1
Weighted average grant date fair value	$	38	$	37

Schedule of the Company's stock option activity

Our stock option activity was as follows, shares in millions: 

		Six Months Ended June 30,
		2022		2021
Option shares outstanding, January 1		3		2
Weighted average exercise price	$	37	$	33
Option shares granted		—		1
Weighted average exercise price	$	59	$	56
Option shares exercised		—		—
Aggregate intrinsic value on date of exercise (A)	$	—	$	1 million
Weighted average exercise price	$	38	$	20
Option shares forfeited		—		—
Weighted average exercise price	$	37	$	11
Option shares outstanding, June 30		3		3
Weighted average exercise price	$	39	$	36
Weighted average remaining option term (in years)		6		6
Option shares vested and expected to vest, June 30		3		3
Weighted average exercise price	$	39	$	36
Aggregate intrinsic value (A)	$	39 million	$	62 million
Weighted average remaining option term (in years)		6		6
Option shares exercisable (vested), June 30		2		2
Weighted average exercise price	$	34	$	30
Aggregate intrinsic value (A)	$	35 million	$	49 million
Weighted average remaining option term (in years)		5		5

(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.

Schedule of 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

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: 

	Six Months Ended June 30,
	2022			2021
Weighted average grant date fair value	$	14.66		$	13.61
Risk-free interest rate	1.90		%	0.75		%
Dividend yield	1.89		%	1.67		%
Volatility factor	29.00		%	30.00		%
Expected option life	6 years			6 years