STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

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 included in income before income taxes for these stock-based incentives was as follows, in millions:

	Year Ended December 31,
	2023		2022		2021
Restricted stock units	$	15	$	32	$	28
Performance restricted stock units	3		3		10
Stock options	5		7		7
Long-term stock awards	3		6		10
Phantom stock awards and stock appreciation rights	5		1		6
Total	$	31	$	49	$	61

Schedule of the Company's Long-Term Stock Award Activity

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

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested restricted stock units at January 1	1,154	$	57	934	$	54	435	$	47
Granted	205	56		621	59		670	57
Vested	(532)	55		(351)	53		(142)	47
Forfeited	(32)	58		(50)	54		(29)	54
Unvested restricted stock units at December 31	796	$	57	1,154	$	57	934	$	54

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

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested stock award shares at January 1	273	$	38	608	$	37	1,125	$	36
Vested	(191)	40		(324)	37		(491)	34
Forfeited	(3)	36		(11)	38		(26)	36
Unvested stock award shares at December 31	79	$	36	273	$	38	608	$	37

Information related to phantom stock awards was as follows, dollars in millions and shares in thousands:

	At December 31,
	2023		2022
Accrued compensation cost liability	$	6	$	5
Unrecognized compensation cost	$	2	$	2
Equivalent common shares	126		149

We granted 22,000 shares of SARs in 2023, and the associated expense recognized in 2023 was insignificant. No SARs were granted in 2022 or 2021, and no expense was recognized in either year.

Schedule of the Company's Stock Option Activity

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

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price		Number of Shares	Weighted Average Exercise Price
Outstanding stock options at January 1	2,988	$	39	2,692	$	37	2,488	$	33
Granted	228	57		338	59		332	56
Exercised	(940)	29		(32)	34		(128)	25
Forfeited	(22)	36		(10)	37		—	11
Outstanding stock options at December 31	2,254	$	45	2,988	$	39	2,692	$	37

The following table summarizes information for stock options vested and expected to vest and exercisable (vested) stock options, shares in thousands:

	Year Ended December 31,
	2023						2022						2021
	Vested and Expected to Vest Stock Options			Exercisable (Vested) Stock Options			Vested and Expected to Vest Stock Options			Exercisable (Vested) Stock Options			Vested and Expected to Vest Stock Options			Exercisable (Vested) Stock Options
Number of shares	2,248			1,621			2,966			2,051			2,617			1,606
Weighted average exercise price	$	45		$	42		$	39		$	34		$	36		$	31
Aggregate intrinsic value	$	48	million	$	41	million	$	30	million	$	28	million	$	89	million	$	63	million
Weighted-average remaining term	6 years			5 years			5 years			4 years			6 years			5 years

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:

	Year Ended December 31,
	2023			2022			2021
Weighted average grant date fair value	$	16.91		$	14.66		$	13.61
Risk-free interest rate	3.95		%	1.90		%	0.75		%
Dividend yield	2.02		%	1.89		%	1.67		%
Volatility factor	31.00		%	29.00		%	30.00		%
Expected option life	6 years			6 years			6 years

Summary of Stock Option Shares Outstanding and Exercisable

The following table summarizes information for stock option shares outstanding and exercisable, shares in thousands:

At December 31, 2023,
	Option Shares Outstanding				Option Shares Exercisable
	Range of Prices	Number of Shares	Weighted Average Remaining Option Term	Weighted Average Exercise Price	Number of Shares	Weighted Average Exercise Price
$	22 - 26	256	2	$25	256	$25
$	27 - 36	538	4	$35	469	$35
$	37 - 60	1,459	7	$53	896	$50
$	22 - 60	2,254	6	$45	1,621	$42