Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense Income Tax Benefit Awards Issued Under Incentive Plans

Stock-based compensation expense of awards issued under the Company’s incentive plans, and the income tax benefit of awards vested and exercised, are as follows:

	Three Months Ended June 30,				Six Months Ended  June 30,
(In millions)	2023		2022		2023		2022
Restricted stock units - employees and non-employee directors	$	7	$	11	$	14	$	19
Restricted stock awards	4		5		8		10
Performance share awards	3		4		8		10
Deferred performance shares	(7)		1		(7)		5
Total stock-based compensation expense	$	7	$	21	$	23	$	44
Income tax benefit	$	1	$	—	$	2	$	5

Assumptions to Determine the Grant Date Fair Value of the Equity Component and the Period-end Fair Value of the Liability

The following assumptions were used to determine the grant date fair value of the equity component on February 21, 2023 and the period-end fair value of the liability component of the TSR Performance Share Awards:

	Grant Date			June 30, 2023
Fair value per performance share award	$	17.18		$11.36 - $12.63
Assumptions:
Stock price volatility	44.8		%	40.9% - 42.6%
Risk-free rate of return	4.40		%	4.59% - 5.02%