Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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  September 30,				Nine Months Ended  September 30,
(In millions)	2023		2022		2023		2022
Restricted stock units - employees and non-employee directors	$	14	$	10	$	28	$	29
Restricted stock awards	3		5		11		15
Performance share awards	4		10		12		20
Deferred performance shares	—		1		(7)		6
Total stock-based compensation expense	$	21	$	26	$	44	$	70
Income tax benefit	$	—	$	10	$	2	$	15

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 and the period-end fair value of the liability component of the TSR Performance Share Awards:

	Grant Date
	February 21, 2023			July 6, 2023			September 30, 2023
Fair value per performance share award	$	17.18		$	20.20		$9.02 - $12.09
Assumptions:
Stock price volatility	44.8		%	40.6		%	37.1% - 40.4%
Risk-free rate of return	4.40		%	4.76		%	4.65% - 5.24%