v3.24.4
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock-Based Compensation Plans Compensation Cost, Net of Forfeitures
The following table details the compensation cost, net of forfeitures (dollars in millions):
For the Years Ended December 31,
202320222021
RSUs$69 $58 $46 
PSUs(1)
5 31 57 
Total stock-based compensation expense$74 $89 $103 
Income tax benefit$18 $16 $15 
(1)Total PSU expense for the year ended December 31, 2021, includes an incremental $1 million, representing a modification to the 2019 PSU award. The nature of the modification was to adjust the payout to compensate for the 2020 current expected credit loss (“CECL”) adoption impact on earnings per share (“EPS”).
Schedule of Restricted Stock Unit Activity
The following table sets forth the activity related to vested and unvested RSUs:
Number of UnitsWeighted-Average Remaining Contractual Term (in years)Aggregate
Intrinsic Value
(in millions)
RSUs at December 31, 20221,938,283 $190 
Granted728,993 
Conversions to common stock(626,780)
Forfeited(96,379)
RSUs at December 31, 20231,944,117 0.85$219 
Vested and convertible RSUs at December 31, 2023664,962 0.00$75 
The following table sets forth the activity related to unvested RSUs:
Number of UnitsWeighted-Average Grant-Date Fair Value
Unvested RSUs at December 31, 20221)
1,059,683 $107.47 
Granted728,993 $104.20 
Vested(534,603)$103.95 
Forfeited(96,379)$109.43 
Unvested RSUs at December 31, 2023(1)
1,157,694 $106.87 
(1)Unvested RSUs represent awards where recipients have yet to satisfy either explicit vesting terms or retirement-eligibility requirements.
Schedule of Intrinsic Value of RSUs Converted to Common Stock and Grant Date Fair Value of RSUs Vested
The following table summarizes the total intrinsic value of the RSUs converted to common stock and the total grant-date fair value of RSUs vested (dollars in millions, except weighted-average grant-date fair value amounts):
For the Years Ended December 31,
202320222021
Intrinsic value of RSUs converted to common stock$68 $59 $62 
Grant-date fair value of RSUs vested$56 $41 $47 
Weighted-average grant-date fair value of RSUs granted$104.20 $116.50 $101.47 
Schedule of Peformance Stock Unit Activity
The following table sets forth the activity related to vested and unvested PSUs:
Number of UnitsWeighted-Average Grant-Date Fair ValueWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in millions)
PSUs at December 31, 2022(1)
716,472 $99.21 $70 
Granted384,085 $110.70 
Conversions to common stock(406,543)$85.34 
Forfeited(113,337)$109.55 
PSUs at December 31, 2023(1)(2)(3)(4)
580,677 $108.56 0.98$65 
(1)    All PSUs outstanding at December 31, 2023 and December 31, 2022, are unvested PSUs.
(2)    Includes 227,082 PSUs granted in 2021 that are earned based on the Company’s cumulative EPS as measured over the three-year performance period, which ended December 31, 2023, and are subject to the requisite service period, which ended February 1, 2024.
(3)    Includes 187,128 PSUs granted in 2022 that are earned based on the Company’s cumulative EPS as measured over the three-year performance period, which ends December 31, 2024, and are subject to the requisite service period, which ends February 1, 2025.
(4)    Includes 166,467 PSUs granted in 2023 that may be earned based on the Company’s cumulative EPS as measured over the three-year performance period, which ends December 31, 2025, and are subject to the requisite service period, which ends February 1, 2026.
Schedule of Intrinsic Value of PSUs Converted to Common Stock and Grant Date Fair Value of PSUs Vested
The following table summarizes the total intrinsic value of the PSUs converted to common stock and the total grant-date fair value of PSUs vested (dollars in millions, except weighted-average grant-date fair value amounts):
For the Years Ended December 31,
202320222021
Intrinsic value of PSUs converted to common stock$47 $29 $15 
Grant-date fair value of PSUs vested$35 $17 $18 
Weighted-average grant-date fair value of PSUs granted$110.70 $124.01 $94.21