v3.25.0.1
Stock-Based Incentive Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Compensation Expense by Award Type
Total compensation expense (in millions) by award type for our stock-based incentive compensation plans was as follows:

For the Years Ended December 31,
202420232022
Stock options$5 $8 $6 
Performance shares8 12 10 
RSUs51 41 35 
Total$64 $61 $51 
Recognized tax benefit$11 $9 $11 
Total Unrecognized Compensation Expense for All Stock-Based Incentive Compensation Plans
Total unrecognized compensation expense (in millions) and expected weighted-average period (in years) by award type for our stock-based incentive compensation plans was as follows:

For the Years Ended December 31,
202420232022
ExpenseWeighted-Average PeriodExpenseWeighted-Average PeriodExpenseWeighted-Average Period
Stock options$3 0.8$9 0.8$11 0.8
Performance shares20 1.521 1.319 1.2
RSUs40 1.454 1.655 1.4
Total unrecognized stock-based
incentive compensation expense$63 $84 $85 
Schedule of Stock Option Valuation Assumptions
The option price assumptions used for our stock option awards were as follows:

For the Years Ended December 31,
202420232022
Weighted-average fair value per option granted$9.53$11.64$18.13
Weighted-average assumptions:
Dividend yield4.4%4.1%3.2%
Expected volatility54.5%48.1%44.4%
Risk-free interest rate (1)
4.3%
3.8-4.1%
1.9-3.8%
Expected life (in years)4.15.85.8

(1) Risk-free interest rate expressed as a range, as applicable.
Summary of Activity for Stock Options Information with respect to our incentive plans involving stock options with service conditions (aggregate intrinsic value shown in millions) was as follows:
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding as of December 31, 20233,876,978 $54.30 
Granted– – 
Exercised(16,164) 21.13
Forfeited or expired(446,360) 50.85
Outstanding as of December 31, 20243,414,454$54.90 4.9$– 
Vested or expected to vest as of December 31, 2024 (1)
 3,323,463 $55.22 4.9$– 
Exercisable as of December 31, 2024 2,793,542$58.50 4.3$– 

(1) Includes estimated forfeitures.
Information with respect to our incentive plans involving stock options with performance conditions (aggregate intrinsic value shown in millions) was as follows:
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding as of December 31, 2023112,537 $45.73 
Granted10,969 27.34 
Exercised(5,219)24.47 
Forfeited or expired(25,832)58.72 
Outstanding as of December 31, 202492,455 $41.12 2.0$– 
Vested or expected to vest as of December 31, 2024 (1)
90,283 $41.48 2.0$– 
Exercisable as of December 31, 202485,216 $42.38 1.9$– 
(1) Includes estimated forfeitures.
Summary of Activity for Performance Shares Information with respect to our performance shares was as follows:
SharesWeighted-Average Grant Date Fair Value
Outstanding as of December 31, 2023 (1)
1,192,408 $50.06 
Granted834,632 32.25 
Vested– – 
Forfeited(184,834)37.47 
Performance adjustment (2)
(248,174)59.40 
Outstanding as of December 31, 2024 (1)
1,594,032 $40.74 

(1) Represents target award amounts.
(2) Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures.
Summary of Activity for Restricted Stock Units Information with respect to our RSUs was as follows:
SharesWeighted-Average Grant Date Fair Value
Outstanding as of December 31, 20232,919,318$44.00 
Granted2,146,35628.08 
Vested(870,900)49.43 
Forfeited(418,541)39.17 
Outstanding as of December 31, 20243,776,233 $34.24