STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

RSUs and PSUs

We granted RSUs in 2022 to certain officers and employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. We also granted performance-based RSUs (“PSUs”) in 2022 to certain executives, which are earned, subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2024 adjusted EBITDA performance and relative total stockholder return over the 2022 to 2024 performance period.

We had deferred compensation costs for unvested awards for RSUs, including PSUs, of approximately $179 million at year-end 2022 and $189 million at year-end 2021. The weighted average remaining term for RSUs outstanding at year-end 2022 was 2.0 years.

The following table provides additional information on RSUs, including PSUs, for the last three fiscal years:


	2022		2021		2020
Stock-based compensation expense (in millions)	$	181	$	171	$	188
Weighted average grant-date fair value (per unit)	$	168	$	141	$	101
Aggregate intrinsic value of distributed RSUs (in millions)	$	253	$	205	$	234

The following table presents the changes in our outstanding RSUs, including PSUs, during 2022 and the associated weighted average grant-date fair values:


	Number of RSUs (in millions)	Weighted Average Grant-Date Fair Value (per unit)
Outstanding at year-end 2021	4.4	$	109
Granted	1.1	168
Distributed	(1.5)	114
Forfeited	(0.2)	127
Outstanding at year-end 2022	3.8	$	125

Other Information

At year-end 2022, we had 24 million remaining shares authorized under the Marriott and Starwood Hotels & Resorts Worldwide, LLC, formerly known as Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), stock plans.