Share-Based Compensation

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

6. SHARE-BASED COMPENSATION

6. SHARE-BASED COMPENSATION

During the three months ended June 30, 2024, we granted 1,678,791 Hindalco phantom RSUs and 1,440,152 Hindalco SARs. Total share-based compensation expense was $18 million for the three months ended June 30, 2024. Total share-based compensation expense was $6 million for the three months ended June 30, 2023. As of June 30, 2024, the outstanding liability related to share-based compensation was $38 million.

The cash payments made to settle all Hindalco SAR liabilities were $1 million and $3 million in the three months ended June 30, 2024, and 2023, respectively. Total cash payments made to settle RSUs were $14 million and $13 million in the three months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, unrecognized compensation expense related to the non-vested Hindalco SARs (assuming all future performance criteria are met) and the RSUs was $12 million and $28 million, respectively. The unrecognized expense related to the non-vested Hindalco SARs and the RSUs is expected to be recognized over weighted average periods of 1.5 years and 1.7 years, respectively.