Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2024

The following table sets forth the assumptions used to determine compensation cost for the market condition component of the LTIP plan:


			Twelve Months Ended December 31, 2024
Expected volatility			27.09% - 37.11%
Risk-free interest rate			0.97% - 4.79%

The following summarizes LTIP activity for the three years ended December 31, 2024:


	Share/Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	5,926,142	$35.43
Granted	1,899,211	50.32
Shares issued	(1,130,236)	40.23
Forfeited	(1,382,637)	42.03
Outstanding at December 31, 2022	5,312,480	38.01
Granted - LTIP PSU	1,619,481	37.78
Granted - LTIP RSU	1,411,042	34.63
Shares issued - LTIP PSU	(972,563)	40.44
Shares issued - LTIP RSU	(15,161)	34.63
Forfeited	(1,234,328)	45.38
Outstanding at December 31, 2023	6,120,951	35.31
Granted - LTIP PSU	2,039,725	35.28
Granted - LTIP RSU	1,414,316	36.15
Shares issued - LTIP PSU	(851,962)	53.32
Shares issued - LTIP RSU	(446,582)	34.63
Shares issued - LTIP RSU	(8,060)	36.15
Forfeited	(1,350,063)	45.58
Outstanding at December 31, 2024	6,918,325	$31.29

The following summarizes the activity of the RA Program for the three years ended December 31, 2024:


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	103,769	$49.03
Granted	132,200	43.38
Shares issued	(104,177)	44.53
Forfeited	(5,400)	47.78
Outstanding at December 31, 2022	126,392	46.88
Granted	123,454	35.51
Shares issued	(81,629)	45.40
Forfeited	(11,643)	39.77
Outstanding at December 31, 2023	156,574	39.22
Granted	115,200	43.26
Shares issued	(85,236)	37.53
Forfeited	(6,700)	38.30
Outstanding at December 31, 2024	179,838	$42.64

Stock-based compensation expense and related income tax benefits were as follows:


In millions	2024		2023		2022
Total stock-based compensation expense (included in selling and administrative expense)	$	82	$	58	$	124
Income tax benefits related to stock-based compensation	14		12		13