Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions Used

The weighted average assumptions used in the model are as follows:

Expected volatility of stock price	91%
Risk-free interest rate	0.18%
Valuation period	3 years
Dividend yield	—%

Schedule of Stock Based Compensation Activity

The activity related to RSUs consisted of (in thousands of shares):

			Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
	Outstanding at January 1, 2022		671	$	39.39
		Granted (a)	67	194.74
		Vested (b)	(313)	37.21
		Forfeited	(29)	58.22
	Outstanding and expected to vest at June 30, 2022 (c)		396	$	66.07	1.0	$	58
Performance-based and market-based RSUs
	Outstanding at January 1, 2022		886	$	35.40
		Granted (a)	96	194.74
		Vested (b)	(206)	34.94
		Forfeited	(24)	37.33
	Outstanding at June 30, 2022		752	$	55.80	1.3	$	111
	Outstanding and expected to vest at June 30, 2022 (c)		744	$	54.31	1.3	$	109

__________

(a)Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the six months ended June 30, 2021 was $63.12 and $62.27, respectively.

(b)The total fair value of RSUs vested during the six months ended June 30, 2022 and 2021 was $19 million and $13 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $46 million and will be recognized over a weighted average vesting period of 1.2 years.