Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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)	104	178.13
		Vested (b)	(358)	36.76
		Forfeited	(35)	57.90
	Outstanding and expected to vest at September 30, 2022 (c)		382	$	78.02	1.0	$	57
Performance-based and market-based RSUs
	Outstanding at January 1, 2022		886	$	35.40
		Granted (a)	99	193.48
		Vested (b)	(254)	34.24
		Forfeited	(37)	42.82
	Outstanding at September 30, 2022		694	$	57.89	1.1	$	103
	Outstanding and expected to vest at September 30, 2022 (c)		686	$	56.30	1.1	$	102

__________

(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 nine months ended September 30, 2021 was $63.12 and $62.27, respectively.

(b)The total fair value of RSUs vested during the nine months ended September 30, 2022 and 2021 was $22 million and $17 million, respectively.

(c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $44 million and will be recognized over a weighted average vesting period of 1.1 years.