Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense Income Tax Benefit Awards Issued Under Incentive Plans

Stock-based compensation expense of awards issued under the Company’s incentive plans, and the income tax benefit of awards vested and exercised, are as follows:

	Three Months Ended  March 31,
(In millions)	2023		2022
Restricted stock units - employees and non-employee directors	$	7	$	8
Restricted stock awards	4		5
Performance share awards	5		6
Deferred performance shares	—		4
Total stock-based compensation expense	$	16	$	23
Income tax benefit	$	1	$	5

Assumptions to Determine the Grant Date Fair Value of the Equity Component and the Period-end Fair Value of the Liability

The following assumptions were used to determine the grant date fair value of the equity component on February 21, 2023 and the period-end fair value of the liability component of the TSR Performance Share Awards:

	Grant Date			March 31, 2023
Fair value per performance share award	$	17.18		$10.92 - $11.99
Assumptions:
Stock price volatility	44.8		%	41.8% - 43.4%
Risk-free rate of return	4.40		%	3.8% - 4.1%