Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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  September 30,				Nine Months Ended  September 30,
(In millions)	2024		2023		2024		2023
Restricted stock units - employees and non-employee directors	$	11	$	14	$	32	$	28
Restricted stock awards	3		3		6		11
Performance share awards	—		4		5		12
Deferred performance shares	—		—		—		(7)
Total stock-based compensation expense	$	14	$	21	$	43	$	44
Income tax benefit	$	—	$	—	$	—	$	2

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 and the period-end fair value of the liability component of the TSR Performance Share Awards:

	Grant Date
	February 21, 2024			September 30, 2024
Fair value per performance share award	$	19.38		$0.60 - $6.16
Assumptions:
Stock price volatility	38.0		%	23.1% - 31.7%
Risk-free rate of return	4.39		%	3.60% - 4.55%