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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
The Company has various incentive plans under which PRSUs, RSUs, and stock options have been issued. Upon exercise or vesting of stock awards, the Company issues new shares from its existing authorized but unissued shares. As of December 31, 2024, there were 192 million shares of common stock in reserves that were available for future issuance under the incentive plans.
Share-Based Compensation Expense
The table below presents the components of share-based compensation expense (in millions).
Year Ended December 31,
202420232022
PRSUs$89 $65 $2 
RSUs415 375 337 
Stock options53 60 71 
SARs— — 2 
Total share-based compensation expense$557 $500 $412 
Tax benefit recognized$96 $97 $79 
Liability-classified share-based compensation awards include certain PRSUs. The Company recorded total liabilities for cash-settled and other liability-classified share-based compensation awards of $66 million and $36 million as of December 31, 2024 and 2023, respectively. The current portion of the liability for cash-settled and other liability-classified awards was $27 million and $10 million as of December 31, 2024 and 2023, respectively.
Share-Based Award Activity
PRSUs
The table below presents PRSU activity (in millions, except years and weighted-average grant price).
PRSUsWeighted-
Average
Grant
Date Fair Value		Weighted-Average
Remaining
Contractual
Term
(years)		Aggregate
Fair
Value
Outstanding as of December 31, 20234.2 $16.36 1.4$48 
Granted6.1 $8.66 
Performance adjustments2.4 $15.26 
Converted(2.9)$16.70 $25 
Outstanding as of December 31, 20249.8 $11.20 1.2$104 
Vested and expected to vest as of December 31, 20249.8 $11.20 1.2$104 
Convertible as of December 31, 20240.9 $15.34 0.0$10 
As of December 31, 2024, there was $49 million of unrecognized compensation cost related to PRSUs.
RSUs
The table below presents RSU activity (in millions, except years and weighted-average grant price).

RSUs		Weighted-
Average
Grant
Date Fair Value		Weighted-Average
Remaining
Contractual
Term
(years)		Aggregate
Fair
Value
Outstanding as of December 31, 202344.0 $18.52 1.3$501 
Granted56.8 $8.64 
Vested(17.0)$19.71 $153 
Forfeited(5.0)$13.78 
Outstanding as of December 31, 202478.8 $11.41 1.6$835 
Vested and expected to vest as of December 31, 202478.8 $11.41 1.6$835 
As of December 31, 2024, there was $493 million of unrecognized compensation cost related to RSUs, of which $19 million is related to cash settled RSUs. Stock settled RSUs are expected to be recognized over a weighted-average period of 1.6 years, and cash settled RSUs are expected to be recognized over a weighted-average period of 1.5 years.
Stock Options
The table below presents stock option activity (in millions, except years and weighted-average exercise price).
Stock OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(years)		Aggregate
Intrinsic
Value
Outstanding as of December 31, 202332.1 $33.73 3.3$— 
Granted4.1 $8.67 
Forfeited(0.2)$25.63 
Outstanding as of December 31, 202436.0 $30.90 2.7$7.8 
Vested and expected to vest as of December 31, 202436.0 $30.90 2.7$7.8 
Exercisable as of December 31, 202418.2 $30.99 1.3$— 
The Company received cash payments from the exercise of stock options totaling $0 million, $0 million, and $1 million during 2024, 2023 and 2022, respectively. As of December 31, 2024, there was $80 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 1.8 years.
The fair value of stock options is estimated using the Black-Scholes option-pricing model. The weighted-average assumptions used to determine the fair value of stock options as of the date of grant during 2024, 2023 and 2022 were as follows.
Year Ended December 31,
202420232022
Risk-free interest rate4.19 %4.35 %1.46 %
Expected term (years)4.74.55.0
Expected volatility54.37 %54.80 %42.15 %
The weighted-average grant date fair value of options granted during 2024, 2023 and 2022 was $4.30, $7.43 and $9.60, respectively, per option. The total intrinsic value of options exercised during 2024, 2023 and 2022 was $0 million.