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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Our 2014 Long Term Stock Incentive Plan (the "2014 Plan") provides for the issuance of stock-based incentives in various forms to our employees and non-employee Directors. At December 31, 2022, outstanding stock-based incentives were in the form of restricted stock units, performance restricted stock units, stock options, long-term stock awards and phantom stock awards.
Pre-tax compensation expense included in income from continuing operations for these stock-based incentives was as follows, in millions:
Year Ended December 31,
 202220212020
Restricted stock units$32 $28 $13 
Performance restricted stock units3 10 5 
Stock options7 7 7 
Long-term stock awards6 10 14 
Phantom stock awards1 6 4 
Total$49 $61 $43 
At December 31, 2022, 11.7 million shares of our common stock were available under the 2014 Plan for the granting of restricted stock units, performance restricted stock units, stock options and long-term stock awards.
Restricted Stock Units. Restricted stock units are granted to our key employees and non-employee Directors. These grants did not cause net share dilution due to our practice of repurchasing and retiring an equal number of shares in the open market.
Our restricted stock unit activity was as follows, units in thousands:
Year Ended December 31,
202220212020
 Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested restricted stock units at January 1934$54 435$47 —$— 
Granted62159 67057 44647 
Vested(351)53 (142)47 —— 
Forfeited(50)54 (29)54 (11)48 
Unvested restricted stock units at December 311,154$57 934$54 435$47 
At December 31, 2022, 2021, and 2020 there was $17 million, $15 million, and $7 million, respectively, of unrecognized compensation expense related to unvested restricted stock units; such units had a weighted average remaining vesting period of two years at December 31, 2022, 2021, and 2020.
The total market value (at the vesting date) of restricted stock units which vested was $20 million and $8 million during 2022 and 2021, respectively.
M. STOCK-BASED COMPENSATION (Continued)

Performance Restricted Stock Units. Under our Long Term Incentive Program, we grant performance restricted stock units to certain senior executives. These performance restricted stock units will vest and share awards will be issued at no cost to the employees, subject to our achievement of specified return on invested capital performance goals, and beginning with the 2020 grant, an additional earning per share metric over a three-year period that have been established by our Compensation Committee for the performance period. To receive the award, the recipient must be employed through the share award date. Performance restricted stock units are granted at a target number; based on our performance, the number of performance restricted stock units that vest can be adjusted downward to zero and upward to a maximum of 200 percent of the target number.
During 2022, we granted approximately 92,000 performance restricted stock units with a grant date fair value of approximately $55 per share, approximately 168,000 performance restricted stock units were issued. No performance restricted stock units were forfeited. At December 31, 2022, there were approximately 255,000 shares vested but unissued. During 2021, we granted approximately 85,000 performance restricted stock units with a grant date fair value of approximately $53 per share, approximately 105,000 performance restricted stock units were issued and no performance restricted stock units were forfeited. At December 31, 2021, there were approximately 186,000 shares vested but unissued. During 2020, we granted approximately 133,000 performance restricted stock units with a grant date fair value of approximately $34 per share, approximately 152,000 performance restricted stock units were issued and approximately 11,000 performance restricted stock units were forfeited. At December 31, 2020, there were approximately 103,000 shares vested but unissued.
Stock Options.    Stock options are granted to certain key employees. The exercise price equals the market price of our common stock at the grant date and the stock options expire no later than 10 years after the grant date.
Our stock option activity was as follows, shares in thousands:
Year Ended December 31,
202220212020
 Number of SharesWeighted Average Exercise PriceNumber of SharesWeighted Average Exercise PriceNumber of SharesWeighted Average Exercise Price
Outstanding stock options at January 12,692$37 2,488$33 3,006$27 
Granted33859 33256 42148 
Exercised(32)34 (128)25 (878)17 
Forfeited(10)37 —11 (61)40 
Outstanding stock options at December 312,988$39 2,692$37 2,488$33 
Vested and expected to vest stock options at December 312,966$39 2,617$36 2,338$33 
Exercisable (vested) stock options at December 312,051$34 1,606$31 1,283$28 
The aggregate intrinsic value is calculated using our stock price at each respective date, less the exercise price (grant date price) multiplied by the number of shares. The aggregate intrinsic value for options exercised during 2022, 2021 and 2020 was $1 million, $5 million and $29 million, respectively. The aggregate intrinsic value for options vested and expected to vest at December 31, 2022, 2021 and 2020 was $30 million, $89 million and $51 million, respectively. The aggregate intrinsic value for options exercisable (vested) at December 31, 2022, 2021 and 2020 was $28 million, $63 million and $35 million, respectively.
The weighted-average remaining term for options outstanding was 5 years at December 31, 2022 and 6 years at both December 31, 2021 and 2020. The weighted-average remaining term for options vested and expected to vest was 5 years at December 31, 2022 and 6 years at both December 31, 2021 and 2020. The weighted-average remaining term for options exercisable (vested) was 4 years at December 31, 2022 and 5 years at both December 31, 2021 and 2020.
M. STOCK-BASED COMPENSATION (Continued)

At December 31, 2022, 2021 and 2020, there was $1 million, $4 million and $6 million, respectively, of unrecognized compensation expense (using the Black-Scholes option pricing model at the grant date) related to unvested stock options; such options had a weighted average remaining vesting period of one year at December 31, 2022 and two years at both December 31, 2021 and 2020.
The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows:
Year Ended December 31,
202220212020
Weighted average grant date fair value$14.66 $13.61 $10.67 
Risk-free interest rate1.90 %0.75 %1.53 %
Dividend yield1.89 %1.67 %1.14 %
Volatility factor29.00 %30.00 %24.00 %
Expected option life6 years6 years6 years

The following table summarizes information for stock option shares outstanding and exercisable, shares in thousands:
At December 31, 2022
Option Shares OutstandingOption Shares Exercisable
Range of
Prices		Number of
Shares		Weighted
Average
Remaining
Option Term		Weighted
Average
Exercise
Price		Number of
Shares		Weighted
Average
Exercise
Price
$
17 - 21
1911$20191$20
$
22 - 26
6283$24628$24
$
27 - 36
7865$35604$35
$
37 - 60
1,3837$51628$47
$
 17 - 60
2,9885$392,051$34
Long-Term Stock Awards.    Prior to the amendment of our 2014 Plan in December 2019, we granted long-term stock awards to our key employees and non-employee Directors.
Our long-term stock award activity was as follows, shares in thousands:
Year Ended December 31,
202220212020
 Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested stock award shares at January 1608$37 1,125$36 1,910$34 
Vested(324)37 (491)34 (655)32 
Forfeited(11)38 (26)36 (130)35 
Unvested stock award shares at December 31273$38 608$37 1,125$36 
At December 31, 2022, 2021 and 2020, there was $3 million, $10 million and $21 million, respectively, of total unrecognized compensation expense related to unvested stock awards; such awards had a weighted average remaining vesting period of one year at December 31, 2022 and two years at both December 31, 2021 and 2020.
M. STOCK-BASED COMPENSATION (Concluded)

The total market value (at the vesting date) of stock award shares which vested was $21 million, $28 million and $31 million during 2022, 2021 and 2020, respectively.
Phantom Stock Awards. Certain non-U.S. employees are granted phantom stock awards.
We recognized expense of $1 million, $6 million and $4 million in 2022, 2021 and 2020, respectively, related to phantom stock awards. In 2022, 2021 and 2020, we granted approximately 74,000, 82,000, and 83,000 shares, respectively, of phantom stock awards with an aggregate fair value of $4 million, $5 million and $3 million in 2022, 2021 and 2020, respectively, and paid cash of $4 million in 2022 and $3 million in both 2021 and 2020, to settle phantom stock awards.
Information related to phantom stock awards was as follows, dollars in millions and shares in thousands:
 At December 31,
 20222021
Accrued compensation cost liability$5 $8 
Unrecognized compensation cost$2 $3 
Equivalent common shares149 169