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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Pre-Tax Compensation Expense and the Related Income Tax Benefit for these Stock-Based Incentives | Pre-tax compensation expense included in income before income taxes for these stock-based incentives was as follows, in millions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Restricted stock units | $ | 15 |  |  | $ | 32 |  |  | $ | 28 |
Performance restricted stock units | 3 |  |  | 3 |  |  | 10 |
Stock options | 5 |  |  | 7 |  |  | 7 |
Long-term stock awards | 3 |  |  | 6 |  |  | 10 |
Phantom stock awards and stock appreciation rights | 5 |  |  | 1 |  |  | 6 |
Total | $ | 31 |  |  | $ | 49 |  |  | $ | 61 |
Schedule of the Company's Long-Term Stock Award Activity | Our restricted stock unit activity was as follows, units in thousands:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested restricted stock units at January 1 | 1,154 |  |  | $ | 57 |  |  | 934 |  |  | $ | 54 |  |  | 435 |  |  | $ | 47 |
Granted | 205 |  |  | 56 |  |  | 621 |  |  | 59 |  |  | 670 |  |  | 57 |
Vested | (532) |  |  | 55 |  |  | (351) |  |  | 53 |  |  | (142) |  |  | 47 |
Forfeited | (32) |  |  | 58 |  |  | (50) |  |  | 54 |  |  | (29) |  |  | 54 |
Unvested restricted stock units at December 31 | 796 |  |  | $ | 57 |  |  | 1,154 |  |  | $ | 57 |  |  | 934 |  |  | $ | 54 |
Our long-term stock award activity was as follows, shares in thousands:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested stock award shares at January 1 | 273 |  |  | $ | 38 |  |  | 608 |  |  | $ | 37 |  |  | 1,125 |  |  | $ | 36 |
Vested | (191) |  |  | 40 |  |  | (324) |  |  | 37 |  |  | (491) |  |  | 34 |
Forfeited | (3) |  |  | 36 |  |  | (11) |  |  | 38 |  |  | (26) |  |  | 36 |
Unvested stock award shares at December 31 | 79 |  |  | $ | 36 |  |  | 273 |  |  | $ | 38 |  |  | 608 |  |  | $ | 37 |
Information related to phantom stock awards was as follows, dollars in millions and shares in thousands:
| At December 31, |  |
| 2023 |  | 2022 |  |  |  |
Accrued compensation cost liability | $ | 6 |  |  | $ | 5 |  |  |  |  |
Unrecognized compensation cost | $ | 2 |  |  | $ | 2 |  |  |  |  |
Equivalent common shares | 126 |  |  | 149 |  |  |  |  |
We granted 22,000 shares of SARs in 2023, and the associated expense recognized in 2023 was insignificant. No SARs were granted in 2022 or 2021, and no expense was recognized in either year.
Schedule of the Company's Stock Option Activity | Our stock option activity was as follows, shares in thousands:
| Year Ended December 31,
| 2023 | 2022 | 2021
| Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Outstanding stock options at January 1 | 2,988 |  |  | $ | 39 |  |  | 2,692 |  |  | $ | 37 |  |  | 2,488 |  |  | $ | 33 |
Granted | 228 |  |  | 57 |  |  | 338 |  |  | 59 |  |  | 332 |  |  | 56 |
Exercised | (940) |  |  | 29 |  |  | (32) |  |  | 34 |  |  | (128) |  |  | 25 |
Forfeited | (22) |  |  | 36 |  |  | (10) |  |  | 37 |  |  | — |  |  | 11 |
Outstanding stock options at December 31 | 2,254 |  |  | $ | 45 |  |  | 2,988 |  |  | $ | 39 |  |  | 2,692 |  |  | $ | 37 |
The following table summarizes information for stock options vested and expected to vest and exercisable (vested) stock options, shares in thousands:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Vested and Expected to Vest Stock Options |  | Exercisable (Vested) Stock Options |  | Vested and Expected to Vest Stock Options |  | Exercisable (Vested) Stock Options |  | Vested and Expected to Vest Stock Options |  | Exercisable (Vested) Stock Options
Number of shares | 2,248 |  | 1,621 |  | 2,966 |  | 2,051 |  | 2,617 |  | 1,606
Weighted average exercise price | $ | 45 |  | $ | 42 |  | $ | 39 |  | $ | 34 |  | $ | 36 |  | $ | 31
Aggregate intrinsic value | $ | 48 | million |  | $ | 41 | million |  | $ | 30 | million |  | $ | 28 | million |  | $ | 89 | million |  | $ | 63 | million
Weighted-average remaining term | 6 years |  | 5 years |  | 5 years |  | 4 years |  | 6 years |  | 5 years
Schedule of 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 | 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,
| 2023 |  | 2022 |  | 2021
Weighted average grant date fair value | $ | 16.91 |  |  | $ | 14.66 |  |  | $ | 13.61 |
Risk-free interest rate | 3.95 | % |  | 1.90 | % |  | 0.75 | %
Dividend yield | 2.02 | % |  | 1.89 | % |  | 1.67 | %
Volatility factor | 31.00 | % |  | 29.00 | % |  | 30.00 | %
Expected option life | 6 years |  | 6 years |  | 6 years
Summary of Stock Option Shares Outstanding and Exercisable | The following table summarizes information for stock option shares outstanding and exercisable, shares in thousands:
At December 31, 2023,
| Option Shares Outstanding |  | Option Shares Exercisable
| Range of Prices |  | Number of Shares |  | Weighted Average Remaining Option Term |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
$ | 22 - 26 |  | 256 |  | 2 |  | $25 |  | 256 |  | $25
$ | 27 - 36 |  | 538 |  | 4 |  | $35 |  | 469 |  | $35
$ | 37 - 60 |  | 1,459 |  | 7 |  | $53 |  | 896 |  | $50
$ | 22 - 60 |  | 2,254 |  | 6 |  | $45 |  | 1,621 |  | $42

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