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Share-based Payments (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
Assumptions used to calculate the fair value of stock options awarded in 2017 are noted in the following table. There were no stock options granted or issued in 2023, 2022 or 2021. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life.
 Year Ended December 31, 2017
Weighted average assumptions used in option valuations:
Expected volatility35.35 %
Expected dividend yield1.97 %
Expected term (in years)7
Risk-free interest rate2.34 %
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the status of our stock options as of December 31, 2023, and activity during 2023, is as follows:
Shares
(in millions)
Weighted
Average
Exercise
Price
Weighted Average Remaining Contractual Term (Years)Aggregate
Intrinsic
Value
Outstanding as of December 31, 20220.6 $36.12 
Granted— — 
Exercised— $— 
Cancelled or forfeited— $— 
Outstanding as of December 31, 20230.6 $34.46 2.11$2.8 
Exercisable as of December 31, 20230.6 $34.46 2.11$2.8 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the status of our restricted stock units as of December 31, 2023, and activity during 2023, is as follows:
Shares
(in millions)
Weighted Average
Grant Date Fair
Value Per Share
Restricted stock units as of December 31, 20222.2 $27.68 
Granted0.5 49.02 
Issued and cancelled or forfeited(1.2)$17.73 
Restricted stock units as of December 31, 20231.5 $42.70 
Schedule Of Nonvested Performance Based Units Valuation Assumptions
A summary of the assumptions used to estimate the fair value of TSR performance units is as follows:
Years Ended December 31,
202320222021
Performance units granted1,206,283 540,915 717,952 
Average fair value of performance units on grant date$50.56 $55.08 $27.91 
Weighted average assumptions used in performance unit valuations:
Expected volatility48.33 %54.77 %58.26 %
Expected dividend yield1.52 %0.81 %0.68 %
Expected term (in years)333
Risk-free interest rate4.52 %1.68 %0.32 %
Schedule of Nonvested Performance-based Units Activity
A summary of our performance unit activity during 2023 is as follows:
Shares
(in millions)
Weighted Average
Grant Date Fair
Value Per Share
Outstanding as of December 31, 20222.6 $21.89 
Granted1.2 50.56 
Issued and cancelled or forfeited(2.5)$13.30 
Outstanding as of December 31, 20231.3 $39.86 
The outstanding performance units as of December 31, 2023 and 2022 include 500,393 and 791,624 cash-settled performance units, respectively.