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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | STOCK-BASED COMPENSATION During each of the three months ended March 31, 2024 and 2023, we recognized $6 million in stock-based compensation expense, which was allocated between cost of goods sold and selling, general and administrative expenses in the condensed consolidated statements of operations. We recognized tax benefits on stock-based compensation of $1 million for each of the three months ended March 31, 2024 and 2023. 2024 Activity A summary of stock option award activity as of and for the three months ended March 31, 2024 is presented below.
Stock Options |  | Awards (in millions) |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (in millions) |  | Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2024 |  | 0.5 |  |  | $ | 28.33 |  |  |  |  |
Granted |  | — |  |  | $ | — |  |  |  |  |
Exercised |  | (0.1) |  |  | $ | 27.00 |  |  |  |  |
Forfeited / Expired (1) |  | — |  |  | $ | 32.50 |  |  |  |  |
Outstanding at March 31, 2024 |  | 0.4 |  |  | $ | 28.56 |  |  |  |  |
Vested and expected to vest at March 31, 2024 |  | 0.4 |  |  | $ | 28.56 |  |  | $ | 2 |  |  | 3.64
Exercisable at March 31, 2024 |  | 0.4 |  |  | $ | 28.56 |  |  | $ | 2 |  |  | 3.64
(1) Activity during the three months ended March 31, 2024 rounds to zero. Cash received by the Company upon exercise of options for the three months ended March 31, 2024 was $3 million. No excess tax benefits or shortfall expenses were recorded related to these exercises. At March 31, 2024, there was no unrecognized expense relating to unvested stock options.
Restricted Stock Units |  | Units (in millions) |  | Weighted Average Fair Value
Outstanding at January 1, 2024 |  | 1.3 |  |  | $ | 28.71 |
Granted |  | 0.5 |  |  | $ | 32.48 |
Vested |  | (0.4) |  |  | $ | 29.06 |
Forfeited |  | (0.1) |  |  | $ | 29.45 |
Outstanding at March 31, 2024 |  | 1.3 |  |  | $ | 30.06 |
Tax benefits on the vesting of restricted stock units during the three months ended March 31, 2024 were immaterial. At March 31, 2024, there was $26 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.7 years.
Performance Share Units |  | Units (in millions) |  | Weighted Average Fair Value
Outstanding at January 1, 2024 |  | 0.8 |  |  | $ | 33.20 |
Granted |  | 0.3 |  |  | $ | 38.52 |
Vested (1) |  | — |  |  | $ | 29.53 |
Forfeited |  | (0.2) |  |  | $ | 30.50 |
Outstanding at March 31, 2024 |  | 0.9 |  |  | $ | 35.79 |
(1) Activity during the three months ended March 31, 2024 rounds to zero. Our performance share units allow for participants to vest in zero to 200% of the targeted number of shares granted. At March 31, 2024, there was $24 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 2.4 years. The forfeitures include portions of performance share unit grants that were determined to not have vested during the period as a result of not meeting established financial performance thresholds.

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