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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We recorded stock-based compensation expense of $7 million and $11 million ($5 million and $8 million, net of tax) during the three months ended September 30, 2022 and 2021, respectively, and $19 million and $25 million ($14 million and $19 million, net of tax) during the nine months ended September 30, 2022 and 2021, respectively. In 2020, we granted market-based restricted stock units (“RSUs”) that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are as follows:
Expected volatility of stock price |  | 91% |
Risk-free interest rate |  | 0.18% |
Valuation period |  | 3 years |
Dividend yield |  | —% |
The activity related to RSUs consisted of (in thousands of shares):
|  |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in millions)
Time-based RSUs |  |  |  |  |  |  |
| Outstanding at January 1, 2022 | 671 |  |  | $ | 39.39 |  |  |  |  |
|  | Granted (a) | 104 |  |  | 178.13 |  |  |  |  |
|  | Vested (b) | (358) |  |  | 36.76 |  |  |  |  |
|  | Forfeited | (35) |  |  | 57.90 |  |  |  |  |
| Outstanding and expected to vest at September 30, 2022 (c) | 382 |  |  | $ | 78.02 |  |  | 1.0 |  | $ | 57 |
Performance-based and market-based RSUs |  |  |  |  |  |  |
| Outstanding at January 1, 2022 | 886 |  |  | $ | 35.40 |  |  |  |  |
|  | Granted (a) | 99 |  |  | 193.48 |  |  |  |  |
|  | Vested (b) | (254) |  |  | 34.24 |  |  |  |  |
|  | Forfeited | (37) |  |  | 42.82 |  |  |  |  |
| Outstanding at September 30, 2022 | 694 |  |  | $ | 57.89 |  |  | 1.1 |  | $ | 103 |
| Outstanding and expected to vest at September 30, 2022 (c) | 686 |  |  | $ | 56.30 |  |  | 1.1 |  | $ | 102 |
__________ (a)Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2021 w as $63.12 and $62.27, r espectively. (b)The total fair value of RSUs vested during the nine months ended September 30, 2022 and 2021 was $22 million and $17 million, respectively. (c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amoun ted to $44 million and will be recognized over a weighted average vesting period of 1.1 years.

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