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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We recorded stock-based compensation expense of $8 million and $6 million ($6 million and $4 million, net of tax) during the three months ended March 31, 2023 and 2022, 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, 2023 | 451 |  |  | $ | 92.06 |  |  |  |  |
|  | Granted (a) | 71 |  |  | 208.84 |  |  |  |  |
|  | Vested (b) | (191) |  |  | 49.13 |  |  |  |  |
|  | Forfeited | — |  |  | — |  |  |  |  |
| Outstanding and expected to vest at March 31, 2023 (c) | 331 |  |  | $ | 141.90 |  |  | 1.7 |  | $ | 64 |
Performance-based and market-based RSUs |  |  |  |  |  |  |
| Outstanding at January 1, 2023 | 691 |  |  | $ | 57.56 |  |  |  |  |
|  | Granted (a) | 88 |  |  | 208.84 |  |  |  |  |
|  | Vested (b) | (344) |  |  | 21.09 |  |  |  |  |
|  | Forfeited | — |  |  | — |  |  |  |  |
| Outstanding at March 31, 2023 | 435 |  |  | $ | 116.95 |  |  | 1.4 |  | $ | 85 |
| Outstanding and expected to vest at March 31, 2023 (c) | 404 |  |  | $ | 110.22 |  |  | 1.4 |  | $ | 79 |
__________ (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 three months ended March 31, 2022 w as $194.74. (b)The total fair value of RSUs vested during the three months ended March 31, 2023 and 2022 was $17 million and $15 million, respectively. (c)Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amoun ted to $69 million and will be recognized over a weighted average vesting period of 1.5 years.

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