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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The total recognized and unrecognized stock-based compensation expense is as follows:
| Year Ended December 31, |  | Unrecognized Stock-Based Compensation Expense
(In millions) | 2022 |  | 2021 |  | 2020 |  | December 31, 2022
Performance based share units | $ | 7 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 9 |
Restricted stock units | 20 |  |  | 12 |  |  | 10 |  |  | 20 |
Stock options | — |  |  | 1 |  |  | 2 |  |  | — |
Total stock-based compensation expense | $ | 27 |  |  | $ | 18 |  |  | $ | 18 |  |  | $ | 29 |
Summary of employee activity for PSUs |
A summary of PSU activity is provided below: | PSUs |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested as of December 31, 2019 | 170 |  |  | $ | 118.77 |
Granted | 94 |  |  | 84.20 |
Vested | (66) |  |  | 116.35 |
Forfeited | (18) |  |  | 100.51 |
Non-vested as of December 31, 2020 | 180 |  |  | 106.48 |
Granted | 55 |  |  | 148.71 |
Vested | (52) |  |  | 131.48 |
Forfeited | (15) |  |  | 112.01 |
Non-vested as of December 31, 2021 | 168 |  |  | 112.24 |
Granted | 98 |  |  | 164.24 |
Vested | (86) |  |  | 115.70 |
Forfeited | (8) |  |  | 141.76 |
Non-vested as of December 31, 2022 | 172 |  |  | $ | 128.28 |
Schedule of valuation assumptions to estimate fair value of PSUs | eighted average assumptions used to estimate the fair value of PSUs granted during the years ended as of December 31, 2022 and 2021 are as follows:
| Year Ended December 31,
| 2022 |  | 2021
Expected volatility | 52.12 | % |  | 54.17 | %
Risk-free rate | 1.46 | % |  | 0.31 | %
Expected dividend yield | — | % |  | — | %
Summary of employee activity for RSUs | A summary of RSU activity is provided below:
| RSUs |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested as of December 31, 2019 | 216 |  | $ | 90.98 |
Granted | 231 |  |  | 77.57 |
Vested | (84) |  |  | 95.70 |
Forfeited | (46) |  |  | 77.47 |
Non-vested as of December 31, 2020 | 317 |  |  | 82.31 |
Granted | 117 |  |  | 124.34 |
Vested | (106) |  |  | 84.80 |
Forfeited | (43) |  |  | 88.64 |
Non-vested as of December 31, 2021 | 285 |  |  | 97.68 |
Granted | 293 |  |  | 115.13 |
Vested | (171) |  |  | 91.48 |
Forfeited | (52) |  |  | 107.10 |
Non-vested as of December 31, 2022 | 355 |  |  | $ | 113.41 |
Weighted average assumptions used to estimate fair value of awards granted | Weighted average assumptions used to estimate the fair value of awards granted during the year ended December 31, 2020 are as follows:
| 2020
Expected term (in years) | 5
Expected volatility | 35.23 | %
Risk-free interest rate | 0.75 | %
Expected dividend yield | — | %
Summary of employee activity for stock options and SARs | A summary of Stock Options and SAR activity is provided below:
| Stock Options |  | Weighted Average Exercise Price |  | SARs |  | Weighted Average Exercise Price
| (In thousands) |  |  |  | (In thousands) |  |
December 31, 2019 | 283 |  |  | $ | 93.51 |  |  | 7 |  |  | $ | 72.84 |
Granted | 112 |  |  | 66.98 |  |  | — |  |  | — |
Exercised | (27) |  |  | 84.98 |  |  | (1) |  |  | 56.59 |
Forfeited or expired | (20) |  |  | 96.12 |  |  | — |  |  | — |
December 31, 2020 | 348 |  |  | 85.46 |  |  | 6 |  |  | 74.77 |
Exercised | (19) |  |  | 80.74 |  |  | (6) |  |  | 74.77 |
Forfeited or expired | (17) |  |  | 89.17 |  |  | — |  |  | — |
December 31, 2021 | 312 |  |  | 85.56 |  |  | — |  |  | — |
Exercised | (51) |  |  | 75.05 |  |  | — |  |  | — |
December 31, 2022 | 261 |  |  | $ | 87.62 |  |  | — |  |  | $ | — |
Exercisable at December 31, 2022 | 227 |  |  | $ | 90.70 |  |  | — |  |  | $ | — |
|  | Stock Options
Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price
|  | (In thousands) |  | (In years) |  |
$60.01 - $80.00 |  | 93 |  |  | 4.3 |  | $ | 66.98 |
$80.01 - $100.00 |  | 113 |  |  | 2.4 |  | $ | 86.76 |
$100.01 - $130.00 |  | 55 |  |  | 2.3 |  | $ | 124.35 |
|  | 261 |  |  |  |  |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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