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STOCK COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense recorded in Consolidated Statements of Operations
The amounts of stock-based compensation expense recorded in the Company’s Consolidated Statements of Operations were as follows:
Year Ended December 31,
(in millions)202420232022
Cost of products sold$$$
Selling, general, and administrative expense35 36 53 
Research and development expense
Restructuring and other costs(1)— 
Total stock-based compensation expense$39 $46 $59 
Related deferred income tax benefit$$$
Schedule of Assumptions Used to Determine Compensation Cost for the Company's Non-qualified Stock Options Issued
The Company uses the Black-Scholes option-pricing model to estimate the fair value of each option awarded. The average assumptions used to determine compensation cost for the Company’s NQSOs issued were as follows:
Year Ended December 31,
 202420232022
Weighted average fair value per NQSO$9.91   $12.64   $14.06   
Expected dividend yield1.92 %1.45 %1.09 %
Risk-free interest rate4.28 %4.27 %2.23 %
Expected volatility35.7 %35.8 %32.7 %
Expected life (years)4.264.765.20
Schedule of Non-qualified Stock Option Transactions
The NQSO transactions for the year ended December 31, 2024 were as follows:
 OutstandingExercisableExpected to Vest
(in millions, except per share amounts)Shares
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Shares
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
SharesWeighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
December 31, 20232.6 $48.11 $1.6 $52.55 $— 1.0 $41.41 $
Granted0.4 33.28     
Exercised— 30.60     
Cancelled(0.6)52.12 
Forfeited(0.2)36.63     
December 31, 20242.2 $45.37 $— 1.4 $50.27 $— 0.8 $37.06 $— 
Schedule of Information about Non-qualified Stock Options Outstanding
Information about NQSOs outstanding as of December 31, 2024 is provided below:
 OutstandingExercisable
Number
Outstanding
at
December 31, 2024
Weighted
Average
Remaining
Contractual
Life
(in years)
Weighted
Average
Exercise
Price
Number
Exercisable
at
December 31, 2024
Weighted
Average
Exercise
Price
Range of Exercise Prices
(in millions, except per share amounts and life)
20.01 -30.001.0 6.80$35.97 0.3 $36.47 
30.01 -40.000.4 4.2047.70 0.4 47.86 
40.01 -50.000.6 4.1055.07 0.5 55.26 
50.01 -60.000.2 1.9062.43 0.2 62.43 
 2.2 1.4 
Schedule of the Unvested RSU Transactions
The unvested RSUs for the year ended December 31, 2024 were as follows:
 Unvested Restricted Stock Units
 Shares
Weighted Average
Grant Date
Fair Value
(in millions, except per share amounts)
Unvested at December 31, 2023
3.6 $42.95 
Granted2.4 32.10 
Vested(1.1)39.48 
Forfeited(1.0)39.35 
Unvested at December 31, 2024
3.9 $37.11