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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company grants stock option awards, restricted share units (“RSUs”), performance share units (“PSUs”) and cash awards pursuant to the 2021 Incentive Stock Plan. Stock-based compensation expenses incurred by the Company were as follows:
|  |  | Three Months Ended March 31,
($ in millions) |  |  |  |  | 2025 |  | 2024 |  |
Stock-based compensation expense recognized in: |  |  |  |  |  |  |  |  |
Cost of sales |  |  |  |  | $ | 4 |  |  | $ | 4 |  |  |
Selling, general and administrative |  |  |  |  | 16 |  |  | 18 |  |  |
Research and development |  |  |  |  | 4 |  |  | 4 |  |  |
Total |  |  |  |  | $ | 24 |  |  | $ | 26 |  |  |
Income tax benefits |  |  |  |  | $ | 5 |  |  | $ | 5 |  |  |
The fair value of options granted was determined using the following assumptions:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024 |  |
Expected dividend yield |  | 7.41 | % |  | 6.00 | % |  |
Risk-free interest rate |  | 4.08 |  |  | 4.12 |  |  |
Expected volatility |  | 40.25 |  |  | 41.02 |  |  |
Expected life (years) |  | 5.89 |  | 5.89 |  |
A summary of the equity award transactions for the three months ended March 31, 2025 is as follows:
| Stock Options |  | RSUs |  | PSUs
(shares in thousands) | Shares |  | Weighted average exercise price |  | Weighted average grant date fair value |  | Shares |  | Weighted average grant date fair value |  | Shares |  | Weighted average grant date fair value
Outstanding as of January 1, 2025 | 6,948 |  |  | $ | 29.44 |  |  | $ | 7.70 |  |  | 8,590 |  |  | $ | 20.28 |  |  | 1,121 |  |  | $ | 28.44 |
Granted/Issued | 2,587 |  |  | 14.89 |  |  | 3.03 |  |  | 5,701 |  |  | 14.89 |  |  | 263 |  |  | 19.49 |
Vested/Exercised | — |  |  | — |  |  | — |  |  | (3,193) |  |  | 23.31 |  |  | (209) |  |  | 35.54 |
Forfeited/Cancelled | (117) |  |  | 31.34 |  |  | 9.73 |  |  | (283) |  |  | 18.66 |  |  | (147) |  |  | 35.54 |
Outstanding as of March 31, 2025 | 9,418 |  |  | $ | 25.42 |  |  | $ | 6.39 |  |  | 10,815 |  |  | $ | 16.62 |  |  | 1,028 |  |  | $ | 23.68 |
The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable as of March 31, 2025:
| Equity Awards Vested and Expected to Vest |  | Equity Awards That are Exercisable
(awards in thousands; aggregate intrinsic value in millions) | Awards |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Remaining Term (in years) |  | Awards |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Remaining Term (in years)
Stock Options | 8,980 |  |  | $ | 25.42 |  |  | $ | — |  |  | 7.33 |  | 5,503 |  |  | $ | 31.69 |  |  | $ | — |  |  | 5.73
RSUs | 9,858 |  |  |  |  | 163 |  |  | 2.37 |  |  |  |  |  |  |  |
PSUs | 802 |  |  |  |  | 13 |  |  | 1.76 |  |  |  |  |  |  |  |
The amount of unrecognized compensation costs as of March 31, 2025 was $221 million, which will be recognized in operating expense ratably over the weighted average vesting period of 2.34 years.

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