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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
The MVW Equity Plan is maintained for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) RSUs of our common stock, (2) SARs relating to our common stock, and (3) stock options to purchase our common stock. A total of approximately 3 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of December 31, 2024, approximately 2 million shares were available for grants under the MVW Equity Plan.
The following table details our share-based compensation expense related to award grants to our officers, directors, and employees. We recognized $7 million, $7 million, and $6 million of tax benefits associated with share-based compensation during 2024, 2023, and 2022, respectively.
($ in millions)202420232022
Service-based RSUs$30 $29 $31 
Performance-based RSUs— — 3 
30 29 34 
SARs3 2 5 
$33 $31 $39 
The following table details our deferred compensation costs related to unvested awards:
($ in millions)
At Year-End 2024(1)
At Year-End 2023
Service-based RSUs$24 $22 
Performance-based RSUs5 1 
29 23 
SARs1 1 
$30 $24 
(1)As of December 31, 2024, the weighted average remaining term for RSU grants outstanding at year-end 2024 was one to three years and we expect that deferred compensation expense will be recognized over a weighted average period of one to three years.
Restricted Stock Units
We have issued RSUs that vest over time, which we refer to as service-based RSUs, and RSUs that vest based on performance with respect to established criteria, which we refer to as performance-based RSUs.
The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:
2024
Service-basedPerformance-basedTotal
Number of RSUsWeighted Average Grant-Date Fair Value Per RSUNumber of RSUsWeighted Average Grant-Date Fair Value Per RSUNumber of RSUsWeighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2023655,114$123.91 192,724$148.29 847,838$129.45 
Granted403,071$87.54 204,020$85.12 607,091$86.73 
Distributed(249,097)$134.08 —$— (249,097)$134.08 
Forfeited(25,561)$107.54 (20,912)$109.86 (46,473)$108.59 
Outstanding at year-end 2024783,527$102.50 375,832$116.13 1,159,359$106.92 
The weighted average grant-date fair value per RSU granted in 2023 and 2022 was $143.08 and $151.86, respectively. The fair value of the RSUs which vested in 2024, 2023, and 2022 was $22 million, $36 million, and $65 million, respectively.
Stock Appreciation Rights
The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices: 
 2024
 Number of
SARs		Weighted Average Exercise Price Per SAR
Outstanding at year-end 2023720,028$116.56 
Granted86,759 $93.73 
Exercised(45,022)$73.65 
Forfeited or expired(3,036)$93.73 
Outstanding at year-end 2024(1)(2)
758,729$116.59 
(1)As of December 31, 2024, outstanding SARs had an aggregate intrinsic value of $3 million and a weighted average remaining term of 5 years.
(2)As of December 31, 2024, 580,534 SARs with a weighted average exercise price of $112.42, an aggregate intrinsic value of $3 million and a weighted average remaining contractual term of 4 years were exercisable.
The weighted average grant-date fair value per SAR granted in 2024, 2023, and 2022 was $34.58, $58.50, and $59.68, respectively. The SARs which vested in 2024 and 2023 did not have any intrinsic value. The intrinsic value of SARs which vested in 2022 was $2 million. The aggregate intrinsic value of SARs which were exercised in 2024, 2023, and 2022 was $1 million, less than $1 million, and $1 million, respectively.
We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.
The following table outlines the assumptions used to estimate the fair value of grants in 2024, 2023, and 2022:
202420232022
Expected volatility45.78%40.47%42.86%
Dividend yield3.21%1.87%1.53%
Risk-free rate4.23%4.07%1.77%
Expected term (in years)6.256.256.25