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Shareholders' Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Preferred Stock
As of December 31, 2022, the Company had one class of preferred stock outstanding. Refer to Note 17 – Preferred Stock for further information. The Company is authorized to issue approximately 100 million shares of convertible preferred stock at $0.01 par value per share.
Common Stock
The Company has 1 billion authorized shares of common stock at $0.01 par value per share. At December 31, 2022, 25.9 million shares were reserved for issuance under the Company's incentive compensation plans and 5.4 million shares were reserved for conversion of the Series A convertible preferred stock.
Stock Compensation Plans
Certain of the Company's employees participate in a long-term incentive plan. The Company's long-term incentive plan authorizes the issuance of restricted stock units / shares (RSU), performance stock units / share (PSU) and non-qualified stock options to employees. Stock-based compensation expense includes expense based on the awards and terms previously granted to the employees.
Stock-based compensation expense was as follows:
Year Ended December 31,
(in millions)202220212020
Stock-based compensation expense, pre-tax$21 $21 $20 
Income tax benefit recognized in earnings4 3 3 

Restricted Stock Units / Shares Compensation expense is based upon the grant date market price. The compensation expense is recorded over the vesting period based on management's estimate of the number of shares expected to vest. The Company’s RSU awards typically vest in three separate and equal tranches over a three-year period. Each tranche vests annually, at December 31, following the date of grant.
In 2022, the Company issued 312 thousand Deferred Stock Units (DSU) to non-employee members of the Board of Directors. DSU awards typically vest in accordance with certain service conditions.
Performance Stock Units / Shares: The Company has granted PSUs under various scenarios including:
•PSUs that vest contingent upon its achievement of certain specified financial performance criteria over a three-year period. If the three-year actual results exceed the stated targets, then the plan participants have the potential to earn additional shares of common stock, which cannot exceed 50% of the original grant. The fair value of these PSUs is based upon the market price of Conduent's common stock on the date of the grant. Compensation expense is recognized over the vesting period, which is two years and nine months from the date of grant, based on management's estimate of the number of shares expected to vest. If the stated targets are not met, any recognized compensation cost would be reversed.
•PSUs that vest contingent upon the increase of Conduent’s stock price to certain levels over a two year and nine-month period from the date of grant. For PSUs granted in 2022, the number of shares eligible to vest may be adjusted upward or downward by 5% based on a total shareholder return modifier, which measures the Company’s stock performance relative to the stock performance of the Company’s 2022 proxy peers over each measurement period. These PSUs also have a service requirement that must be met for them to vest. The fair value of these PSUs is based upon a Monte Carlo simulation. Compensation expense is recognized over the vesting period based on management's estimate of the number of shares expected to vest.
Summary of Stock-based Compensation Activity
 202220212020
(shares in thousands)SharesWeighted
Average Grant
Date Fair
Value		SharesWeighted
Average Grant
Date Fair
Value		SharesWeighted
Average Grant
Date Fair
Value
Restricted Stock Units / Shares
Outstanding at January 13,792 $4.57 5,620 $3.49 1,741 $13.07 
Granted3,431 5.15 2,677 6.65 7,778 2.25 
Vested(3,238)4.38 (3,117)4.69 (2,816)4.99 
Canceled(820)4.56 (1,388)3.96 (1,083)6.11 
Outstanding at December 313,165 5.39 3,792 4.57 5,620 3.49 
Performance Stock Units / Shares
Outstanding at January 13,609 $4.71 5,453 $3.83 3,597 $16.17 
Granted2,186 4.80 1,545 6.54 7,010 1.37 
Vested(1,688)2.02 (1,945)3.37 (3,163)7.33 
Canceled(1,010)8.02 (1,444)5.13 (1,991)11.91 
Outstanding at December 313,097 — 3,609 4.71 5,453 3.83 
The total unrecognized compensation cost related to non-vested stock-based awards at December 31, 2022 was as follows (in millions):
AwardsUnrecognized CompensationRemaining Weighted-Average Expense Period (Years)
Restricted Stock Units / Shares$12 1.7
Performance Stock Units / Shares4 1.4
Total$16 
The aggregate intrinsic value of outstanding RSUs and PSUs awards were as follows (in millions):
AwardsDecember 31, 2022
Restricted Stock Units / Shares$13 
Performance Stock Units / Shares13 
The total intrinsic value and actual tax benefit realized for vested and exercised stock-based awards were as follows:
(in millions)December 31, 2022December 31, 2021December 31, 2020
AwardsTotal Intrinsic ValueCash ReceivedTax BenefitTotal Intrinsic ValueCash ReceivedTax BenefitTotal Intrinsic ValueCash ReceivedTax Benefit
Restricted Stock Units / Shares$13 $— $3 $17 $— $3 $13 $— $3 
Performance Stock Units / Shares7 — 1 11 — 2 14 — 2