Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the three months ended March 31, 2023 consisted of the following:
RSUs
PSUs
Number of
RSUs
Weighted
Average
Grant Price
Number
of
PSUs
Weighted
Average
Grant Price
Balance as of December 31, 2022 1.0  $ 67.90  0.3  $ 69.82 
Granted (a)
0.3  77.30  0.3 
(b)
 77.45 
Vested
 (0.3) 63.86  —  — 
Canceled
 —  —  (0.1) 53.40 
Balance as of March 31, 2023 1.0 
(c)
 $ 72.36  0.5 
(d)
 $ 76.56 
______________________
(a)Represents awards granted by the Company in March 2023.
(b)Represents awards granted by the Company at the maximum achievement level of 200% of target payout. Actual shares that may be issued can range from 0% to 200% of target.
(c)RSUs outstanding as of March 31, 2023 have an aggregate unrecognized compensation expense of $68 million, which is expected to be recognized over a weighted average period of 3.0 years.
(d)PSUs outstanding as of March 31, 2023 have an aggregate maximum potential unrecognized compensation expense of $29 million, which may be recognized over a weighted average period of 2.5 years based on attainment of targets.
There were no stock options granted in 2023 or 2022. The activity related to stock options for the three months ended March 31, 2023 consisted of the following:
Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2022 1.0  $ 55.90 
Granted
 —  — 
Exercised —  — 
Canceled —  — 
Outstanding as of March 31, 2023
 1.0  $ 55.91  3.4 $ 12 
Unvested as of March 31, 2023
 0.1 
(a)
 $ 56.47  3.2 $ 2 
Exercisable as of March 31, 2023
 0.9  $ 55.81  3.5 $ 10 
______________________
(a)Unvested options as of March 31, 2023 are expected to vest over time and have an aggregate unrecognized compensation expense of $2 million, which will be recognized over a weighted average period of 1.4 years.