Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the six months ended June 30, 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)
0.4  77.18  0.3 
(b)
 77.45 
Vested
 (0.4) 63.56  —  — 
Canceled
 —  —  (0.1) 53.40 
Balance as of June 30, 2023 1.0 
(c)
 $ 72.53  0.5 
(d)
 $ 76.56 
______________________
(a)Represents awards granted by the Company primarily 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 June 30, 2023 have an aggregate unrecognized compensation expense of $60 million, which is expected to be recognized over a weighted average period of 2.8 years.
(d)PSUs outstanding as of June 30, 2023 have an aggregate maximum potential unrecognized compensation expense of $28 million, which may be recognized over a weighted average period of 2.3 years based on attainment of targets.
There were no stock options granted in 2023 or 2022. The activity related to stock options for the six months ended June 30, 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 June 30, 2023
 1.0  $ 55.91  3.2 $ 13 
Unvested as of June 30, 2023
 0.1 
(a)
 $ 56.47  2.9 $ 2 
Exercisable as of June 30, 2023
 0.9  $ 55.81  3.3 $ 11 
______________________
(a)Unvested options as of June 30, 2023 are expected to vest over time and have an aggregate unrecognized compensation expense of $1 million, which will be recognized over a weighted average period of 1.2 years.