Stock Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity |
The following table summarizes the activity related to options during 2023:
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Options |
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|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate
Intrinsic
Value
(In millions) |
|
Outstanding at January 1 |
|
|
5,927,398 |
|
|
$ |
17.20 |
|
|
|
|
|
|
|
Options granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Options exercised |
|
|
(329,824 |
) |
|
|
10.12 |
|
|
|
|
|
$ |
1.0 |
|
Options expired |
|
|
(315,118 |
) |
|
|
15.69 |
|
|
|
|
|
|
|
Options cancelled |
|
|
(217,641 |
) |
|
|
17.48 |
|
|
|
|
|
|
|
Outstanding at December 31 |
|
|
5,064,815 |
|
|
|
17.74 |
|
|
|
4.5 |
|
|
|
13.1 |
|
Vested and expected to vest at December 31 |
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|
5,052,481 |
|
|
|
17.76 |
|
|
|
4.5 |
|
|
|
13.0 |
|
Exercisable at December 31 |
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|
3,861,080 |
|
|
|
20.12 |
|
|
|
3.9 |
|
|
|
8.0 |
|
Available for grant at December 31 |
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|
18,710,713 |
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|
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| Significant Options Groups Outstanding |
Significant option groups outstanding at December 31, 2023 and related weighted average exercise price and remaining contractual term information follows:
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|
|
|
|
Grant Date |
|
Options
Outstanding |
|
|
Options
Exercisable |
|
|
Exercise
Price |
|
|
Remaining
Contractual
Term (Years) |
|
2/25/2020 |
|
|
3,110,848 |
|
|
|
1,907,360 |
|
|
$ |
10.12 |
|
|
|
6.16 |
|
2/27/2017 |
|
|
511,087 |
|
|
|
511,087 |
|
|
|
35.26 |
|
|
|
3.16 |
|
2/22/2016 |
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|
492,706 |
|
|
|
492,706 |
|
|
|
29.90 |
|
|
|
2.15 |
|
2/23/2015 |
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|
444,806 |
|
|
|
444,806 |
|
|
|
27.16 |
|
|
|
1.15 |
|
2/24/2014 |
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|
338,440 |
|
|
|
338,440 |
|
|
|
26.44 |
|
|
|
0.15 |
|
All Other (1) |
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|
166,928 |
|
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|
166,681 |
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|
|
|
|
|
|
|
|
|
5,064,815 |
|
|
|
3,861,080 |
|
|
|
|
|
|
|
(1)Options in the “All Other” category had exercise prices ranging from $22.27 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $27.61 for both, while the remaining weighted average contractual term was 1.4 years for both.
|
| Stock-based Compensation Expense and Cash Activity |
Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows:
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|
(In millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Stock-based compensation expense recognized |
|
$ |
19 |
|
|
$ |
14 |
|
|
$ |
36 |
|
Tax benefit |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(8 |
) |
After-tax stock-based compensation expense |
|
$ |
15 |
|
|
$ |
11 |
|
|
$ |
28 |
|
Cash payments to settle SARs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Cash received from stock option exercises |
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
26 |
|
|
| Performance Share Units |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Nonvested Share Activity |
The following table summarizes the activity related to performance share units during 2023:
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Weighted
Average
Grant Date
Fair Value |
|
Unvested at January 1 |
|
|
663,690 |
|
|
$ |
19.43 |
|
Units granted |
|
|
381,169 |
|
|
|
11.48 |
|
Units vested |
|
|
(336,402 |
) |
|
|
12.85 |
|
Units forfeited |
|
|
— |
|
|
|
— |
|
Unvested at December 31 |
|
|
708,457 |
|
|
|
14.69 |
|
|
| Restricted Stock Units |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Nonvested Share Activity |
The following table summarizes the activity related to restricted stock units during 2023:
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|
|
|
|
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|
Units |
|
|
Weighted
Average
Grant Date
Fair Value |
|
Unvested at January 1 |
|
|
1,374,608 |
|
|
$ |
12.95 |
|
Units granted |
|
|
1,361,432 |
|
|
|
11.84 |
|
Units vested |
|
|
(1,270,023 |
) |
|
|
11.03 |
|
Units forfeited |
|
|
(63,887 |
) |
|
|
13.10 |
|
Unvested at December 31 |
|
|
1,402,131 |
|
|
|
13.60 |
|
Units vested but not released |
|
|
1,884,258 |
|
|
|
12.24 |
|
Outstanding at December 31 |
|
|
3,286,389 |
|
|
|
14.10 |
|
|