Note 16 - Share-based Compensation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

16.  Share-Based Compensation

The following table presents share-based compensation cost and the unrecognized compensation cost by award type (in millions):

	Amount of share-based compensation cost recognized						Unrecognized compensation cost		Weighted-average remaining term in years
	Year ended December 31,						December 31,
	2023		2022		2021		2023
Time-based restricted stock and restricted stock units	$	172	$	111	$	94	$	211		2.1
Performance-based restricted stock units		36		52		79		17		1.7
Stock Options		2		7		9
Other		8		5		8
Total share-based compensation cost (1)	$	218	$	175	$	190

(1) The income tax benefit realized from share-based compensation was $17 million, $16 million and $37 million, respectively, for the years ended December 31, 2023, 2022 and 2021.

As of  December 31, 2023, there were approximately 23 million unissued common shares available for future grants authorized under the Plans.

Incentive Stock Plans

Time-Based Restricted Stock and Restricted Stock Units

The following table summarizes the changes in non-vested time-based restricted stock and restricted stock units during the year ended  December 31, 2023:

	Number of shares (in thousands)			Weighted-average grant-date fair value
Non-vested shares and share units as of December 31, 2022		11,299		$	29.19
Granted		7,438			34.90
Vested		(4,832	)		24.44
Forfeited		(584	)		34.03
Non-vested shares and share units as of December 31, 2023		13,321		$	33.89

The total fair value of time-based restricted stock and restricted stock units that vested during the years ended December 31, 2023, 2022 and 2021 was approximately $118 million, $93 million and $88 million, respectively. 

16.  Share-Based Compensation (Continued)

Performance-Based Restricted Stock Units

The following table summarizes the changes in non-vested performance-based restricted stock units during the year ended December 31, 2023:

	Number of shares (in thousands)			Weighted-average grant-date fair value
Non-vested share units as of December 31, 2022		4,696		$	35.41
Granted		1,674			35.08
Vested		(3,587	)		33.37
Performance adjustments		(726	)		35.43
Forfeited		(31	)		36.26
Non-vested share units as of December 31, 2023		2,026		$	38.89

The total fair value of performance-based restricted stock units that vested during the years ended December 31, 2023, 2022 and 2021 was approximately $120 million, $5 million and $3 million, respectively.

Stock Options

The following table summarizes information concerning stock options as of December 31, 2023 and the related activity for the year ended December 31, 2023:

	Number of shares (in thousands)			Weighted-average exercise price		Weighted-average remaining contractual term in years		Aggregate intrinsic value (in thousands)
Options Outstanding as of December 31, 2022		9,665		$	22.92
Exercised		(2,114	)		19.78
Forfeited and expired		(52	)		19.65
Options outstanding as of December 31, 2023		7,499			23.82		4.95		54,327
Options vested and exercisable as of December 31, 2023		7,499			23.82		4.95		54,327

The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price as of  December 31, 2023, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date. 

There were no options granted in 2023, 2022 or 2021. The total fair value of options that vested during the years ended December 31, 2023, 2022 and 2021 was approximately $6 million, $20 million and $16 million, respectively. 

Proceeds received from the exercise of stock options were $42 million, with a corresponding realized tax benefit of $4 million, for the year ended December 31, 2023. The total intrinsic value of options exercised for the years ended December 31, 2023, 2022 and 2021 was approximately $29 million, $36 million and $100 million, respectively.