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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The following table summarizes the Company's share-based compensation expense.
 Years Ended December 31,
 202220212020
 (Thousands)
Incentive Performance Share Unit Programs$23,443 $15,386 $10,457 
Restricted stock awards23,028 19,217 10,480 
Non-qualified stock options221 550 848 
Stock appreciation rights17,406 9,183 2,724 
Other programs, including non-employee director awards3,313 3,171 3,040 
Total share-based compensation expense (a)$67,411 $47,507 $27,549 
         
(a)For the years ended December 31, 2021 and 2020, share-based compensation expense of $4.7 million and $2.1 million, respectively, was included in other operating expenses related primarily to reorganization costs.
Schedule of Award Types
The following table summarizes Incentive PSU Programs to be settled in stock and classified as equity awards.
Incentive PSU Programs – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
615,293 $44.27 $27,239,021 
Granted in Period1,376,198 6.62 9,110,431 
Granted from Multiplier28,705 120.60 3,461,823 
Vested(73,278)120.60 (8,837,327)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 2020
1,939,728 15.92 30,878,465 
Granted in Period922,260 23.44 21,617,774 
Granted from Multiplier61,076 76.53 4,674,146 
Vested(168,416)76.53 (12,888,876)
Outstanding at December 31, 20212,754,648 16.08 44,281,509 
Granted in Period575,120 29.73 (b)17,098,318 
Granted from Multiplier162,183 29.45 4,776,289 
Vested(625,563)29.45 (18,422,830)
Forfeited(4,398)13.28 (58,405)
Outstanding at December 31, 2022
2,861,990 $16.66 $47,674,881 

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares of 9,550 and 7,020, respectively, for Equitrans Midstream employees.
(b)The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022. The fair value determined through a Monte Carlo simulation at the time of conversion totaled $75.32 per share, which was an increase of $45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.

The following table summarizes Incentive PSU Programs to be settled in cash and classified as liability awards.
Incentive PSU Programs – Cash SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
452,410 $60.19 $27,230,558 
Granted from Multiplier60,123 120.60 7,250,834 
Vested(153,482)120.60 (18,509,929)
Forfeited(19,356)61.43 (1,189,039)
Outstanding at December 31, 2020
339,695 43.52 14,782,424 
Granted from Multiplier32,350 76.53 2,475,746 
Vested(134,525)76.53 (10,293,571)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 29.32 6,848,566 
Granted from Multiplier81,753 29.32 2,396,998 
Vested(315,333)29.32 (9,245,564)
Outstanding at December 31, 2022
— $— $— 
(a)For the years ended 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.
Schedule of Valuation Assumptions
Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
 Incentive PSU Programs Issued During the Years Ended December 31,
20222021 (a)2020 (b)20192018
Risk-free rate1.52%0.18%1.22%2.44%1.97%
Volatility factor65.38%72.50%45.41%54.60%32.60%
Expected term3 years3 years3 years3 years3 years

(a)There were two grant dates for the 2021 Incentive PSU Program. Amounts shown represent weighted average.
(b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average.

Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable.
The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2022 and 2021.
 
Year Ended
December 31, 2020
Risk-free interest rate1.10 %
Dividend yield— %
Volatility factor60.00 %
Expected term4 years
Number of Options Granted1,000,000 
Weighted Average Grant Date Fair Value$1.61 
The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
2020 Stock Appreciation Rights
Risk-free interest rate0.30 %
Dividend yield— %
Volatility factor67.50 %
Expected term3.28 years
Number of Stock Appreciation Rights Granted1,240,000
Weighted Average Grant Date Fair Value$2.61 
Total Intrinsic Value of Exercises$— 
Summary of Restricted Stock Awards Activity
The following table summarizes restricted stock unit equity award activity as of December 31, 2022.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at January 1, 20211,868,400 $11.56 $21,594,314 
Granted1,980,230 13.92 27,563,546 
Vested(621,930)13.85 (8,612,563)
Forfeited(122,419)12.16 (1,488,862)
Outstanding at December 31, 2021
3,104,281 12.58 39,056,435 
Granted1,288,430 21.65 27,893,331 
Vested(1,368,577)12.16 (16,644,859)
Forfeited(97,189)15.56 (1,512,333)
Outstanding at December 31, 2022
2,926,945 $16.67 $48,792,574 

(a)Shares vested during the year ended December 31, 2021 included 59,340 shares for an Equitrans Midstream employee that was settled by the Company.
Summary of Option Activity
The following table summarizes option activity as of December 31, 2022.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
3,466,629 $23.31 
Exercised(1,517,407)26.83   
Expired(365,586)28.21 
Outstanding at December 31, 2022
1,583,636 18.81 3.8 years$26,837,073 
Exercisable at December 31, 2022
1,250,303 $21.16 3.7 years$18,893,740 
Summary of Stock Appreciation Rights
The following table summarizes stock appreciation rights activity as of December 31, 2022.
Stock Appreciation RightsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2022
1,240,000 10.00 7.0 years$29,549,200 
Exercisable at December 31, 2022
333,333 $10.00 7.0 years$7,943,325