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Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

The following table summarizes the activity related to options during 2021:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In millions)
Outstanding at January 1		8,700,732		$	15.97
Options granted		—			—
Options exercised		(2,028,083	)		12.83			$	11
Options expired		(60,892	)		14.28
Options cancelled		(172,956	)		14.00
Outstanding at December 31		6,438,801			17.03		6.1		46
Vested and expected to vest at December 31		6,360,051			17.11		6.1		45
Exercisable at December 31		3,044,514			24.73		3.9		8
Available for grant at December 31		3,310,039

Significant Options Groups Outstanding

Significant option groups outstanding at December 31, 2021 and related weighted average exercise price and remaining contractual term information follows:


Grant Date	Options Outstanding		Options Exercisable		Exercise Price		Remaining Contractual Term (Years)
2/25/2020		3,792,384		398,097	$	10.12		8.16
2/27/2017		556,409		556,409		35.26		5.16
2/22/2016		537,126		537,126		29.90		4.15
2/23/2015		483,150		483,150		27.16		3.15
2/24/2014		371,480		371,480		26.44		2.15
2/28/2013		244,914		244,914		12.98		1.16
2/27/2012		101,350		101,350		12.94		0.16
All Other		351,988		351,988	(1)		(1)
		6,438,801		3,044,514

(1)

Options in the “All other” category had exercise prices ranging from $9.54 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $23.13 for both, while the remaining weighted average contractual term was 2.5 years for both.

Weighted Average Grant Date Fair Values of Stock Options and the Assumptions Used

Weighted average grant date fair values of stock options and the assumptions used in estimating those fair values are as follows:


	2020
Weighted average grant date fair value	$	10.12
Black-Scholes model assumptions(1):
Expected term (years)		7.50
Interest rate		1.29	%
Volatility		41.28	%
Dividend yield		6.54	%

(1)

We review the assumptions used in our Black-Scholes model in conjunction with estimating the grant date fair value of grants of options by our Board of Directors. There were no stock options granted during 2021 or 2019.

Stock-based Compensation Expense and Cash Activity

Other Information

Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows:



(In millions)	2021			2020			2019
Stock-based compensation expense recognized	$	36		$	31		$	27
Tax benefit		(8	)		(8	)		(7	)
After-tax stock-based compensation expense	$	28		$	23		$	20
Cash payments to settle SARs	$	—		$	—		$	—
Cash received from stock option exercises	$	26		$	—		$	2

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 2021:


	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		594,780		$	15.02
Units granted		911,550			19.32
Units vested		(250,293	)		18.43
Units forfeited		(7,961	)		17.71
Unvested at December 31		1,248,076			17.46

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 2021:


	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		2,927,936		$	18.80
Units granted		771,038			16.63
Units vested		(1,137,026	)		24.34
Units forfeited		(114,969	)		15.98
Unvested at December 31		2,446,979			15.20
Units vested but not released		482,505			23.86
Outstanding at December 31		2,929,484			16.63