XML 65 R51.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

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

The following table summarizes the activity related to options during 2022:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In millions)
Outstanding at January 1		6,438,801		$	17.03
Options granted		—			—
Options exercised		(77,925	)		12.59			$	0.4
Options expired		(106,826	)		12.24
Options cancelled		(326,652	)		16.50
Outstanding at December 31		5,927,398			17.20		5.3		—
Vested and expected to vest at December 31		5,867,477			17.27		5.3		—
Exercisable at December 31		3,370,420			22.57		3.9		—
Available for grant at December 31		21,697,291

Significant Options Groups Outstanding

Significant option groups outstanding at December 31, 2022 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		3,578,172		1,021,194	$	10.12		7.16
2/27/2017		530,581		530,581		35.26		4.16
2/22/2016		510,700		510,700		29.90		3.15
2/23/2015		455,688		455,688		27.16		2.15
2/24/2014		348,867		348,867		26.44		1.15
2/28/2013		217,400		217,400		12.98		0.16
All Other		285,990		285,990	(1)		(1)
		5,927,398		3,370,420

(1)

Options in the “All other” category had exercise prices ranging from $15.10 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $25.69 for both, while the remaining weighted average contractual term was 1.9 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 2022 or 2021.

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:



(In millions)	2022			2021			2020
Stock-based compensation expense recognized	$	14		$	36		$	31
Tax benefit		(3	)		(8	)		(8	)
After-tax stock-based compensation expense	$	11		$	28		$	23
Cash payments to settle SARs	$	—		$	—		$	—
Cash received from stock option exercises	$	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 2022:


	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		1,248,076		$	17.46
Units granted		387,963			15.60
Units vested		(672,590	)		14.36
Units forfeited		(299,759	)		17.65
Unvested at December 31		663,690			19.43

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 2022:


	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		2,446,979		$	15.20
Units granted		894,037			14.36
Units vested		(1,845,892	)		16.77
Units forfeited		(120,516	)		15.75
Unvested at December 31		1,374,608			12.95
Units vested but not released		1,084,817			17.57
Outstanding at December 31		2,459,425			14.99