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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Line Items]  
Schedule of Valuation Assumptions



 

 

 

 

 

Assumptions

2017

 

2016

 

2015

Risk-free interest rate

 1.9% 

 

 1.4% 

 

 1.7% 

Expected dividend yield

–   

 

–   

 

 –   

Expected volatility

 50.5% 

 

 41.0% 

 

 36.0% 

Expected term

5 years

 

5 years

 

5 years



Summary of Stock Option Activity



 

2017

 

2016

 

2015



 

 

 

Weighted

 

 

 

Weighted

 

 

 

Weighted



 

 

 

Average

 

 

 

Average

 

 

 

Average



 

Number

 

Exercise

 

Number

 

Exercise

 

Number

 

Exercise



 

of Shares

 

Price

 

of Shares

 

Price

 

of Shares

 

Price



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Options outstanding at January 1

 

 5,416 

 

$

 23.46 

 

 5,623 

 

$

 24.57 

 

 3,622 

 

$

 35.41 

Granted (1)

 

 1,604 

 

 

 8.00 

 

 155 

 

 

 8.60 

 

 2,401 

 

 

 9.47 

Exercised

 

− 

 

 

−  

 

 (45)

 

 

 7.74 

 

–  

 

 

–  

Forfeited or expired

 

 (1,000)

 

 

 22.93 

 

 (317)

 

 

 38.01 

 

 (400)

 

 

 32.20 

Options outstanding at December 31

 

 6,020 

 

$

 19.43 

 

 5,416 

 

$

 23.46 

 

 5,623 

 

$

 24.57 



(1)

Shares granted in 2016 are considerably lower than historical norms.  In 2016, the Company changed the grant date of its annual stock option awards from December to the following February.
Summary of Stock Options Outstanding and Options Exercisable



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Options Outstanding

 

Options Exercisable



 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted



 

Options

 

Weighted

 

Average

 

Options

 

Weighted

 

Average



 

Outstanding at

 

Average

 

Remaining

 

Exercisable at

 

Average

 

Remaining

Range of

 

December 31,

 

Exercise

 

Contractual

 

December 31,

 

Exercise

 

Contractual

Exercise Prices

 

2017

 

Price

 

Life

 

2017

 

Price

 

Life



 

(in thousands)

 

 

 

 

(years)

 

(in thousands)

 

 

 

 

(years)

$5.22-$29.42

 

 3,614 

 

 

 8.85 

 

 5.4 

 

 1,487 

 

 

 9.52 

 

 4.8 

$30.59-$35.91

 

 1,252 

 

 

 32.35 

 

 2.9 

 

 1,252 

 

 

 32.35 

 

 2.9 

$36.22-$39.68

 

 1,046 

 

 

 37.77 

 

 1.8 

 

 1,046 

 

 

 37.77 

 

 1.8 

$40.15-$51.47

 

 108 

 

 

 45.92 

 

 2.9 

 

 108 

 

 

 45.92 

 

 2.9 



 

 6,020 

 

$

 19.43 

 

 4.2 

 

 3,893 

 

$

 25.46 

 

 3.3 



Summary of Restricted Stock Activity



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2017

 

2016

 

2015



 

Number of Shares

 

 

Weighted Average Fair Value

 

Number of Shares

 

 

Weighted Average Fair Value

 

Number of Shares

 

 

Weighted Average Fair Value



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Unvested shares at January 1

 

 3,321 

 

$

 11.85 

 

 7,222 

 

$

 13.24 

 

 2,376 

 

$

 34.00 

Granted (1)

 

 5,055 

 

 

 8.38 

 

 81 

 

 

 8.56 

 

 5,822 

 

 

 8.07 

Vested (2)

 

 (1,380)

 

 

 13.28 

 

 (3,817)

 

 

 11.34 

 

 (873)

 

 

 33.33 

Forfeited

 

 (742)

 

 

 10.04 

 

 (165)

 

 

 12.05 

 

 (103)

 

 

 29.14 

Unvested shares at December 31

 

 6,254 

 

$

 8.85 

 

 3,321 

 

$

 11.85 

 

 7,222 

 

$

 13.24 



(1)

Shares granted in 2016 were considerably lower than historical norms.  In 2016, the Company changed the grant date of its annual restricted stock awards from December to the following February.

(2)

Includes 2,059,626 shares and 151,575 shares related to reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.
Summary of Equity-Classified Performance Units Activity



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

2017

 

2016

 

2015



 

Number of Units (1)

 

Weighted Average Fair Value

 

Number of Units (1)

 

Weighted Average Fair Value

 

Number of Units (1)

 

Weighted Average Fair Value



 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

 

 

Unvested shares at January 1

 

 719 

 

$

 11.46 

 

 407 

 

$

 36.65 

 

 223 

 

$

 40.44 

Granted

 

 1,197 

 

 

 10.47 

 

 1,503 

 

 

 8.60 

 

 443 

 

 

 35.22 

Vested (2)

 

 (325)

 

 

 12.21 

 

 (889)

 

 

 12.78 

 

 (259)

 

 

 37.46 

Forfeited (3)

 

 (507)

 

 

 9.53 

 

 (302)

 

 

 11.26 

 

–  

 

 

–  

Unvested shares at December 31

 

 1,084 

 

$

 10.12 

 

 719 

 

$

 11.46 

 

 407 

 

$

 36.65 



(1)    These amounts reflect the number of performance units granted in thousands. The actual payout in shares may range from a minimum of zero shares to a maximum of two shares contingent upon the actual performance against the Performance Measures.  The performance units have a three-year vesting term and the actual disbursement of shares, if any, is not determined until March following the end of the three-year vesting period.

(2)    Includes 22,918 units and 37,590 units related to the reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.

(3)    Includes 87,595 units and 195,834 units related to the reduction in workforce and executive management restructuring, respectively, for the year ended December 31, 2016.

Stock Options [Member]  
Disclosure of Compensation Related Costs, Share-based Payments [Line Items]  
Schedule of Stock-Based Compensation Costs



 

 

 

 

 

 

 

 

(in millions)

2017

 

2016

 

2015

Stock options – general and administrative expense (1)

$

 3 

 

$

 6 

 

$

 5 

Stock options – general and administrative expense capitalized

$

 1 

 

$

 1 

 

$

 3 



(1)

Includes less than $1 million related to the reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.
Restricted Stock [Member]  
Disclosure of Compensation Related Costs, Share-based Payments [Line Items]  
Schedule of Stock-Based Compensation Costs



 

 

 

 

 

 

 

 

(in millions)

2017

 

2016

 

2015

Restricted stock grants – general and administrative expense (1)

$

 16 

 

$

 33 

 

$

 14 

Restricted stock grants – general and administrative expense capitalized

$

 11 

 

$

 8 

 

$

 16 



(1)

Includes $16 million related to the reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.
Equity-Classified Performance Units [Member]  
Disclosure of Compensation Related Costs, Share-based Payments [Line Items]  
Schedule of Stock-Based Compensation Costs



 

 

 

 

 

 

 

 

(in millions)

2017

 

2016

 

2015

Performance units – general and administrative expense (1)

$

 5 

 

$

 9 

 

$

 6 

Performance units – general and administrative expense capitalized

$

 2 

 

$

 1 

 

$

 4 



(1)

Includes less than $1 million related to reduction in workforce and $1 million related to executive management restructuring for the year ended December 31, 2016.