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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Restricted Stock Award / Unit Activity
The following table is a summary of restricted stock unit award activity:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period50,500 $25.29 58,834 $25.19 150,293 $28.12 
Granted1,236,971 20.83 — — 55,500 25.29 
Vested— — (6,334)24.39 (143,959)28.29 
Forfeited(1,000)25.29 (2,000)25.29 (3,000)25.29 
Outstanding at end of period(1)(2)
1,286,471 $21.00 50,500 $25.29 58,834 $25.19 
__________________________________________________________________
(1)As of December 31, 2021, the aggregate intrinsic value was $24 million and was calculated by multiplying the closing market price of the Company's common stock on December 31, 2021 by the number of non-vested restricted stock units outstanding.
(2)As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock units outstanding was 2.3 years.
The following table is a summary of restricted stock unit award activity:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period704,284 $17.99 574,219 $18.47 490,415 $17.41 
Granted and fully vested107,710 18.51 130,065 15.88 83,804 24.70 
Issued(566,096)17.04 — — — — 
Forfeited— — — — — — 
Outstanding at end of period(1)(2)
245,898 $20.41 704,284 $17.99 574,219 $18.47 
_______________________________________________________________________________
(1)As of December 31, 2021, the aggregate intrinsic value was $5 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of outstanding restricted stock units.
(2)Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided.
The following table is a summary of restricted stock award activity:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period— $— — $— — $— 
Granted3,364,354 22.25 — — — — 
Vested(337,142)22.25 — — — — 
Forfeited(8,029)22.25 — — — — 
Outstanding at end of period(1)(2)
3,019,183 $22.25 — $— — $— 
_______________________________________________________________________________
(1)As of December 31, 2021, the aggregate intrinsic value was $57 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2021 by the number of non-vested restricted stock awards outstanding.
(2)As of December 31, 2021, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.0 years.
Schedule of Performance Share Awards Activity The following table is a summary of activity for Employee Performance Share Awards:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period1,610,124 $20.31 1,259,287 $23.64 1,280,021 $22.22 
Granted769,594 18.76 722,500 15.60 526,730 24.95 
Issued and fully vested(481,784)23.25 (334,640)22.60 (388,370)20.49 
Forfeited(39,830)18.94 (37,023)20.38 (159,094)24.29 
Outstanding at end of period1,858,104 $18.93 1,610,124 $20.31 1,259,287 $23.64 
The following table is a summary of activity for the Hybrid Performance Share Awards:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
SharesWeighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period903,551 $19.41 692,788 $23.90 662,388 $22.48 
Granted423,171 18.58 506,412 15.60 315,029 24.95 
Issued and fully vested(1,326,722)19.14 (295,649)23.40 (284,629)21.78 
Forfeited— — — — — — 
Outstanding at end of period— $— 903,551 $19.41 692,788 $23.90 
The following table is a summary of activity for the TSR Performance Share Awards:
 Year Ended December 31,
 202120202019
 Shares
Weighted-
Average Grant
Date Fair Value
per Share(1)
Shares
Weighted-
Average Grant
Date Fair Value
per Share(1)
Shares
Weighted-
Average Grant
Date Fair Value
per Share(1)
Outstanding at beginning of period1,398,853 $16.41 1,428,634 $20.17 1,299,868 $19.47 
Granted723,224 16.07 862,180 13.79 536,673 20.63 
Issued and fully vested(2,122,077)16.30 (891,961)19.89 (407,907)18.57 
Forfeited— — — — — — 
Outstanding at end of period— $— 1,398,853 $16.41 1,428,634 $20.17 
_______________________________________________________________________________
(1)The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards.
Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component
The following table reflects certain balance sheet information of outstanding TSR Awards:
December 31,
(In millions)20212020
Other current liabilities$— $— 
Other non-current liabilities— 

The following table reflects certain cash payments related to the vesting of TSR Awards:
Year Ended December 31,
(In millions)202120202019
Cash payments for TSR awards$— $14 $
The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods:
 Year Ended December 31,
 202120202019
Fair value per performance share award granted during the period$16.07 $13.79 $20.63 
Assumptions   
Stock price volatility39.8 %29.5 %31.3 %
Risk free rate of return0.2 %1.4 %2.5 %
The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods:
 December 31,
 202120202019
Fair value per performance share award at the end of the period
$—
$10.37 - $10.81
$6.18 - $14.80
Assumptions   
Stock price volatility
—%
42.4% - 52.4%
29.8% - 30.4%
Risk free rate of return—%0.1%
1.6%
Summary of Option Activity
The following table is a summary of activity for the Stock Option Awards:
 Year Ended December 31,
 202120202019
 SharesWeighted-
Average Strike Price
SharesWeighted-
Average Strike Price
SharesWeighted-
Average Strike Price
Outstanding at beginning of period— $— — $— — $— 
Granted1,577,554 16.19 — — — — 
Exercised
(222,202)9.15 — — — — 
Forfeited or Expired
— — — — — — 
Outstanding at end of period(1)
1,355,352 $17.35 — $— — $— 
Exercisable at end of period(1)
1,355,352 $17.35 — $— — $— 
_______________________________________________________________________________
(1)The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2021 was $6 million and $6 million, respectively. The weighted-average remaining contractual term is 3.5 years.