XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 14. STOCK-BASED COMPENSATION Overview Under our 2020 Omnibus Stock Incentive Plan (the 2020 OSIP), various stock and stock-based awards may be granted to employees, non-employee directors, and third-party service providers. The 2020 OSIP permits grants of (i) restricted stock and restricted stock units; (ii) stock options (including incentive and non-qualified stock options); (iii) stock appreciation rights; (iv) performance awards of cash, stock, or other securities; and (v) other stock-based awards (e.g., stock unit awards). Awards under the 2020 OSIP are granted at the discretion of our Board’s Human Resources and Compensation Committee (and approved by the independent directors in the case of our Chief Executive Officer and Executive Chairman) and may be subject to vesting or performance periods, performance goals, or other restrictions. The 2020 OSIP was approved by our stockholders on April 30, 2020, and as of such date, any shares of common stock that were not subject to outstanding awards and were available to be awarded under the 2011 Omnibus Stock Incentive Plan (the 2011 OSIP) became available for issuance under the 2020 OSIP and any shares of common stock subject to awards under the 2011 OSIP outstanding as of April 30, 2020, that are subsequently forfeited, terminated, canceled or rescinded, settled in cash in lieu of common stock, exchanged for awards not involving common stock, or expire unexercised also become available for issuance under the 2020 OSIP. No future awards will be made under the 2011 OSIP. As of December 31, 2023, 12,036,501 shares of our common stock remained available to be awarded under the 2020 OSIP. The following table reflects activity related to our stock-based compensation arrangements (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Stock-based compensation expense: |  |  |  |  |
Restricted stock | $ | 66 |  |  | $ | 67 |  |  | $ | 65 |
Performance awards | 38 |  |  | 32 |  |  | 21 |
Stock options and other awards | 3 |  |  | 4 |  |  | 2 |
Total stock-based compensation expense | $ | 107 |  |  | $ | 103 |  |  | $ | 88 |
Tax benefit recognized on stock-based compensation expense | $ | 14 |  |  | $ | 15 |  |  | $ | 13 |
Tax benefit realized for tax deductions resulting from exercises and vestings | 2 |  |  | 2 |  |  | 1 |
Restricted Stock Restricted stock is our most significant stock-based compensation arrangement. Employees, non-employee directors, and third-party service providers are eligible to receive restricted stock, which vests in accordance with individual written agreements between the participants and us, usually in equal annual installments over a period of three years beginning one year after the date of grant. The fair value of each share of restricted stock is equal to the market price of our common stock. A summary of the status of our restricted stock awards is presented in the following table:
| Number of Shares |  | Weighted- Average Grant-Date Fair Value Per Share
Nonvested shares as of January 1, 2023 | 1,182,177 |  |  | $ | 87.36 |
Granted | 518,092 |  |  | 125.57 |
Vested | (786,920) |  |  | 84.12 |
Forfeited | (10,503) |  |  | 95.04 |
Nonvested shares as of December 31, 2023 | 902,846 |  |  | 112.01 |
As of December 31, 2023, there was $52 million of unrecognized compensation cost related to outstanding unvested restricted stock awards, which is expected to be recognized over a weighted-average period of approximately two years. The following table reflects activity related to our restricted stock:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted-average grant-date fair value per share of restricted stock granted | $ | 125.57 |  |  | $ | 112.88 |  |  | $ | 77.71 |
Fair value of restricted stock vested (in millions) | 99 |  |  | 99 |  |  | 59 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration