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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The following table summarizes the Company's share-based compensation expense.

			Years Ended December 31,
			2023						2022						2021
			(Thousands)
Incentive Performance Share Unit Programs			$	23,915					$	23,443					$	15,386
Restricted stock awards			20,119						23,028						19,217
Non-qualified stock options			28						221						550
Stock appreciation rights			4,056						17,406						9,183
Other programs, including non-employee director awards			3,082						3,313						3,171
Total share-based compensation expense (a)			$	51,200					$	67,411					$	47,507

(a)For the years ended December 31, 2023 and 2021, share-based compensation expense of $3.6 million and $4.7 million, respectively, was included in other operating expenses. There were no such costs in 2022.

Schedule of Award Types

The following table summarizes Incentive PSU Programs to be settled in stock and classified as equity awards.

Incentive PSU Programs – Equity Settled						Nonvested Shares (a)						Weighted Average Fair Value						Aggregate Fair Value
Outstanding at December 31, 2020						1,939,728						$	15.92					$	30,878,465
Granted in Period						922,260						23.44						21,617,774
Granted from Multiplier						61,076						76.53						4,674,146
Vested						(168,416)						76.53						(12,888,876)
Outstanding at December 31, 2021						2,754,648						16.08						44,281,509
Granted in Period						575,120						29.73			(b)			17,098,318
Granted from Multiplier						162,183						29.45						4,776,289
Vested						(625,563)						29.45						(18,422,830)
Forfeited						(4,398)						13.28						(58,405)
Outstanding at December 31, 2022						2,861,990						16.66						47,674,881
Granted in Period						404,790						38.79						15,701,804
Granted from Multiplier						409,383						6.56						2,685,552
Vested						(1,773,994)						6.56						(11,637,401)
Forfeited						(70,616)						37.59						(2,654,455)
Outstanding at December 31, 2023						1,831,553						$	28.27					$	51,770,381

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares of 9,550 and 7,020, respectively, for Equitrans Midstream employees.

(b)The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022. The fair value determined through a Monte Carlo simulation at the time of conversion totaled $75.32 per share, which was an increase of $45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.

The following table summarizes Incentive PSU Programs to be settled in cash and classified as liability awards.

Incentive PSU Programs – Cash Settled						Nonvested Shares (a)						Weighted Average Fair Value						Aggregate Fair Value
Outstanding at December 31, 2020						339,695						$	43.52					$	14,782,424
Granted from Multiplier						32,350						76.53						2,475,746
Vested						(134,525)						76.53						(10,293,571)
Forfeited						(3,940)						29.45						(116,033)
Outstanding at December 31, 2021						233,580						29.32						6,848,566
Granted from Multiplier						81,753						29.32						2,396,998
Vested						(315,333)						29.32						(9,245,564)
Outstanding at December 31, 2022						—						$	—					$	—

(a)For the years ended 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.

Schedule of Valuation Assumptions

Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:

			Incentive PSU Programs Issued During the Years Ended December 31,
			2023 (a)						2022						2021 (a)						2020 (b)						2019
Risk-free rate			4.16%						1.52%						0.18%						1.22%						2.44%
Volatility factor			59.31%						65.38%						72.50%						45.41%						54.60%
Expected term			3 years						3 years						3 years						3 years						3 years

(a)There were two grant dates for the 2023 Incentive PSU Program and the 2021 Incentive PSU Program. Amounts shown represent weighted average.

(b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average.

Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable.

The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2023, 2022 and 2021.

			Year Ended December 31, 2020
Risk-free interest rate			1.10		%
Dividend yield			—		%
Volatility factor			60.00		%
Expected term			4 years
Number of Options Granted			1,000,000
Weighted Average Grant Date Fair Value			$	1.61

The expected term represents the period of time between the valuation date and the midpoint of the exercise window.

			2020 Stock Appreciation Rights
Risk-free interest rate			0.30		%
Dividend yield			—		%
Volatility factor			67.50		%
Expected term			3.28 years
Number of Stock Appreciation Rights Granted			1,240,000
Weighted Average Grant Date Fair Value			$	2.61
Total Intrinsic Value of Exercises			$	—

Summary of Restricted Stock Awards Activity

The following table summarizes restricted stock unit equity award activity as of December 31, 2023.

Restricted Stock – Equity Settled						Nonvested Shares						Weighted Average Fair Value						Aggregate Fair Value
Outstanding at January 1, 2022						3,104,281						$	12.58					$	39,056,435
Granted						1,288,430						21.65						27,893,331
Vested						(1,368,577)						12.16						(16,644,859)
Forfeited						(97,189)						15.56						(1,512,333)
Outstanding at December 31, 2022						2,926,945						16.67						48,792,574
Granted						953,270						31.88						30,389,954
Vested						(1,544,968)						15.20						(23,482,927)
Forfeited						(117,445)						24.52						(2,879,751)
Outstanding at December 31, 2023						2,217,802						$	23.82					$	52,819,850

Summary of Option Activity

The following table summarizes option activity as of December 31, 2023.

Non-Qualified Stock Options						Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2023						1,583,636						$	18.81
Exercised						(60,100)						20.44
Outstanding and Exercisable at December 31, 2023						1,523,536						$	18.75					2.7 years						$	31,840,100

Summary of Stock Appreciation Rights

The following table summarizes stock appreciation rights activity as of December 31, 2023.

Stock Appreciation Rights						Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2023						1,240,000						$	10.00
Exercised						(1,240,000)						10.00
Outstanding and Exercisable at December 31, 2023						—						$	—					—						$	—

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