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Stock Compensation | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stock Compensation | Stock Compensation Total compensation expense for stock option grants, Restricted Stock Awards, and PSUs recognized during the years ended December 31, 2024, 2023, and 2022 was $74 million, $112 million, and $147 million, respectively. Changes in incentive compensation expense from period to period are primarily caused by the level of attainment of the PSU performance criteria described below. Stock Option Grants The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2020 Incentive Compensation Plan. These options are issued at market value on the date of grant, vest incrementally over one year to five years, and expire ten years after the date of grant. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes single option pricing model. The volatility assumption used in the Black-Scholes single option pricing model is based on the historical volatility of the Company’s stock. The volatility of the Company’s stock was calculated based upon the monthly closing price of the Company’s stock for the period immediately prior to the date of grant corresponding to the average expected life of the grant. The average expected life represents the period of time that option grants are expected to be outstanding. The risk-free rate is based on the rate of U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of option grants. No options were granted in 2024, 2023, and 2022. A summary of option activity during 2024 is presented below (in thousands, except per share amounts):
| Shares |  | Weighted-Average Exercise Price
Shares under option at December 31, 2023 | 1,614 |  |  | $37.11
Exercised | (567) |  |  | 44.38
Shares under option at December 31, 2024 | 1,047 |  |  | $33.18
Exercisable at December 31, 2024 | 1,047 |  |  | $33.18
The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2024, was 1 year. The aggregate intrinsic value of options outstanding and exercisable at December 31, 2024, was $19 million. The total intrinsic values of options exercised during the years ended December 31, 2024, 2023, and 2022, were $9 million, $20 million, and $117 million, respectively. Cash proceeds received from options exercised during the years ended December 31, 2024, 2023, and 2022, were $25 million, $20 million, and $90 million, respectively, and are presented as financing activities within the Consolidated Statements of Cash Flows under Other - net. Restricted Stock Awards and PSUs The Company’s 2020 Incentive Compensation Plan provides for the granting of restricted stock and restricted stock units at no cost to certain officers and key employees. In addition, the Company’s 2020 Incentive Compensation Plan also provides for the granting of PSUs at no cost to certain officers and key employees. Restricted Stock Awards are made in common stock or stock units with equivalent rights and vest at the end of a restriction period of three years. Starting with the February 2023 grant, Restricted Stock Awards have a three-year graded vesting schedule and vest at 33.33% each year. The awards for PSUs are made in common stock units and vest at the end of a vesting period of three years subject to the attainment of certain future service and Company performance criteria. During the years ended December 31, 2024, 2023, and 2022, 2.6 million, 1.7 million, and 2.3 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs. At December 31, 2024, there were 11.2 million shares available for future grants pursuant to the 2020 Incentive Compensation Plan. The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date. The weighted-average grant-date fair values of awards granted during the years ended December 31, 2024, 2023, and 2022 were $55.16, $78.90, and $70.13, respectively. A summary of Restricted Stock Awards and PSUs activity during 2024 is presented below (in thousands, except per share amounts):
| Restricted Stock Awards and PSUs |  | Weighted Average Grant-Date Fair Value Per Share
Non-vested at January 1, 2024 | 5,332 |  |  | $69.82
Granted | 2,635 |  |  | 55.16
Vested | (2,396) |  |  | 58.70
Forfeited | (286) |  |  | 67.19
Non-vested at December 31, 2024 | 5,285 |  |  | $68.77
At December 31, 2024, there was $89 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs. Amounts to be recognized as compensation expense during the years ended December 31, 2025, 2026, and 2027 are expected to be $58 million, $27 million, and $4 million, respectively, based on expected Company performance and award service conditions. The total grant-date fair value of Restricted Stock Awards and PSU's that vested during the year ended December 31, 2024 was $141 million.

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