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Stock-Based Compensation (Tables) | 12 Months Ended
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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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period | 50,500 |  |  | $ | 25.29 |  |  | 58,834 |  |  | $ | 25.19 |  |  | 150,293 |  |  | $ | 28.12 |
Granted | 1,236,971 |  |  | 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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period | 704,284 |  |  | $ | 17.99 |  |  | 574,219 |  |  | $ | 18.47 |  |  | 490,415 |  |  | $ | 17.41 |
Granted and fully vested | 107,710 |  |  | 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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 3,364,354 |  |  | 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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period | 1,610,124 |  |  | $ | 20.31 |  |  | 1,259,287 |  |  | $ | 23.64 |  |  | 1,280,021 |  |  | $ | 22.22 |
Granted | 769,594 |  |  | 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 period | 1,858,104 |  |  | $ | 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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share |  | Shares |  | Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period | 903,551 |  |  | $ | 19.41 |  |  | 692,788 |  |  | $ | 23.90 |  |  | 662,388 |  |  | $ | 22.48 |
Granted | 423,171 |  |  | 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,
| 2021 |  | 2020 |  | 2019
| 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 period | 1,398,853 |  |  | $ | 16.41 |  |  | 1,428,634 |  |  | $ | 20.17 |  |  | 1,299,868 |  |  | $ | 19.47 |
Granted | 723,224 |  |  | 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) |  | 2021 |  | 2020
Other current liabilities |  | $ | — |  |  | $ | — |
Other non-current liabilities |  | — |  |  | 7 |
The following table reflects certain cash payments related to the vesting of TSR Awards:
|  | Year Ended December 31,
(In millions) |  | 2021 |  | 2020 |  | 2019
Cash payments for TSR awards |  | $ | — |  |  | $ | 14 |  |  | $ | 5 |
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,
| 2021 |  | 2020 |  | 2019
Fair value per performance share award granted during the period | $ | 16.07 |  |  | $ | 13.79 |  |  | $ | 20.63 |
Assumptions |  |  |  |  |
Stock price volatility | 39.8 | % |  | 29.5 | % |  | 31.3 | %
Risk free rate of return | 0.2 | % |  | 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,
| 2021 |  | 2020 |  | 2019
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,
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted- Average Strike Price |  | Shares |  | Weighted- Average Strike Price |  | Shares |  | Weighted- Average Strike Price
Outstanding at beginning of period | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 1,577,554 |  |  | 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.

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