XML 46 R27.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Awards Stock-based compensation totaled $27 million, $22 million and $36 million during 2021, 2020 and 2019, respectively. There were no tax benefits recognized related to stock-based compensation during these periods. The following table summarizes RSU, restricted stock and stock option activity:
| RSU or Restricted Stock | Stock Options
| Number | Weighted Average Grant Date Fair Value Per Share | Number | Weighted Average Exercise Price Per Share
Outstanding as of December 31, 2018 | 985,132 |  | $53.78 | 4,589,385 |  | $60.25
Granted | 1,356,303 |  | 32.68 | 1,192,108 |  | 22.47
Forfeited or expired | (173,604) |  | 39.57 | (351,885) |  | 60.56
Vested/exercised | (507,520) |  | 47.72 | (48,131) |  | 30.46
Outstanding as of December 31, 2019 | 1,660,311 |  | $39.88 | 5,381,477 |  | $52.13
Granted | 1,355,975 |  | 10.30 | 975,290 |  | 11.06
Forfeited or expired | (114,352) |  | 33.74 | (603,835) |  | 59.46
Vested/exercised | (643,340) |  | 42.23 | — |  | —
Outstanding as of December 31, 2020 | 2,258,594 |  | $21.76 | 5,752,932 |  | $44.40
Granted | 596,391 |  | 18.67 | 481,626 |  | 17.96
Forfeited or expired | (132,713) |  | 18.78 | (659,216) |  | 58.37
Vested/exercised | (810,560) |  | 30.83 | (84,416) |  | 8.81
Outstanding as of December 31, 2021 | 1,911,712 |  | $17.16 | 5,490,926 |  | $40.95
Options exercisable as of December 31, 2021 |  |  | 3,519,747 |  | $54.31
Remaining unvested options outstanding and expected to vest |  |  | 1,951,467 |  | $17.09
Our stock-based plans provide that RSUs and restricted stock may not be sold or transferred until service-based restrictions have lapsed. Generally, upon termination of employment, RSUs and restricted stock which have not vested are forfeited. RSUs granted to executives in 2021, 2020 and 2019 generally vest over 3 years. RSUs granted to one executive in 2020 vest over 5 years. RSUs granted to directors in 2021, 2020 and 2019 vested upon grant. RSUs awarded to directors in 2019 (as well as one RSU award to a director in 2020) are subject to a post-vest holding period of 3 years. The fair value of RSUs that vested during 2021, 2020 and 2019 was $14 million, $5 million and $14 million, respectively. The balance of unamortized RSU expense as of December 31, 2021 was $6 million, which is expected to be recognized over a weighted-average period of 2.0 years. The exercise price of options represents the closing price of our common stock on the date of grant. The options granted in 2021, 2020 and 2019 generally vest over 3 years and expire 10 years after the grant date. Options granted to one executive in 2020 vest over 5 years. The aggregate intrinsic value of stock options exercised during 2021 and 2019 was $0.8 million and $0.3 million, respectively. There were no stock option exercises during 2020. The balance of unamortized stock option expense as of December 31, 2021 was $3 million, which is expected to be recognized over a weighted-average period of 1.0 year. The grant date fair value of options and other significant assumptions follow:
| 2021 | January 1 - November 30, 2020 | December 31, 2020 | January 1 - September 30, 2019 | October 1 - December 31, 2019
Weighted average grant date fair value | $8.94 | $4.59 | $9.05 | $7.99 | $6.93
Expected life of options (in years) | 4.5 | 4.6 | 7.2 | 5.6 | 5.4
Risk-free interest rate | 0.7 | % | 0.4 | % | 0.5 | % | 2.6 | % | 1.7 | %
Expected volatility | 62 | % | 65 | % | 61 | % | 33 | % | 47 | %
Expected annual dividend per share | $0.00 | $0.00 | $0.00 | $0.84 | $0.40
The computation of the expected volatility assumption used in the Black-Scholes calculations is based on a 50/50 blend of historical and implied volatility. Information related to options outstanding as of December 31, 2021 follows:
| Options Outstanding |  | Options Exercisable
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (In Years) | Weighted Average Exercise Price Per Share |  | Number Exercisable | Weighted Average Remaining Contractual Life (In Years) | Weighted Average Exercise Price Per Share
$8.81 - $29.50 | 2,413,093 |  | 8.4 | $ | 17.64 |  |  | 456,853 |  | 8.0 | $ | 21.34 |
$46.07 - $62.50 | 2,671,436 |  | 3.5 | 56.19 |  |  | 2,658,332 |  | 3.5 | 56.19 |
$70.76 - $79.19 | 406,407 |  | 2.1 | 79.19 |  |  | 404,562 |  | 2.1 | 79.19 |
| 5,490,936 |  | 5.6 | $ | 40.95 |  |  | 3,519,747 |  | 4.0 | $ | 54.31 |
As of December 31, 2021, options outstanding and options exercisable had an aggregate intrinsic value of $19 million and $3 million, respectively . During 2021, 2020 and 2019, performance-based award units totaling 613,868; 1,156,365; and 350,532, respectively, were awarded to Section 16 officers. These awards generally cliff vest after a period of 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the 3 year vesting periods. During 2021, the following units were granted based upon the establishment of performance targets:
| Performance-based Award Units Granted in 2021 | Weighted Average Grant Date Fair Value Per Share
2021 Performance Award Plan | 204,623 | $20.49
2020 Performance Award Plan | 385,455 | $19.98
2019 Performance Award Plan | 116,844 | $20.18
For awards granted under the 2021, 2020 and 2019 performance award plans, the number of units are adjusted at the end of each performance period based on achievement of certain performance targets and market conditions, as defined in the award agreements. The balance of unamortized compensation expense associated with performance-based award units as of December 31, 2021 was less than $2 million, which is expected to be recognized over a weighted-average period of 1.0 years. Liability Awards We grant SGI awards in the form of stock units, determined by dividing the target amount by the closing price of our common stock at the grant date. Each stock unit represents the right to receive cash equal to the value of one share of our common stock upon vesting. SGI awards granted to executives vest and become payable at a rate of one-third of the total award each year. Compensation expense of $67 million, $25 million and $6 million related to SGI awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with SGI awards were $73 million and $29 million as of December 31, 2021 and 2020, respectively. During 2021, 2020 and 2019, performance-based awards were awarded to non-Section 16 executives and will be settled in cash. Compensation expense of $7 million, $3 million and $8 million related to these performance-based awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with these awards were $7 million and $16 million as of December 31, 2021 and 2020, respectively.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + 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