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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Awards
Our executive and director stock-based compensation plans are described more fully in the 2023 10-K. In the 2024 and 2023 Quarters, RSUs totaling 390,442 and 383,974, respectively, were granted to executives at a weighted-average grant date fair value of $37.05 and $35.76 per share, respectively, and generally vest over three years.
Stock options for the purchase of 178,644 and 178,434 shares at a weighted-average exercise price of $37.02 and $35.76 per share were awarded to executives during the 2024 and 2023 Quarters, respectively. The options granted in 2024 and 2023 generally vest over 3 years and expire 10 years after the grant date.
Performance-based award units totaling 272,844 and 274,755 were awarded to Section 16 officers during the 2024 and 2023 Quarters, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based elements of such 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.
For awards granted under the 2024 performance plan, 80% of the award is earned based on achievement of earnings before taxes targets over three 1-year periods and 20% of the award is earned based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. The performance component of these awards is deemed granted when targets are set while the TSR component of these awards is deemed granted upon issuance. During 2024 Quarter, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2024Weighted Average
Grant Date
Fair Value
Per Share
2024 Performance Award Plan127,332$41.46
2023 Performance Award Plan73,271$42.09
2022 Performance Award Plan113,856$42.09
For awards granted under the 2024, 2023 and 2022 performance award plans, the number of units are adjusted at the end of each performance period based on attainment of certain performance targets and on market conditions, pursuant to the terms of the award agreements. As of March 31, 2024, there were 218,783 shares associated with performance awards that had been awarded to employees, but which are not deemed granted due to the underlying performance targets having not yet been established.
Liability Awards
SGI awards granted to executives vest and become payable at a rate of 1/3 of the total award each year. Performance-based awards awarded to non-Section 16 officer executives will be settled in cash.
Location in Statement of Operations3ME
March 31,
(in millions)20242023
SGI awardsG&A$5 $7 
Performance-based awards for non-Section 16 officers
G&A8 7 
Liabilities (in millions)Location on Balance SheetMarch 31, 2024December 31, 2023
SGI awardsAccrued salaries, wages and benefits and other noncurrent liabilities$36 $58 
Performance-based awards for non-Section 16 officers
Accrued salaries, wages and benefits and other noncurrent liabilities26 29