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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation is significantly impacted by the timing of awards. Stock-based compensation awards are typically issued to management in the first quarter and to directors in the second quarter and are typically immaterial in the third and fourth quarters. Equity Awards Our executive and director stock-based compensation plans are described more fully in the 2023 10-K. In 2024 YTD and 2023 YTD, RSUs totaling 438,594 and 432,654, respectively, were granted to executives and directors at a weighted-average grant date fair value of $37.62 and $34.88 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 2024 YTD and 2023 YTD, 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 2024 YTD and 2023 YTD, 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 award 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 established while the TSR component of these awards is deemed granted upon issuance. During 2024 YTD, the following units were granted based upon the establishment of performance targets:
| Performance-based Award Units Granted in 2024 | Weighted Average Grant Date Fair Value Per Share
2024 Performance Award Plan | 127,332 | $41.46
2023 Performance Award Plan | 73,271 | $42.09
2022 Performance Award Plan | 113,856 | $42.09
For awards granted under our 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 September 30, 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 Operations |  | 3ME September 30, |  | 9ME September 30,
(in millions) |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
SGI awards |  | G&A |  | $ | 10 |  |  | $ | 14 |  |  | $ | 22 |  |  | $ | 24 |
Performance-based awards for non-Section 16 officers |  | G&A |  | (3) |  |  | 5 |  |  | 7 |  |  | 17 |
Liabilities (in millions) | Location on Balance Sheet | September 30, 2024 |  | December 31, 2023
SGI awards | Accrued salaries, wages and benefits and other noncurrent liabilities | $ | 43 |  |  | $ | 58 |
Performance-based awards for non-Section 16 officers | Accrued salaries, wages and benefits and other noncurrent liabilities | 22 |  |  | 29 |

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