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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Awards Stock-based compensation expense for equity awards totaled $31 million, $48 million and $19 million during 2024, 2023 and 2022, respectively, with no associated tax benefits. This stock-based compensation primarily related to performance-based award units awarded to our Section 16 officers and also included the amortization of RSU and stock option awards that were not significant. Performance-based award units totaling 272,844, 274,755 and 426,957 were awarded to Section 16 officers on the day of award during 2024, 2023 and 2022, 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 and 2023 performance plans, 80% of the award is earned based on achievement of earnings before tax 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. Awards granted under the 2022 performance plan are earned based on achievement of EPS and return on invested capital goals over three 1-year periods, and earned or modified 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 the 2024 and 2023 awards is deemed granted when targets are set while the TSR component of these awards is deemed granted upon issuance. During the first quarter of 2024, 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 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 December 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 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 1 share of our common stock upon vesting. SGI awards granted to executives vest and become payable at a rate of 1/3 of the total award each year. Performance-based awards were awarded to non-Section 16 executives and will be settled in cash.
|  | Location in Statement of Operations |  | December 31,
Compensation Expense (in millions) |  |  | 2024 |  | 2023 |  | 2022
SGI awards |  | G&A |  | $ | 30 |  |  | $ | 34 |  |  | $ | 54 |
Performance-based awards for non-Section 16 executives |  | G&A |  | 14 |  |  | 21 |  |  | 14 |
Liabilities (in millions) |  | Location on Balance Sheet | December 31, 2024 |  | December 31, 2023
SGI awards |  | Accrued salaries, wages and benefits and Other noncurrent liabilities | $ | 51 |  |  | $ | 58 |
Performance-based awards for non-Section 16 executives |  | Accrued salaries, wages and benefits and Other noncurrent liabilities | 30 |  |  | 29 |

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