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Common Stock (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Stock Options

The following summarizes options activity:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

Shares under option at beginning
   of year

 

 

21,080,388

 

 

$

38.68

 

 

 

21,276,961

 

 

$

42.09

 

 

 

21,005,502

 

 

$

45.70

 

Granted

 

 

1,014,002

 

 

 

21.76

 

 

 

1,492,020

 

 

 

16.73

 

 

 

1,669,511

 

 

 

15.00

 

Forfeited

 

 

(1,908,768

)

 

 

57.61

 

 

 

(1,574,642

)

 

 

65.44

 

 

 

(1,398,052

)

 

 

63.65

 

Exercised

 

 

(210,519

)

 

 

16.68

 

 

 

(113,951

)

 

 

17.77

 

 

 

 

 

 

 

Shares under option at end of year

 

 

19,975,103

 

 

$

36.25

 

 

 

21,080,388

 

 

$

38.68

 

 

 

21,276,961

 

 

$

42.09

 

Exercisable at end of year

 

 

17,437,459

 

 

$

38.85

 

 

 

17,988,842

 

 

$

42.46

 

 

 

18,039,330

 

 

$

46.27

 

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2023:

 

 

 

Weighted-Avg

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

Remaining

 

 

 

 

 

Weighted-Avg

 

 

 

 

 

Weighted-Avg

 

Range of Exercise Price

 

Contractual Life

 

 

Shares

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

$15.00 - $30.00

 

 

5.83

 

 

 

8,405,053

 

 

$

21.82

 

 

 

5,867,409

 

 

$

23.32

 

$30.01 - $50.00

 

 

2.82

 

 

 

6,307,350

 

 

 

36.25

 

 

 

6,307,350

 

 

 

36.25

 

$50.01 - $69.00

 

 

0.81

 

 

 

5,262,700

 

 

 

59.29

 

 

 

5,262,700

 

 

 

59.29

 

Total

 

 

3.56

 

 

 

19,975,103

 

 

$

36.25

 

 

 

17,437,459

 

 

$

38.85

 

 

Assumption Used in Determination of Fair Value of Share Based Payment Awards The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.

 

 

 

Year Ended December 31,

 

Valuation Assumptions:

 

2023

 

 

2022

 

 

2021

 

Expected volatility

 

 

45.7

%

 

 

43.6

%

 

 

43.4

%

Risk-free interest rate

 

 

4.1

%

 

 

1.9

%

 

 

0.6

%

Expected dividend yield

 

 

0.9

%

 

 

1.2

%

 

 

0.0

%

Expected term (in years)

 

 

5.8

 

 

 

5.4

 

 

 

5.1

 

Summary of Information and Changes in Stock Options with Regard to Stock Option Plans

The following summary presents information regarding outstanding options at December 31, 2023 and changes during 2023 with regard to options under all stock option plans:

 

 

 

 

 

 

Weighted-
Average

 

 

Weighted
Average
Remaining
Contractual

 

 

Aggregate

 

 

 

Shares

 

 

Exercise
Price

 

 

Term
(years)

 

 

Intrinsic
Value

 

Outstanding at December 31, 2022

 

 

21,080,388

 

 

$

38.68

 

 

 

4.01

 

 

$

 

Granted

 

 

1,014,002

 

 

$

21.76

 

 

 

 

 

 

 

Forfeited

 

 

(1,908,768

)

 

$

57.61

 

 

 

 

 

 

 

Exercised

 

 

(210,519

)

 

$

16.68

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

19,975,103

 

 

$

36.25

 

 

 

3.56

 

 

$

 

Exercisable at December 31, 2023

 

 

17,437,459

 

 

$

38.85

 

 

 

2.90

 

 

$

 

Summary of Information Regarding Outstanding SARs

The following summary presents information regarding outstanding SARs:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

Shares under SARs at beginning of year

 

 

1,105,106

 

 

$

28.39

 

 

 

1,193,934

 

 

$

28.40

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(48,301

)

 

 

28.83

 

 

 

(88,828

)

 

 

28.61

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Shares under SARs at end of year

 

 

1,056,805

 

 

$

28.37

 

 

 

1,105,106

 

 

$

28.39

 

Exercisable at end of year

 

 

1,056,805

 

 

$

28.37

 

 

 

1,105,106

 

 

$

28.39

 

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

 

 

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

of

 

 

Grant Date

 

 

of

 

 

Grant Date

 

 

of

 

 

Grant Date

 

 

Units

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

Nonvested at beginning of year

 

7,188,183

 

 

$

18.30

 

 

 

6,936,574

 

 

$

21.32

 

 

 

6,073,963

 

 

$

31.85

 

Granted

 

2,792,465

 

 

$

22.70

 

 

 

3,509,425

 

 

$

17.67

 

 

 

3,772,842

 

 

$

15.03

 

Vested

 

(3,045,126

)

 

$

21.77

 

 

 

(2,863,385

)

 

$

17.11

 

 

 

(2,672,507

)

 

$

15.38

 

Forfeited

 

(320,044

)

 

$

23.89

 

 

 

(394,431

)

 

$

26.00

 

 

 

(237,724

)

 

$

63.65

 

Nonvested at end of year

 

6,615,478

 

 

$

19.86

 

 

 

7,188,183

 

 

$

18.30

 

 

 

6,936,574

 

 

$

21.32