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Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Stock Option Activity | The following table summarizes the activity related to options during 2020:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (In millions) |
Outstanding at January 1 |  |  | 4,998,021 |  |  | $ | 20.61 |  |  |  |  |  |  |  |  |
Options granted |  |  | 4,167,384 |  |  |  | 10.12 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (20,218 | ) |  |  | 12.68 |  |  |  |  |  |  | $ | — |
Options expired |  |  | (370,938 | ) |  |  | 12.44 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (73,517 | ) |  |  | 18.83 |  |  |  |  |  |  |  |  |
Outstanding at December 31 |  |  | 8,700,732 |  |  |  | 15.97 |  |  |  | 5.9 |  |  |  | 3 |
Vested and expected to vest at December 31 |  |  | 8,604,644 |  |  |  | 16.00 |  |  |  | 5.9 |  |  |  | 3 |
Exercisable at December 31 |  |  | 4,462,091 |  |  |  | 20.98 |  |  |  | 2.9 |  |  |  | — |
Available for grant at December 31 |  |  | 6,659,546 |  |  |  |  |  |  |  |  |  |  |  |  |
Significant Options Groups Outstanding | Significant option groups outstanding at December 31, 2020 and related weighted average exercise price and remaining contractual term information follows:
Grant Date |  | Options Outstanding |  |  | Options Exercisable |  |  | Exercise Price |  |  | Remaining Contractual Term (Years) |
2/25/2020 |  |  | 4,142,384 |  |  |  | — |  |  | $ | 10.12 |  |  |  | 9.16 |
2/27/2017 |  |  | 556,409 |  |  |  | 465,203 |  |  |  | 35.26 |  |  |  | 6.16 |
2/22/2016 |  |  | 542,625 |  |  |  | 542,625 |  |  |  | 29.90 |  |  |  | 5.15 |
2/23/2015 |  |  | 493,730 |  |  |  | 493,730 |  |  |  | 27.16 |  |  |  | 4.15 |
2/24/2014 |  |  | 381,617 |  |  |  | 381,617 |  |  |  | 26.44 |  |  |  | 3.15 |
2/28/2013 |  |  | 904,580 |  |  |  | 904,580 |  |  |  | 12.98 |  |  |  | 2.16 |
2/27/2012 |  |  | 721,878 |  |  |  | 721,878 |  |  |  | 12.94 |  |  |  | 1.16 |
2/22/2011 |  |  | 523,979 |  |  |  | 523,979 |  |  |  | 13.91 |  |  |  | 0.15 |
All Other |  |  | 433,530 |  |  |  | 428,479 |  |  |  | (1 | ) |  |  | (1 | )
|  |  | 8,700,732 |  |  |  | 4,462,091 |  |  |  |  |  |  |  |  |
(1) | Options in the “All other” category had exercise prices ranging from $9.54 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $21.45 and $21.32, respectively, while the remaining weighted average contractual term was 3.0 years for both.
Weighted Average Grant Date Fair Values of Stock Options and the Assumptions Used | Weighted average grant date fair values of stock options and the assumptions used in estimating those fair values are as follows:
|  | 2020 |
Weighted average grant date fair value |  | $ | 10.12 |
Black-Scholes model assumptions(1): |  |  |  |
Expected term (years) |  |  | 7.50 |
Interest rate |  |  | 1.29 | %
Volatility |  |  | 41.28 | %
Dividend yield |  |  | 6.54 | %
(1) | We review the assumptions used in our Black-Scholes model in conjunction with estimating the grant date fair value of grants of options by our Board of Directors. There were no stock options granted during 2019 or 2018.
Stock-based Compensation Expense and Cash Activity | Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows:
(In millions) |  | 2020 |  |  | 2019 |  |  | 2018 |
Stock-based compensation expense recognized |  | $ | 31 |  |  | $ | 27 |  |  | $ | 16 |
Tax benefit |  |  | (8 | ) |  |  | (7 | ) |  |  | (4 | )
After-tax stock-based compensation expense |  | $ | 23 |  |  | $ | 20 |  |  | $ | 12 |
Cash payments to settle SARs |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Cash received from stock option exercises |  | $ | — |  |  | $ | 2 |  |  | $ | 9 |
Performance Share Units |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Nonvested Share Activity | The following table summarizes the activity related to performance share units during 2020:
|  | Units |  |  | Weighted Average Grant Date Fair Value |
Unvested at January 1 |  |  | 588,000 |  |  | $ | 20.98 |
Units granted |  |  | 171,871 |  |  |  | 7.59 |
Units vested |  |  | (154,141 | ) |  |  | 29.04 |
Units forfeited |  |  | (10,950 | ) |  |  | 20.92 |
Unvested at December 31 |  |  | 594,780 |  |  |  | 15.02 |
Restricted Stock Units |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Nonvested Share Activity | The following table summarizes the activity related to restricted stock units during 2020:
|  | Units |  |  | Weighted Average Grant Date Fair Value |
Unvested at January 1 |  |  | 2,734,475 |  |  | $ | 23.21 |
Units granted |  |  | 600,712 |  |  |  | 9.86 |
Units vested and settled |  |  | (646,444 | ) |  |  | 24.50 |
Units forfeited |  |  | (119,870 | ) |  |  | 18.80 |
Unvested at December 31 |  |  | 2,568,873 |  |  |  | 19.50 |

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