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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024:

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(In millions)

 

Outstanding at January 1

 

 

5,064,815

 

 

$

17.74

 

 

 

 

 

 

 

Options granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Options exercised

 

 

(286,414

)

 

 

10.12

 

 

 

 

 

$

0.5

 

Options expired

 

 

(652,937

)

 

 

27.82

 

 

 

 

 

 

 

Options cancelled

 

 

(287,876

)

 

 

25.67

 

 

 

 

 

 

 

Outstanding at December 31

 

 

3,837,588

 

 

 

16.00

 

 

 

4.0

 

 

 

—

 

Vested and expected to vest at December 31

 

 

3,837,588

 

 

 

16.00

 

 

 

4.0

 

 

 

—

 

Exercisable at December 31

 

 

3,837,588

 

 

 

16.00

 

 

 

4.0

 

 

 

—

 

Available for grant at December 31

 

 

12,991,397

 

 

 

 

 

 

 

 

 

 
Significant Options Groups Outstanding

Significant option groups outstanding at December 31, 2024 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

 

 

2,749,434

 

 

 

2,749,434

 

 

$

10.12

 

 

 

5.16

 

2/27/2017

 

 

364,815

 

 

 

364,815

 

 

 

35.26

 

 

 

2.16

 

2/22/2016

 

 

354,612

 

 

 

354,612

 

 

 

29.90

 

 

 

1.15

 

2/23/2015

 

 

312,718

 

 

 

312,718

 

 

 

27.16

 

 

 

0.15

 

All Other (1)

 

 

56,009

 

 

 

56,009

 

 

 

 

 

 

 

 

 

 

3,837,588

 

 

 

3,837,588

 

 

 

 

 

 

 

 

(1)
Options in the “All Other” category had exercise prices ranging from $24.23 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $29.14 for both, while the remaining weighted average contractual term was 1.2 years for both.
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)

 

2024

 

 

2023

 

 

2022

 

Stock-based compensation expense recognized

 

$

23

 

 

$

19

 

 

$

14

 

Tax benefit

 

 

(5

)

 

 

(4

)

 

 

(3

)

After-tax stock-based compensation expense

 

$

18

 

 

$

15

 

 

$

11

 

Cash payments to settle SARs

 

$

—

 

 

$

—

 

 

$

—

 

Cash received from stock option exercises

 

$

3

 

 

$

3

 

 

$

1

 
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 2024:

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested at January 1

 

 

708,457

 

 

$

14.69

 

Units granted

 

 

1,231,366

 

 

 

11.43

 

Units vested

 

 

(305,328

)

 

 

11.99

 

Units forfeited

 

 

(555,000

)

 

 

15.26

 

Unvested at December 31

 

 

1,079,495

 

 

 

11.51

 
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 2024:

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested at January 1

 

 

1,402,131

 

 

$

13.60

 

Units granted

 

 

1,927,241

 

 

 

11.61

 

Units vested

 

 

(660,124

)

 

 

10.13

 

Units forfeited

 

 

(89,617

)

 

 

12.27

 

Unvested at December 31

 

 

2,579,631

 

 

 

11.96

 

Units vested but not released

 

 

1,752,819

 

 

 

11.12

 

Outstanding at December 31

 

 

4,332,450

 

 

 

11.62