Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Incentive Equity Awards Granted By The Company
The activity related to incentive equity awards granted to the Company’s key employees and senior officers by the Company for the six months ended June 30, 2021, consisted of the following (in millions, except grant prices):
 Balance, December 31, 2020 Granted Vested/Exercised
Forfeitures(a)
 Balance, June 30, 2021
RSUs
Number of RSUs 1.6  0.5  (0.4) —  1.7 
(b)
Weighted average grant price $ 38.22  $ 59.03  $ 44.73  $ —  $ 47.71 
PSUs
Number of PSUs 0.3  0.1  —  —  0.4 
(c)
Weighted average grant price $ 42.57  $ 59.00  $ —  $ —  $ 48.18 
SSARs
Number of SSARs 0.2  —  (0.2) —  — 
(d)
Weighted average grant price $ 34.51  $ —  $ 34.51  $ —  $ — 
NQs (f)
Number of NQs 2.3  0.1  (0.1) —  2.3 
(e)
Weighted average grant price $ 44.15  $ 59.00  $ 44.50  $ —  $ 45.32 
(a)The Company recognizes forfeitures as they occur.
(b)Aggregate unrecognized compensation expense related to RSUs was $64 million as of June 30, 2021, which is expected to be recognized over a weighted average period of 2.8 years.
(c)There was no unrecognized compensation expense related to PSUs as these awards were not probable of vesting as of June 30, 2021. The maximum amount of compensation expense associated with these awards would be $8 million which would be recognized over a weighted average period of 2.5 years.
(d)As of June 30, 2021, all SSARs had been exercised and thus there was no unrecognized compensation expense.
(e)There were 0.9 million NQs which were exercisable as of June 30, 2021. These exercisable NQs will expire over a weighted average period of 7.4 years and carry a weighted average grant date fair value of $8.39. Unrecognized compensation expense for NQs was $10 million as of June 30, 2021, which is expected to be recognized over a weighted average period of 2.6 years.
(f)Upon exercise of NQs, the Company issues new shares to participants.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] The projected dividend yield was based on the Company’s anticipated annual dividend divided by the price of the Company’s stock on the date of the grant.
Stock Options 2021 2020
Grant date fair value $18.87 $7.27 - $7.28
Grant date strike price $59.00 $41.04
Expected volatility 44.80% 32.60% - 32.88%
Expected life 6.25 years 6.25 - 7.50 years
Risk-free interest rate 1.09% 0.95% - 1.03%
Projected dividend yield 3.12% 4.87%