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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Summary of Cash Dividends Paid

The following table shows our total cash dividends paid in the three years ended December 31:

 

 

 

 

 

 

 

Total Cash Dividends

 

(In millions, except per share amounts)

 

Total Cash

Dividends Paid

 

 

Paid Per Common Share

 

2012

 

$

100.9

 

 

$

0.52

 

2013

 

 

102.0

 

 

 

0.52

 

2014

 

 

110.9

 

 

 

0.52

 

Total

 

$

313.8

 

 

 

 

 

 
Summary of Changes in Common Stock

The following is a summary of changes during the three years ended December 31, 2014 in shares of our common stock:

 

 

 

2014

 

 

2013

 

 

2012

 

Changes in common stock:

 

 

 

 

 

 

 

 

 

 

 

 

Number of shares, beginning of year

 

 

205,707,580

 

 

 

204,660,621

 

 

 

202,528,616

 

Shares issued for Grace Settlement

 

 

18,000,000

 

 

 

—

 

 

 

—

 

Shares awarded for 2011 Three-Year PSU awards

 

 

145,597

 

 

 

—

 

 

 

—

 

Shares awarded for 2010 Three-year PSU awards

 

 

—

 

 

 

472,865

 

 

 

—

 

Shares awarded for 2009 Three-year PSU awards

 

 

—

 

 

 

—

 

 

 

1,155,018

 

Restricted stock shares issued for new awards under the

   Omnibus Incentive Plan and 2005 Contingent Stock Plan

 

 

572,089

 

 

 

398,230

 

 

 

703,620

 

Shares granted and issued under the Directors Stock Plan

 

 

21,128

 

 

 

25,993

 

 

 

37,824

 

Restricted stock shares issued for SLO awards

 

 

101,062

 

 

 

51,321

 

 

 

135,343

 

Shares issued for vested restricted stock units

 

 

136,197

 

 

 

98,550

 

 

 

100,200

 

Number of shares issued, end of year

 

 

224,683,653

 

 

 

205,707,580

 

 

 

204,660,621

 

Changes in common stock in treasury:

 

 

 

 

 

 

 

 

 

 

 

 

Number of shares held, beginning of year

 

 

9,508,908

 

 

 

10,102,952

 

 

 

10,466,431

 

Purchase of shares during the period

 

 

5,427,432

 

 

 

—

 

 

 

—

 

Profit sharing contribution partially paid in stock

 

 

(965,238

)

 

 

(857,754

)

 

 

(930,089

)

Restricted stock, withheld or forfeited

 

 

180,657

 

 

 

263,710

 

 

 

566,610

 

Number of shares held, end of year

 

 

14,151,759

 

 

 

9,508,908

 

 

 

10,102,952

 

 
Summary of Changes in Common Shares Available for Awards under 2005 Omnibus Plan and Predecessor Plans

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:

 

 

 

2014

 

 

2013

 

 

2012

 

Number of shares available, beginning of year

 

 

5,676,699

 

 

 

6,588,352

 

 

 

8,132,220

 

Newly registered shares under Omnibus Incentive Plan

 

 

4,250,000

 

 

 

—

 

 

 

—

 

Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan

 

 

(572,089

)

 

 

(398,230

)

 

 

(703,620

)

Restricted stock units awarded

 

 

(431,987

)

 

 

(187,595

)

 

 

(191,700

)

Restricted stock shares issued for SLO awards

 

 

(96,773

)

 

 

(21,505

)

 

 

(3,788

)

Restricted stock units awarded for SLO awards

 

 

(48,528

)

 

 

(51,033

)

 

 

(6,795

)

Shares issued for 2011 Two-year PSU awards

 

 

(145,597

)

 

 

—

 

 

 

—

 

Shares issued for 2010 Three-year PSU awards

 

 

—

 

 

 

(472,865

)

 

 

—

 

Shares issued for 2009 Three-year PSU awards

 

 

—

 

 

 

—

 

 

 

(1,155,018

)

Restricted stock shares forfeited

 

 

106,220

 

 

 

40,100

 

 

 

41,700

 

Restricted stock units forfeited

 

 

9,800

 

 

 

3,500

 

 

 

12,200

 

Shares withheld for taxes

 

 

74,437

 

 

 

223,610

 

 

 

524,910

 

Director shares granted and issued

 

 

(21,128

)

 

 

(25,993

)

 

 

(37,824

)

Director shares granted and deferred

 

 

(20,444

)

 

 

(21,642

)

 

 

(23,933

)

Number of shares available, end of year

 

 

8,780,610

 

 

 

5,676,699

 

 

 

6,588,352

 

Weighted average per share market value of awards on grant

   date

 

$

32.70

 

 

$

27.20

 

 

$

17.19

 

 
Non-vested Awards under Omnibus Plan and Predecessor Plans

The above table excludes approximately 4.8 million of contingently issuable shares under the PSU and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2014.

The following tables show the details of the non-vested awards under the Omnibus Incentive Plan and Predecessor Plans, excluding SLO and PSU awards:

 

 

 

 

 

 

 

Weighted-Average per

 

 

 

 

 

 

 

Share Market Value

 

 

 

2014

 

 

on Grant Date

 

Number of non-vested restricted stock shares, beginning of

   Year

 

 

1,397,350

 

 

$

21.73

 

Restricted stock shares issued for new awards during the

   year

 

 

572,089

 

 

 

32.64

 

Restricted stock shares vested during the year

 

 

(301,250

)

 

 

27.54

 

Restricted stock shares forfeited during the year

 

 

(106,220

)

 

 

22.45

 

Number of non-vested restricted stock shares, end of year

 

 

1,561,969

 

 

$

25.09

 

 

 

The non-vested restricted stock shares included above had a weighted-average remaining contractual life of approximately 1.4 years at December 31, 2014.

 

 

 

 

 

 

 

Weighted-Average per

 

 

 

 

 

 

 

Share Market Value

 

Non-vested Restricted Stock Units Awards

 

2014

 

 

on Grant Date

 

Number of non-vested restricted stock units, beginning of

   year

 

 

506,345

 

 

$

22.92

 

Restricted stock units issued for new awards during the

   year

 

 

431,987

 

 

 

32.20

 

Restricted stock units vested during the year

 

 

(137,197

)

 

 

33.06

 

Restricted stock units forfeited during the year

 

 

(9,800

)

 

 

23.89

 

Number of non-vested restricted stock units, end of year

 

 

791,335

 

 

$

27.66

 

 

  The non-vested restricted stock units included above had a weighted-average remaining contractual life of approximately 1.6 years at December 31, 2014.

 

Non-vested Cash Awards

 

2014

 

Number of non-vested cash awards, beginning of year

 

 

170,848

 

Cash awards issued for new awards during the year

 

 

127,276

 

Cash awards vested during the year

 

 

(25,850

)

Cash awards forfeited during the year

 

 

(14,500

)

Number of non-vested cash awards, end of year

 

 

257,774

 

 
Total Share-based Incentive Compensation Expense

The table below shows our total share-based incentive compensation expense:

 

(in millions)

 

2014

 

 

2013

 

 

2012

 

2014 Special PSU Awards

 

$

11.8

 

 

$

—

 

 

$

—

 

2014 Three-year PSU Awards

 

 

6.8

 

 

 

—

 

 

 

—

 

2013 Three-year PSU Awards

 

 

8.2

 

 

 

4.4

 

 

 

—

 

2012 Three-year PSU Awards

 

 

1.8

 

 

 

2.4

 

 

 

1.9

 

2011 Three-year PSU Awards

 

 

—

 

 

 

(1.2

)

 

 

1.7

 

2010 Three-year PSU Awards

 

 

—

 

 

 

0.1

 

 

 

0.9

 

2013 WVH Incentive Compensation(1)

 

 

1.3

 

 

 

2.5

 

 

 

—

 

2012 CEO Incentive Compensation

 

 

—

 

 

 

—

 

 

 

—

 

2012 President & COO Four-year Incentive

   Compensation(2)

 

 

0.4

 

 

 

0.6

 

 

 

0.2

 

SLO Awards

 

 

4.6

 

 

 

2.8

 

 

 

0.7

 

Other long-term share-based incentive compensation

   programs(3)

 

 

19.2

 

 

 

12.5

 

 

 

11.5

 

Total share-based incentive compensation expense(4)

 

$

54.1

 

 

$

24.1

 

 

$

16.9

 

Associated tax benefits recognized

 

$

15.7

 

 

$

7.8

 

 

$

6.2

 

 

  

(1) 

On February 28, 2013, the Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2011 Three-year PSU awards, and the newly granted 2013 three-year PSU awards, for William V. Hickey, our former Chairman and Chief Executive Officer. The approved change will result in the full vesting of the awards, rather than a pro-rata portion vesting as of the date of his retirement (May 16, 2013). Mr. Hickey’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid-out in accordance with the original planned timing. As a result of these approved changes, the expense related to these awards was accelerated and recognized over the applicable service period up until the date of his retirement. We recognized share-based compensation expense related to these awards of $1.3 million in the year ended December 31, 2014 and $2.5 million in the year ended December 31, 2013.

(2) 

The amount includes only the two initial equity awards. See below for further detail.

(3) 

The amount includes the expenses associated with the restricted stock shares, restricted stock units and cash awards.

(4) 

The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation.

Estimated Amount of Total Share-based Incentive Compensation Expense

The following table shows the estimated amount of total share-based incentive compensation expense expected to be recognized over the remaining respective vesting periods by program at December 31, 2014:

 

(In millions)

 

2015

 

 

2016

 

 

2017

 

 

Total

 

2014 Special PSU Awards

 

$

10.7

 

 

$

10.2

 

 

$

4.4

 

 

$

25.3

 

2014 Three-year PSU Awards

 

 

5.2

 

 

 

4.6

 

 

 

—

 

 

 

9.8

 

2013 Three-year PSU Awards

 

 

5.4

 

 

 

—

 

 

 

—

 

 

 

5.4

 

2013 WVH Incentive Compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

2012 President & COO Four-year Incentive

   Compensation

 

 

0.3

 

 

 

0.2

 

 

 

—

 

 

 

0.5

 

SLO Awards

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

1.0

 

Total share-based incentive compensation expense (1)

 

$

22.6

 

 

$

15.0

 

 

$

4.4

 

 

$

42.0

 

  

 

 

(1)

The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation.