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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2022
Share Based Compensation [Abstract]  
Schedule of Restricted Stock Units Activity

Activity

The following table shows our RSU activity for 2022:

 

 

 

RESTRICTED

 

 

WEIGHTED
AVERAGE

 

 

 

STOCK UNITS

 

 

GRANT-DATE

 

 

 

(IN THOUSANDS)

 

 

FAIR VALUE

 

Nonvested at December 31, 2021

 

 

1,756

 

 

$

30.87

 

Granted

 

 

626

 

 

$

42.02

 

Vested

 

 

(709

)

 

$

30.83

 

Forfeited

 

 

(100

)

 

$

37.17

 

Nonvested at December 31, 2022(1)

 

 

1,573

 

 

$

34.93

 

 

(1)
As of December 31, 2022, there were approximately 185 thousand RSUs that had met the requisite service period and will be released as identified in the grant terms.
Weighted Average Assumptions Used in Estimating the Value of Performance Share Units

Weighted Average Assumptions Used in Estimating the Value of PSUs

 

 

 

2022
 GRANTS

 

 

2021
 GRANTS

 

 

2020
 GRANTS

 

Performance period

 

2/10/2022 - 12/31/2024

 

 

2/11/2021 - 12/31/2023

 

 

2/13/2020 - 12/31/2022

 

Expected dividends

 

1.72%

 

 

1.99%

 

 

4.50%

 

Risk-free rate

 

0.34% - 1.84%

 

 

0.02% - 0.20%

 

 

1.45% - 1.62%

 

Volatility

 

26.27% - 41.01%

 

 

32.87% - 52.82%

 

 

20.02% - 22.40%

 

Weighted average grant-date fair value

 

$

49.77

 

 

$

38.50

 

 

$

33.16

 

Schedule of Performance Share Units Activity

Activity

The following table shows our PSU activity for 2022:

 

 

 

GRANTS

 

 

WEIGHTED
AVERAGE
GRANT-DATE

 

 

 

(IN THOUSANDS)

 

 

FAIR VALUE

 

Nonvested at December 31, 2021

 

 

1,104

 

 

$

33.56

 

Granted at target

 

 

306

 

 

$

49.77

 

Vested

 

 

(416

)

 

$

29.66

 

Forfeited

 

 

(52

)

 

$

43.69

 

Performance adjustment

 

 

20

 

 

$

29.66

 

Nonvested at December 31, 2022(1)

 

 

962

 

 

$

39.77

 

 

(1)
As of December 31, 2022, there were approximately 116 thousand PSUs that had met the requisite service period and will be released as identified in the grant terms.
Schedule of Stock Options Activity

Activity

The following table shows our stock option activity for 2022:

 

 

 

 

 

 

 

 

 

WEIGHTED
AVERAGE

 

 

 

 

 

 

 

 

 

WEIGHTED

 

 

REMAINING

 

 

AGGREGATE

 

 

 

 

 

 

AVERAGE

 

 

CONTRACTUAL

 

 

INTRINSIC

 

 

 

OPTIONS

 

 

EXERCISE

 

 

TERM

 

 

VALUE

 

 

 

(IN THOUSANDS)

 

 

PRICE

 

 

(IN YEARS)

 

 

(IN MILLIONS)

 

Outstanding at December 31, 2021

 

 

1,917

 

 

$

29.88

 

 

 

 

 

 

 

Exercised

 

 

(510

)

 

$

29.72

 

 

 

 

 

 

 

Forfeited or expired

 

 

(9

)

 

$

35.40

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

1,398

 

 

$

29.91

 

 

 

2.26

 

 

$

4

 

Exercisable at December 31, 2022

 

 

1,398

 

 

$

29.91

 

 

 

2.26

 

 

$

4