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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of compensation expense under stock based compensation plan The compensation expense under the Plan for continuing operations was as follows:
Year Ended December 31,
(In millions)202120202019
Share-based compensation expense$26.8 $38.3 $44.4 
Income tax benefits related to share-based compensation expense7.2 10.3 12.0 
Schedule of unrecognized compensation cost, nonvested awards
As of December 31, 2021, the portion of share-based compensation expense related to outstanding awards to be recognized in future periods is as follows:
December 31, 2021
Share-based compensation expense not yet recognized (in millions)$51.6 
Weighted-average recognition period (in years)1.4
Summary of changes in nonvested stock awards A summary of the non-vested restricted share units’ activity is as follows:
(Shares in thousands)SharesWeighted-Average 
Grant Date 
Fair Value
Non-vested as of December 31, 20206,121.9 $18.43 
Granted2,893.0 $7.97 
Vested(667.1)$37.57 
Cancelled/forfeited(882.6)$13.75 
Adjustment due to the Spin-off2,124.3 $12.37 
Non-vested as of December 31, 20219,589.5 $11.35 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used The weighted-average fair value and the assumptions used to measure the fair value of performance share units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were as follows:
Year Ended December 31,
202120202019
Weighted-average fair value (a)
$11.50$10.02$29.04
Expected volatility (b)
62.70 %38.30 %34.00 %
Risk-free interest rate (c)
0.35 %0.40 %2.42 %
Expected performance period in years (d)
2.93.03.0
(a) The weighted-average fair value was based on performance share units granted during the period.
(b) Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the performance share units.
(c) The risk-free rate for the expected term of the performance share units is based on the U.S. Treasury yield curve in effect at the time of grant.
(d) For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2021, 2020 and 2019.
Schedule of Nonvested Performance-based Units Activity
A summary of the non-vested performance share units’ activity is as follows:
(Shares in thousands)SharesWeighted-Average 
Grant Date 
Fair Value
Non-vested as of December 31, 20204,840.7 $17.55 
Granted2,426.2 $11.50 
Vested(111.3)$30.42 
Cancelled/forfeited(1,723.2)$16.03 
Adjustment due to the Spin-off(3,122.8)$12.37 
Non-vested as of December 31, 20212,309.6 $13.26 
Schedule of weighted average assumptions The weighted-average fair value and the assumptions used to measure fair value of 2019 grant were as follows:
December 31, 2019
Weighted-average fair value (a)
$5.64 
Expected volatility (b)
32.5 %
Risk-free interest rate (c)
2.5 %
Expected dividend yield 2.6 %
Expected term in years (d)
6.5
(a)The weighted-average fair value was based on stock options granted during the period.
(b)Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the option.
(c)The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
(d)For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2019.
Summary of option transactions
The following is a summary of share option transactions during the year ended December 31, 2021:
Number of SharesWeighted average exercise priceWeighted average remaining life
(in years)
Balance as of December 31, 20204,598.4 $29.77 4.2
Granted— $— 
Exercised— $— 
Cancelled(532.0)$24.10 
Adjustment due to the Spin-off(2,490.3)$— 
Balance as of December 31, 20211,576.1 $20.17 6.3
Exercisable as of December 31, 2021939.3 $22.99 5.6
Summary of additional information concerning outstanding and exercisable options
The following summarizes significant ranges of outstanding and exercisable share options as of December 31, 2021:
Options OutstandingOptions Exercisable
Exercise Price RangeNumber of options
(in thousands)		Weighted average remaining life (in years)Weighted average exercise priceNumber of options
(in thousands)		Weighted average exercise price
$16.00-$19.00
636.7 7.2$16.46 — $— 
$20.00-$24.00
721.2 5.6$22.28 721.2 $22.28 
$25.00-$26.00
218.2 5.6$25.32 218.1 $25.32 
Total1,576.1 6.3$20.17 939.3 $22.99