Note 18 - Share-based Compensation

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

The following table presents share-based compensation cost and the unrecognized compensation cost by award type (in millions):

	Amount of share-based compensation cost recognized						Unrecognized compensation cost		Weighted-average remaining term in years
	Year ended December 31,						December 31,
	2022		2021		2020		2022
Time-based restricted stock and restricted stock units	$	111	$	94	$	95	$	150		2.7
Performance-based restricted stock units		52		79		81		17		1.4
Stock Options		7		9		23		2		0.4
Other		5		8		8
Total share-based compensation cost (1)	$	175	$	190	$	207

(1) The income tax benefit realized from share-based compensation was $16 million, $37 million and $12 million, respectively, for the years ended December 31, 2022, 2021 and 2020.

As of  December 31, 2022, there were approximately 32 million unissued common shares available for future grants authorized under the Plans.

Incentive Stock Plans

Time-Based Restricted Stock and Restricted Stock Units

The following table summarizes the changes in non-vested time-based restricted stock and restricted stock units during the year ended  December 31, 2022:

	Number of shares (in thousands)			Weighted-average grant-date fair value
Non-vested shares and share units as of December 31, 2021		10,594		$	25.83
Granted		4,680			33.82
Vested		(3,626	)		25.44
Forfeited		(349	)		28.44
Non-vested shares and share units as of December 31, 2022		11,299		$	29.19

The total fair value of time-based restricted stock and restricted stock units that vested during the years ended December 31, 2022, 2021 and 2020 was approximately $93 million, $88 million and $38 million, respectively. 

Performance-Based Restricted Stock Units

The following table summarizes the changes in non-vested performance-based restricted stock units during the year ended December 31, 2022:

	Number of shares (in thousands)			Weighted-average grant-date fair value
Non-vested share units as of December 31, 2021		3,684		$	34.17
Granted		1,764			40.74
Vested		(140	)		32.21
Performance adjustments		(556	)		38.77
Forfeited		(56	)		34.50
Non-vested share units as of December 31, 2022		4,696		$	35.41

The total fair value of performance-based restricted stock units that vested during the years ended December 31, 2022 and 2021 was approximately $5 million and $3 million, respectively. For the year ended December 31, 2020, there were no performance-based restricted stock units that vested.

Stock Options

The following table summarizes information concerning stock options as of December 31, 2022 and the related activity for the year ended December 31, 2022:

	Number of shares (in thousands)			Weighted-average exercise price		Weighted-average remaining contractual term in years		Aggregate intrinsic value (in thousands)
Options Outstanding as of December 31, 2021		11,904		$	22.31
Exercised		(2,010	)		19.80
Forfeited and expired		(229	)		18.66
Options outstanding as of December 31, 2022		9,665			22.92		5.78	$	89,986
Options expected to vest as of December 31, 2022		9,650			22.92		5.78		89,805
Options exercisable as of December 31, 2022		7,895			23.65		5.43		68,233

The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price as of  December 30, 2022, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date. 

There were no options granted in 2022 or 2021.  The weighted-average grant-date fair value for options granted during the year ended  December 31, 2020 was $3.67.  The total fair value of options that vested during the years ended December 31, 2022, 2021 and 2020 was approximately $20 million, $16 million and $31 million, respectively. 

Proceeds received from the exercise of stock options were $40 million, with a corresponding realized tax benefit of $5 million, for the year ended December 31, 2022. The total intrinsic value of options exercised for the years ended December 31, 2022, 2021 and 2020 was approximately $36 million, $100 million and $99 million, respectively.

The following inputs were used for the valuation of option grants under the stock option plans awarded during 2020:

Expected volatility and Weighted-average volatility	32.9	%
Expected dividends	4.48	%
Risk-free rate and Average risk-free rate	0.5	%
Expected term (in years)	7.4
Pre-vesting executive departure rate	0.6	%
Pre-vesting non-executive departure rate	2.5	%