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Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

The following table summarizes the activity related to options during 2020:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In millions)
Outstanding at January 1		4,998,021		$	20.61
Options granted		4,167,384			10.12
Options exercised		(20,218	)		12.68			$	—
Options expired		(370,938	)		12.44
Options cancelled		(73,517	)		18.83
Outstanding at December 31		8,700,732			15.97		5.9		3
Vested and expected to vest at December 31		8,604,644			16.00		5.9		3
Exercisable at December 31		4,462,091			20.98		2.9		—
Available for grant at December 31		6,659,546

Significant Options Groups Outstanding

Significant option groups outstanding at December 31, 2020 and related weighted average exercise price and remaining contractual term information follows:

Grant Date	Options Outstanding		Options Exercisable		Exercise Price			Remaining Contractual Term (Years)
2/25/2020		4,142,384		—	$	10.12			9.16
2/27/2017		556,409		465,203		35.26			6.16
2/22/2016		542,625		542,625		29.90			5.15
2/23/2015		493,730		493,730		27.16			4.15
2/24/2014		381,617		381,617		26.44			3.15
2/28/2013		904,580		904,580		12.98			2.16
2/27/2012		721,878		721,878		12.94			1.16
2/22/2011		523,979		523,979		13.91			0.15
All Other		433,530		428,479		⁽¹	⁾		⁽¹	⁾
		8,700,732		4,462,091

(1)	Options in the “All other” category had exercise prices ranging from $9.54 to $32.72. The weighted average exercise price for options outstanding and exercisable in that category was $21.45 and $21.32, respectively, while the remaining weighted average contractual term was 3.0 years for both.

Weighted Average Grant Date Fair Values of Stock Options and the Assumptions Used

Weighted average grant date fair values of stock options and the assumptions used in estimating those fair values are as follows:

	2020
Weighted average grant date fair value	$	10.12
Black-Scholes model assumptions⁽¹⁾:
Expected term (years)		7.50
Interest rate		1.29	%
Volatility		41.28	%
Dividend yield		6.54	%

(1)	We review the assumptions used in our Black-Scholes model in conjunction with estimating the grant date fair value of grants of options by our Board of Directors. There were no stock options granted during 2019 or 2018.

Stock-based Compensation Expense and Cash Activity

Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows:


(In millions)	2020			2019			2018
Stock-based compensation expense recognized	$	31		$	27		$	16
Tax benefit		(8	)		(7	)		(4	)
After-tax stock-based compensation expense	$	23		$	20		$	12
Cash payments to settle SARs	$	—		$	—		$	1
Cash received from stock option exercises	$	—		$	2		$	9

Performance Share Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Nonvested Share Activity

The following table summarizes the activity related to performance share units during 2020:

	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		588,000		$	20.98
Units granted		171,871			7.59
Units vested		(154,141	)		29.04
Units forfeited		(10,950	)		20.92
Unvested at December 31		594,780			15.02

Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Nonvested Share Activity

The following table summarizes the activity related to restricted stock units during 2020:

	Units			Weighted Average Grant Date Fair Value
Unvested at January 1		2,734,475		$	23.21
Units granted		600,712			9.86
Units vested and settled		(646,444	)		24.50
Units forfeited		(119,870	)		18.80
Unvested at December 31		2,568,873			19.50