Incentive Compensation Plans (Notes)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement, Additional Disclosure [Abstract]

Incentive Compensation Plans

Incentive Compensation Plans

We issue stock-based compensation and cash awards to our employees under a plan established by the Compensation and Leadership Talent Committee of the Board of Directors (the "Compensation Committee") and approved by our shareholders. In May 2019, our shareholders approved the 2019 Performance Incentive Plan (the “2019 PIP”), replacing the 2014 Performance Incentive Plan (the “2014 PIP”) and previous incentive plans. The number of shares of common stock initially available for grants of all equity awards under the 2019 PIP is 27.0. Pursuant to the terms of the 2019 PIP, the number of shares that may be awarded to any one participant for any stock based awards is limited to 2.0 shares in the aggregate. The vesting period of awards granted is generally commensurate with the requisite service period. We generally issue new shares to satisfy the exercise of stock options or the distribution of other stock-based awards.

Additionally, under the 2019 PIP, we have the ability to issue performance cash awards. The performance cash awards are granted to certain employees who otherwise would have been eligible to receive performance-based stock awards. These awards have a service period vesting condition and a performance vesting condition. The amount of the performance cash award received by an employee with a performance vesting condition can range from 0% to 300% of the target amount of the original grant value. Performance cash awards generally vest in three years. A committee of the Board of Directors may grant performance cash awards to any eligible employee; however, no employee can receive more than $10.0 during a performance period.

We issued the following stock-based awards under the 2014 PIP and 2019 PIP during the nine months ended September 30, 2019.

	Awards	Weighted-average grant-date fair value (per award)
Restricted stock (shares or units)	2.5	$	22.78
Performance-based stock (shares)	2.1	$	20.16
Total stock-based compensation awards	4.6

During the nine months ended September 30, 2019, the Compensation Committee granted performance cash awards under the 2014 and 2019 PIP and restricted cash awards under the 2009 Restricted Cash Plan with a total annual target value of $40.6 and $20.3, respectively. Cash awards are expensed over the vesting period, typically three years.