STOCK COMPENSATION PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Summary of Total Compensation Expense Recognized for Stock-Based Compensation Awards |
The following table summarizes the total compensation expense recognized for stock-based compensation awards:
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(In Millions, except per
share amounts) |
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Year Ended December 31, |
| |
2021 |
|
2020 |
|
2019 |
| Cost of goods sold |
$ |
(2) |
|
|
$ |
(2) |
|
|
$ |
(2) |
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| Selling, general and administrative expenses |
(16) |
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|
(13) |
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|
(16) |
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| Acquisition-related costs |
—
|
|
|
(2) |
|
|
— |
|
| Stock based compensation expense |
(18) |
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|
(17) |
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|
(18) |
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| Income tax benefit |
4
|
|
|
4 |
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|
4 |
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| Stock based compensation expense, net of tax |
$ |
(14) |
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|
$ |
(13) |
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|
$ |
(14) |
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| Decrease in basic earnings per common share |
$ |
(0.03) |
|
|
$ |
(0.03) |
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|
$ |
(0.05) |
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| Decrease in diluted earnings per common share |
$ |
(0.03) |
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|
$ |
(0.03) |
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|
$ |
(0.05) |
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|
| Summary of Performance Award Activity |
The following table summarizes the performance award activity:
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Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding at beginning of year |
2,452,226
|
|
|
$ |
10.34
|
|
|
1,935,878 |
|
|
$ |
15.58 |
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|
1,424,723 |
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|
$ |
14.46 |
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| Granted |
652,888
|
|
|
25.12
|
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|
960,637 |
|
|
6.93 |
|
|
572,104 |
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|
18.31 |
|
| Granted - replacement awards |
—
|
|
|
—
|
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|
1,550,216 |
|
|
4.59 |
|
|
— |
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|
— |
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| Distributed |
(1,279,509) |
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|
11.74
|
|
|
(1,938,786) |
|
|
12.23 |
|
|
— |
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|
— |
|
| Performance adjustment |
625,355
|
|
|
11.93
|
|
|
549,154 |
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|
15.63 |
|
|
— |
|
|
— |
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| Forfeited/canceled |
(80,490) |
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|
11.27
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|
(604,873) |
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|
5.70 |
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|
(60,949) |
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|
15.12 |
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| Outstanding at end of year |
2,370,470
|
|
|
$ |
14.04
|
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|
2,452,226 |
|
|
$ |
10.34 |
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|
1,935,878 |
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|
$ |
15.58 |
|
|
| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock units activity:
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|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding at beginning of year |
2,143,583
|
|
|
$ |
7.12
|
|
|
2,147,183 |
|
|
$ |
9.10 |
|
|
4,694,360 |
|
|
$ |
4.18 |
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| Granted |
678,420
|
|
|
17.45
|
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|
960,637 |
|
|
4.87 |
|
|
572,104 |
|
|
11.24 |
|
| Granted - replacement awards |
—
|
|
|
—
|
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|
200,291 |
|
|
4.87 |
|
|
— |
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— |
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| Distributed |
(642,992) |
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|
7.31
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|
(1,101,115) |
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|
8.58 |
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|
(3,058,307) |
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|
1.95 |
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| Forfeited/canceled |
(56,185) |
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|
9.50
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(63,413) |
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|
7.31 |
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(60,974) |
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|
9.31 |
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| Outstanding at end of year |
2,122,826
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|
$ |
10.31
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|
2,143,583 |
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|
$ |
7.12 |
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|
2,147,183 |
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|
$ |
9.10 |
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| Summary of Stock Option Activity |
The following table summarizes the stock option activity:
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|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
|
Number of Shares |
|
Weighted Average Exercise Price |
|
Number of Shares |
|
Weighted Average Exercise Price |
|
Number of Shares |
|
Weighted Average Exercise Price |
| Outstanding at beginning of year |
2,485,808
|
|
|
$ |
11.60
|
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|
563,230 |
|
|
$ |
10.42 |
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|
563,230 |
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|
$ |
10.42 |
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| Granted - replacement awards |
—
|
|
|
—
|
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|
2,010,277 |
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|
11.86 |
|
|
— |
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|
— |
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| Exercised |
(1,457,495) |
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|
10.36
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|
(79,973) |
|
|
7.01 |
|
|
— |
|
|
— |
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| Forfeited/canceled |
(26,253) |
|
|
36.48
|
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|
(7,726) |
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|
41.04 |
|
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— |
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— |
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| Outstanding at end of year |
1,002,060
|
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|
$ |
12.75
|
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|
2,485,808 |
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|
$ |
11.60 |
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|
563,230 |
|
|
$ |
10.42 |
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| Exercisable at end of year |
904,574
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|
$ |
13.35
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|
2,172,052 |
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|
$ |
11.86 |
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|
563,230 |
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|
$ |
10.42 |
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| Summary of Grants of Restricted and/or Deferred Shares to Nonemployee Directors |
For the last three years, grants of restricted and/or deferred shares have been awarded to elected or re-elected nonemployee directors as follows:
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| Year of Grant |
|
Restricted Shares |
|
Deferred Shares |
| 2021 |
|
58,851
|
|
|
13,078
|
|
| 2020 |
|
253,809 |
|
|
54,794 |
|
| 2019 |
|
86,477 |
|
|
23,659 |
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