Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v3.21.1
Stock Based Compensation (Tables)
 12 Months Ended
Jan. 30, 2021
Components of Stock Based Compensation Expense

Stock-based compensation expense included the following components:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(millions)

 

Stock options

 

$

8

 

 

$

15

 

 

$

24

 

Restricted stock units

 

 

23

 

 

 

23

 

 

 

39

 

 

 

$

31

 

 

$

38

 

 

$

63

 

 
Weighted Average Assumption Used To Estimate Fair Value of Stock Options

There were no grants of stock options during 2020. The fair value of stock options granted during 2019 and 2018 and the weighted average assumptions used to estimate the fair value are as follows:

 

 

 

2019

 

 

2018

 

Weighted average grant date fair value of stock options granted

   during the period

 

$

5.11

 

 

$

7.43

 

Dividend yield

 

 

6.3

%

 

 

5.2

%

Expected volatility

 

 

40.6

%

 

 

41.1

%

Risk-free interest rate

 

 

2.4

%

 

 

2.7

%

Expected life

 

5.5 years

 

 

5.6 years

 

 
Schedule of Stock Option Activity

Activity related to stock options for 2020 is as follows:

 

 

 

Shares

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Aggregate

Intrinsic

Value

 

 

 

(thousands)

 

 

 

 

 

 

(years)

 

 

(millions)

 

Outstanding, beginning of period

 

 

18,499

 

 

$

39.77

 

 

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Canceled or forfeited

 

 

(2,154

)

 

 

32.84

 

 

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Outstanding, end of period

 

 

16,345

 

 

$

40.69

 

 

 

 

 

 

 

 

 

Exercisable, end of period

 

 

14,357

 

 

$

42.74

 

 

 

3.6

 

 

$

—

 

Options expected to vest

 

 

1,371

 

 

$

25.84

 

 

 

7.4

 

 

$

—

 

 
Additional Information Relating to Stock Options

Additional information relating to stock options is as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(millions)

 

Intrinsic value of options exercised

 

$

—

 

 

$

10

 

 

$

27

 

Cash received from stock options exercised

 

 

—

 

 

 

6

 

 

 

45

 

 
Restricted Stock Units [Member]  
Activity Related to Restricted Stock and Restricted Stock Units

The weighted average grant date fair values of performance-based and time-based restricted stock units granted during 2020, 2019 and 2018 are as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Restricted stock units (performance-based)

 

$

6.24

 

 

$

24.28

 

 

$

30.64

 

Restricted stock units (time-based)

 

 

6.96

 

 

 

17.81

 

 

 

25.57

 

 

 
Schedule of Nonvested Restricted Stock Units Activity

Activity related to restricted stock units for 2020 is as follows:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

 

(thousands)

 

Nonvested, beginning of period

 

 

4,747

 

 

$

23.37

 

Granted – performance-based

 

 

1,553

 

 

 

6.24

 

Performance adjustment

 

 

(508

)

 

 

30.48

 

Granted – time-based

 

 

6,216

 

 

 

6.96

 

Forfeited

 

 

(830

)

 

 

21.43

 

Vested

 

 

(1,426

)

 

 

23.54

 

Nonvested, end of period

 

 

9,752

 

 

$

9.95