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Stockholders' Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
2016 Omnibus Employee Incentive Plan
On May 18, 2016, the Company adopted the 2016 Omnibus Employee Incentive Plan (Plan). The Plan provides for the issuance of equity awards to attract, retain, and motivate employees, consultants and others who perform services for the Company and its subsidiaries. Under the Plan, the Compensation Committee determines the persons who will receive awards, the time at which they are granted and the terms of the awards. Type of awards include stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and other stock-based awards. Shares of common stock underlying forfeited awards are available for future grants. On March 28, 2019, the Company’s Board adopted Amendment No. 1 to the Plan (the Amendment), which was approved in May 2019 by the Company’s shareholders at the 2019 Annual Meeting of Shareholders. The Amendment, among other things, increased the number of shares of common stock available for grant under the Plan from 500,000 to 1,500,000.
Macquarie Infrastructure Corporation Short-Term Incentive Plan (STIP) for MIC Operating Businesses —  Restricted Stock Units (RSUs)
During the first quarter of 2019, the Company established the STIP to provide cash and stock-based incentives to eligible employees of its operating businesses under the Company’s 2016 Omnibus Employee Incentive Plan. In general, the cash component comprises approximately 75% of any incentive award and is paid in a lump-sum. The remaining 25% of any incentive award is in the form of RSUs representing an interest in the common stock of the Company. RSUs are granted following assessment of performance against Key Performance Indicators post the one-year performance period and vest in two equal annual installments following the grant date. Through September 30, 2019, no grants of RSUs under the STIP had been made.
From time to time, the Company can issue RSUs to award or retain employees, or to attract new employees, or other reasons by providing special grants of RSUs. Vesting dates and terms can vary for each award at the discretion of the Company.
The following represents unvested Special RSUs granted through 2019:
 
2019 Special Grants
 
Number of RSUs
(in units)
 
Weighted Average Grant-Date Fair Value
(per share)
Unvested at December 31, 2018
—

 
$
—

Granted
6,067
 
40.30

Unvested at September 30, 2019
6,067
 
$
40.30


Compensation expense related to the Special RSU grants for the quarter and nine months ended September 30, 2019 was not significant. At September 30, 2019, the cost is expected to be recognized over a weighted-average period of 1.3 years.
Macquarie Infrastructure Corporation Long-Term Incentive Plan (LTIP) for MIC Operating Businesses —  Performance Stock Units (PSUs)
During the first quarter of 2019, the Company established the LTIP pursuant to which it may make stock-based incentive awards to eligible employees of its operating businesses. The awards would take the form of PSUs convertible into common stock of the Company as authorized under its 2016 Omnibus Employee Incentive Plan. The number of PSUs a participant may be awarded reflects a target level of performance by the participant. The participant may be awarded more (over performance limit) or less (threshold limit) than the target number of PSUs based on their achievements relative to Key Performance Indicators during the three-year performance period. Following finalization of the participant’s performance review at the end of the third year of the program, the Company may award the PSUs.
The following represents unvested LTIP grants through September 30, 2019 at the target level of performance:
 
2019 LTIP (at Target)
 
Number of PSUs
(in units)
 
Weighted Average Grant-Date Fair Value
(per share)
Unvested at December 31, 2018
—

 
$
—

Granted
134,671
 
$
39.59

Forfeited
(7,577)
 
$
39.26

Unvested at September 30, 2019
127,094
 
$
39.61


At September 30, 2019, depending upon actual performance, the number of PSUs to be issued will vary from zero to 233,891, net of forfeitures. At September 30, 2019, the grant date fair value of the unvested awards was approximately $5 million, reflecting target performance by all participants. During the nine months ended September 30, 2019, the Company recognized approximately $1 million of compensation expense related to the LTIP. At September 30, 2019, the unrecognized compensation cost related to unvested PSU awards was approximately $4 million at target level performance. If target level performance is achieved, the unrecognized cost is expected to be recognized over a weighted-average period of 2.3 years.
Accumulated Other Comprehensive Loss, net of taxes
The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes for the nine months ended September 30, 2019 and 2018 ($ in millions):
 
Post-Retirement Benefit Plans, net of taxes
 
Translation Adjustment, net of taxes(1)
 
Total Stockholders’ Accumulated Other Comprehensive Loss, net of taxes
Balance at December 31, 2017
$
(20
)
 
$
(10
)
 
$
(30
)
Translation adjustment
—

 
(2
)
 
(2
)
Balance at September 30, 2018
$
(20
)
 
$
(12
)
 
$
(32
)
 
 
 
 
 
 
Balance at December 31, 2018
$
(16
)
 
$
(14
)
 
$
(30
)
Translation adjustment
—

 
1

 
1

Balance at September 30, 2019
$
(16
)
 
$
(13
)
 
$
(29
)

___________
(1)
Translation adjustment is presented net of tax expense of $1 million and tax benefit of $1 million for the nine months ended September 30, 2019 and 2018, respectively.