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Stockholders' Equity
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
2016 Omnibus Employee Incentive Plan (2016 Plan)
On May 18, 2016, the Company adopted the 2016 Plan. The 2016 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 2016 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 and the shares withheld for the employee portion for taxes on vested awards are available for future grants. On March 28, 2019, the Company’s Board adopted Amendment No. 1 to the 2016 Plan (the Amendment), which was approved in May 2019 by the Company’s stockholders 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 2016 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 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.
The following represents unvested STIP RSU grants through March 31, 2020:
 
STIP Grants
 
Number of RSUs
(in units)
 
Weighted Average Grant-Date Fair Value
(per share)
Unvested balance at December 31, 2019
—

 
$
—

Granted
55,661
 
24.50

Unvested balance at March 31, 2020
55,661
 
$
24.50


At March 31, 2020, the grant date fair value of the unvested awards was approximately $1 million, of which an insignificant amount of compensation expense was recorded for the quarter ended March 31, 2020. At March 31, 2020, the unrecognized compensation cost related to unvested RSU awards is expected to be recognized over a weighted-average period of 1.5 years.
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 RSU grants through March 31, 2020:
 
Special Grants
 
Number of RSUs
(in units)
 
Weighted Average Grant-Date Fair Value
(per share)
Unvested balance at December 31, 2018
—

 
$
—

Granted
6,067
 
40.30

Unvested balance at December 31, 2019
6,067
 
40.30

Vested
(1,100)
 
40.30

Unvested balance at March 31, 2020
4,967
 
$
40.30


Compensation expense related to the Special RSU grants for the quarter ended March 31, 2020 was not significant and is expected to be recognized over a weighted-average period of 1.0 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 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 PSU grants through March 31, 2020 at the target level of performance:
 
LTIP (at Target)
 
Number of PSUs
(in units)
 
Weighted Average Grant-Date Fair Value
(per share)
Unvested balance at December 31, 2018
—

 
$
—

Granted
134,671
 
39.59

Forfeited
(9,477)
 
39.26

Unvested balance at December 31, 2019
125,194
 
39.62

Forfeited
(2,952
)
 
39.26

Unvested balance at March 31, 2020
122,242
 
$
39.63


At March 31, 2020, depending upon actual performance, the number of PSUs to be issued will vary from zero to 225,400, net of forfeitures. At March 31, 2020, the grant date fair value of the unvested awards was approximately $5 million, reflecting target performance by all participants. During the quarter ended March 31, 2020, the Company recognized an insignificant amount of compensation expense related to the LTIP. At March 31, 2020, the unrecognized compensation cost related to unvested PSU awards was approximately $4 million at target level performance. If target level performance is achieved, the unrecognized cost is expected to be recognized over a weighted-average period of 1.8 years.
Accumulated Other Comprehensive Loss, net of taxes
The following represents the changes and balances to the components of accumulated other comprehensive loss, net of taxes, for the quarters ended March 31, 2020 and 2019 ($ 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, 2018
$
(16
)
 
$
(14
)
 
$
(30
)
Balance at March 31, 2019
$
(16
)
 
$
(14
)
 
$
(30
)
 
 
 
 
 
 
Balance at December 31, 2019
$
(25
)
 
$
(12
)
 
$
(37
)
Translation adjustment
—

 
(3
)
 
(3
)
Balance at March 31, 2020
$
(25
)
 
$
(15
)
 
$
(40
)

___________
(1)
Translation adjustment is presented net of tax benefit of $1 million for the quarter ended March 31, 2020.