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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Arrangements with Employees and Nonemployees [Abstract]  
Schedule Equity-Based Compensation Expense
Equity-based compensation expense, which is recorded in Selling and administrative expenses in the Consolidated Statements of Operations is as follows:
 
 
Years Ended December 31,
(in millions)
 
2017
 
2016
 
2015
Equity-based compensation expense
 
$
43.7

 
$
39.2

 
$
31.2

Income tax benefit (1)
 
(15.3
)
 
(13.3
)
 
(10.9
)
Equity-based compensation expense (net of tax)
 
$
28.4

 
$
25.9

 
$
20.3


(1)
Represents equity-based compensation tax expense at the statutory tax rates. This line does not include any excess tax benefits associated with equity awards separately disclosed in Note 11 (Income Taxes).
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted-average assumptions used to value the stock options granted were as follows:
 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
Grant date fair value
 
$
12.27

 
$
8.55

 
$
11.13

Volatility (1)
 
22.00
%
 
25.00
%
 
30.00
%
Risk-free rate (2)
 
2.08
%
 
1.47
%
 
1.75
%
Expected dividend yield
 
1.09
%
 
1.08
%
 
0.72
%
Expected term (in years) (3)
 
6.0

 
6.0

 
6.0

(1)
Based upon an assessment of the two-year and five-year historical volatility and implied volatility for the Company’s selected peer group, adjusted for the Company’s leverage.
(2)
Based on a composite US Treasury rate.
(3)
Calculated using the simplified method, which defines the expected term as the average of the option’s contractual term and the option’s weighted-average vesting period. The Company utilizes this method as it has limited historical stock option data that is sufficient to derive a reasonable estimate of the expected stock option term.
Schedule of Stock Options Roll Forward
Stock option activity for the year ended December 31, 2017 was as follows:
Options
 
Number of Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term (years)
 
Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2017
 
3,781,051

 
$
29.36

 
 
 
 
Granted
 
1,213,299

 
58.97

 
 
 
 
Forfeited/Expired
 
(59,834
)
 
45.76

 
 
 
 
Exercised(1)
 
(476,520
)
 
27.37

 
 
 
 
Outstanding at December 31, 2017
 
4,457,996

 
$
37.41

 
7.21
 
$
143.0

 
 
 
 
 
 
 
 
 
Vested and exercisable at December 31, 2017
 
2,372,046

 
$
25.90

 
5.97
 
$
103.4

Expected to vest at December 31, 2017
 
2,056,814

 
$
50.44

 
8.61
 
$
39.2


(1)
The total intrinsic value of stock options exercised during the years ended December 31, 2017, 2016 and 2015 was $17 million, $7 million and $2 million, respectively.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
RSU activity for the year ended December 31, 2017 was as follows:
 
 
Number of Units
 
Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2017
 
1,179,488

 
$
19.52

Granted (1)
 
25,493

 
58.90

Vested (2)
 
(1,032,821
)
 
17.77

Forfeited
 
(41,091
)
 
23.00

Nonvested at December 31, 2017
 
131,069

 
$
40.11


(1)
The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2017, 2016 and 2015 was $58.90, $39.82 and $36.24, respectively.
(2)
The aggregate fair value of RSUs that vested during the years ended December 31, 2017, 2016 and 2015 was $18 million, $1 million and $1 million, respectively.
Schedule of Nonvested Performance-based Units Activity
PSU activity for the year ended December 31, 2017 was as follows:
 
 
Number of Units
 
Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2017
 
363,947

 
$
38.92

Granted (1)

 
254,451

 
59.00

Attainment Adjustment (2)
 
361,880

 
24.40

Vested (3)

 
(530,569
)
 
37.84

Forfeited
 
(30,736
)
 
47.28

Nonvested at December 31, 2017
 
418,973

 
$
50.75

(1)
The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2017, 2016 and 2015 was $59.00, $39.91 and $37.83, respectively.
(2)
During the year ended December 31, 2017, the attainment on PSUs vested at December 31, 2016 was adjusted to reflect actual performance. The weighted-average grant date fair value of PSUs included in the attainment adjustment is $24.40.
(3)
The aggregate fair value of PSUs that vested during the years ended December 31, 2017 and 2016 was $20 million and $9 million, respectively. No PSUs vested during the year ended December 31, 2015.
Share-based Compensation, Performance Shares Award Nonvested Activity
PSA activity for the year ended December 31, 2017 was as follows:
 
 
Number of Units
 
Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2017
 
246,012

 
$
38.96

Granted (1)

 
2,714

 
—

Vested (2)

 
(121,266
)
 
37.79

Forfeited
 
(4,993
)
 
39.79

Nonvested at December 31, 2017
 
122,467

 
$
40.08

(1)
The weighted-average grant date fair value of PSAs granted during the year ended December 31, 2017 was zero as the units granted consisted of only dividends on previously granted units. The weighted-average grant date fair value of PSAs granted during the years ended December 31, 2016 and 2015 was $40.06 and $37.79, respectively.
(2)
The aggregate fair value of PSAs that vested during the year ended December 31, 2017 was $5 million. No PSAs vested during the years ended December 31, 2016 and 2015.
Nonvested Restricted Stock Shares Activity
RSA activity for the year ended December 31, 2017 was as follows:
 
 
Number of Units
 
Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2017
 
26,052

 
$
17.00

Granted
 
—

 
—

Vested(1)
 
(25,398
)
 
17.00

Forfeited
 
(654
)
 
17.00

Nonvested at December 31, 2017
 
—

 
$
—

(1)
The aggregate fair value of restricted stock that vested during the years ended December 31, 2017, 2016 and 2015 was less than $1 million, $1 million and $3 million, respectively.