Share-based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company has various incentive plans under which performance-based restricted stock units ("PRSUs"), service-based restricted stock units ("RSUs"), stock options, and stock appreciation rights ("SARs") have been issued.

The table below presents the components of share-based compensation expense (in millions), which is recorded in selling, general and administrative expense in the consolidated statements of operations.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
PRSUs	$	4	$	2	$	(8)	$	25
RSUs	21		12		58		28
Stock options	8		8		24		25
SARs	(1)		(9)		(12)		4
Total share-based compensation expense	$	32	$	13	$	62	$	82
Tax benefit recognized	$	5	$	2	$	12	$	10

The Company recorded total liabilities for cash-settled and other liability-settled share-based compensation awards of $32 million and $93 million as of September 30, 2020 and December 31, 2019, respectively. The current portion of the liability for cash-settled and other liability-settled awards was $22 million and $47 million as of September 30, 2020 and December 31, 2019, respectively.

The table below presents awards granted (in millions, except weighted-average grant price).


	Nine Months Ended September 30, 2020
	Awards	Weighted-Average Grant Price
Awards granted:
PRSUs	0.5	$	25.70
RSUs	4.4	$	25.58
Stock options	1.3	$	25.70

The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of September 30, 2020 (in millions, except years).


	Unrecognized Compensation Cost		Weighted-Average Amortization Period (years)
PRSUs	$	3	0.41
RSUs	228		2.90
Stock options	74		2.08
SARs	1		0.97
Total unrecognized compensation cost	$	306

Of the $228 million of unrecognized compensation cost related to RSUs, $62 million is related to cash settled RSUs. Stock settled RSUs are expected to be recognized over a weighted-average period of 1.44 years and cash settled RSUs are expected to be recognized over a weighted-average period of 3.11 years.