Stock Compensation Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS

During the six months ended June 30, 2020 and 2019, the Company issued new stock awards as follows:

Restricted Performance Stock Rights - For the six months ended June 30, 2020, the Company granted approximately 0.1 million RPSRs at a weighted average share price of $231.16. These rights are subject to cliff vesting on December 31, 2022. For the six months ended June 30, 2019, the Company granted approximately 0.1 million RPSRs at a weighted average share price of $210.26. These rights are subject to cliff vesting on December 31, 2021. All of the RPSRs are subject to the achievement of performance-based targets at the end of the respective vesting periods and will ultimately vest between 0% and 200% of grant date value.

For the six months ended June 30, 2020 and 2019, 0.1 million and 0.3 million of stock awards vested, respectively, of which approximately 0.1 million each year were transferred to the Company from employees in satisfaction of minimum tax withholding obligations.

The following table summarizes the status of the Company's outstanding stock awards as of June 30, 2020:


	Stock Awards (in thousands)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)
Total stock awards	374	$	213.03	1.4

Compensation Expense

The Company recorded stock-based compensation for the value of awards granted to Company employees and non-employee members of the board of directors for the three months ended June 30, 2020 and 2019, of $6 million and $7 million, respectively. The Company recorded stock-based compensation for the value of awards granted to Company employees and non-employee members of the board of directors for the six months ended June 30, 2020 and 2019, of $13 million and $12 million, respectively.

The Company recorded tax benefits related to stock awards of $1 million for the three months ended June 30, 2020 and 2019. The Company recorded tax benefits related to stock awards of $2 million for the six months ended June 30, 2020 and 2019. The Company recognized tax benefits associated with the issuance of stock in settlement of stock awards for the three months ended June 30, 2020 and 2019, of $1 million and less than $1 million, respectively. The Company recognized tax benefits associated with the issuance of stock in settlement of stock awards for the six months ended June 30, 2020 and 2019, of $3 million and $5 million, respectively.

Unrecognized Compensation Expense

As of June 30, 2020, the Company had less than $1 million of unrecognized compensation expense associated with Restricted Stock Rights granted in 2020, 2019 and 2018, which will be recognized over a weighted average period of 1.2 years, and $42 million of unrecognized compensation expense associated with RPSRs granted in 2020, 2019, and 2018, which will be recognized over a weighted average period of 1.6 years.