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Stock-based Payments (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value Valuation Assumptions Fair value of time-based options was determined using the Black-Scholes model using the following assumptions:
 
 
2019 (none granted)
 
2018
 
2017
Exercise price
 
$
—

 
$
17.00

 
$
17.00

Expected option life
 
—

 
6.4 years

 
5.5 years

Risk-free interest rate
 
—
%
 
2.8
%
 
2.3
%
Historical volatility rate
 
—
%
 
29.0
%
 
26.9
%
Dividend yield
 
—
%
 
—
%
 
—
%

 
 
2019
 
2018 (none granted)
 
2017 (none granted)
Stock price
 
$
17.85

 
$
—

 
$
—

Time to maturity
 
3.0 years

 
—

 
—

Risk-free interest rate
 
2.4
%
 
—
%
 
—
%
Historical volatility rate
 
27.4
%
 
—
%
 
—
%
Correlation coefficients
 
24.0
%
 
—
%
 
—
%
TSR starting factor
 
1.0
 
—

 
—

Dividend yield
 
—
%
 
—

 
—


As the performance-based options contain a market condition, the Company determined the fair value of these options using a Monte Carlo simulation model, which used the following assumptions:
 
 
2019 (none granted)
 
2018
 
2017
Exercise price
 
$
—

 
$
17.00

 
$
17.00

Expected term (1)
 
—

 
1.1 years

 
1.2 years

Risk-free interest rate (2)
 
—
%
 
1.9% to 2.0%

 
0.4% to 1.5%

Historical volatility rate
 
—
%
 
22.3% to 27.1%

 
25.4% to 29.0%

Dividend yield
 
—
%
 
—
%
 
—
%
Summary of Outstanding Time-Based and Performance-Based Stock Options
The tables below summarize the Company’s outstanding time-based stock options (in millions, except for per share amounts):
 
Time-Based Options
 
Number of
Options
 
Weighted
Average
Exercise Price
per Share
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Aggregate Intrinsic Value
Outstanding as of December 31, 2016
2.2

 
$
10.65

 
8.6
 
$
14.2

Granted
0.1

 
17.00

 
 
 
 
Granted through modification
1.3
 
11.06

 
 
 
 
Exercised
0.0
 
12.00

 
 
 
 
Forfeited
(0.1
)
 
11.79

 
 
 
 
Outstanding as of December 31, 2017
3.5

 
$
10.88

 
8.5
 
$
13.8

Granted
0.2

 
17.00

 
 
 
 
Exercised
(0.3
)
 
10.19

 
 
 
 
Forfeited
(0.1
)
 
12.58

 
 
 
 
Outstanding as of December 31, 2018
3.3

 
$
11.23

 
6.8
 
$
11.8

Granted
—

 
—

 
 
 
 
Exercised
(0.6
)
 
10.05

 
 
 
 
Forfeited
(0.1
)
 
11.19

 
 
 
 
Outstanding as of December 31, 2019
2.6

 
$
11.51

 
5.9
 
$
24.3

Exercisable as of December 31, 2019
1.9

 
$
10.67

 
5.7
 
$
19.0


The tables below summarize the Company’s outstanding performance-based stock options (in millions, except for per share amounts):
 
Performance-Based Options
 
Number of
Options
 
Weighted
Average
Exercise Price
per Share
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Aggregate Intrinsic Value
Outstanding as of December 31, 2016
3.6

 
$
10.90

 
8.6

 
$
22.2

Granted
0.1

 
17.00

 
 
 
 
Modified (1)

(1.3
)
 
11.06

 
 
 
 
Forfeited
(0.8
)
 
10.50

 
 
 
 
Outstanding as of December 31, 2017
1.6

 
$
11.23

 
7.8

 
$
9.5

Granted
0.1

 
17.00

 
 
 
 
Forfeited
(0.2
)
 
11.98

 
 
 
 
Outstanding as of December 31, 2018 (2)

1.5

 
$
11.48

 
6.9

 
$
4.5

Granted
—

 
—

 
 
 
 
Exercised
—

 
—

 
 
 
 
Forfeited
(0.1
)
 
10.87

 
 
 
 
Outstanding as of December 31, 2019
1.4

 
$
11.64

 
5.9

 
$
12.0

Exercisable as of December 31, 2019
—

 
—

 
—

 
—

(1) As discussed above, 1.3 million shares were converted to time-based options during December 2017.
(2) During 2018, the Company modified all outstanding performance-based options to include an additional market-based condition.
Summary of Outstanding RSU's
The following table summarizes the Company’s outstanding RSUs (in millions, except for per share amounts):
 
Co-Investment RSUs
 
Time-Based RSUs
 
Performance-Based
RSUs
 
Number of RSUs
 
Weighted
Average
Fair Value
per Share
 
Number of RSUs
 
Weighted
Average
Fair Value
per Share
 
Number of RSUs
 
Weighted
Average
Fair Value
per Share
Unvested as of December 31, 2016
0.8

 
$
10.90

 
7.6

 
$
13.36

 
2.5

 
$
1.50

Granted
0.1

 
17.00

 
0.5

 
17.00

 
—

 
—

Vested
(0.1
)
 
12.00

 
(0.9
)
 
11.81

 
—

 
—

Forfeited
(0.1
)
 
12.00

 
(0.2
)
 
12.16

 
—

 
—

Unvested as of December 31, 2017
0.7

 
$
11.28

 
7.0

 
$
13.48

 
2.5

 
$
1.50

Granted
0.1

 
17.00

 
0.7

 
17.09

 
0.2

 
3.18

Granted through modification
—

 
—

 
1.8

 
18.08

 
0.9

 
17.29

Vested
(0.1
)
 
10.32

 
(1.6
)
 
14.63

 
(0.2
)
 
17.29

Modified
—

 
—

 
—

 
—

 
(2.7
)
 
1.56

Forfeited
(0.1
)
 
11.77

 
(0.1
)
 
13.44

 
—

 
—

Unvested as of December 31, 2018
0.6

 
$
11.50

 
7.8

 
$
14.63

 
0.7

 
$
15.94

Granted
—

 
—

 
1.9

 
17.78

 
0.4

 
19.64

Vested
(0.6
)
 
11.38

 
(3.9
)
 
17.41

 
—

 
—

Forfeited
(0.0
)
 
17.00

 
(0.1
)
 
16.55

 
—

 
—

Unvested as of December 31, 2019
0.0

 
$
17.00

 
5.7

 
$
15.63

 
1.1

 
$
17.08
Summary of Compensation Expense Related to RSUs
The following table summarizes the Company's compensation expense related to RSUs (in millions):
 
 
Year Ended December 31,
 
Unrecognized at December 31, 2019
 
2019
2018
2017
 
Time-Based RSUs
 
$
43.4

$
43.8

$
20.0

 
$
53.0

Co-Investment RSUs
 
0.4

0.6

1.5

 
0.1

Performance-Based RSUs
 
1.9

15.4

—

 
4.9

Equity classified compensation cost
 
$
45.7

$
59.8

$
21.5

 
$
58.0

Liability classified compensation cost (1)
 
—

4.9

8.1

 
—

Total RSU stock-based compensation cost
 
$
45.7

$
64.7

$
29.6

 
$
58.0

(1) In the third quarter of 2018, all liability classified awards were reclassified to equity, due to certain contingencies being lifted.