Share-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement, Disclosure [Abstract]

Share-based Payment Arrangement

Share-based Compensation

Share-based Compensation Expense

In connection with share-based payment awards, we recorded share-based compensation expense of $10 million for the three months ended June 30, 2020, $10 million for the three months ended June 30, 2019, $19 million for the six months ended June 30, 2020, and $25 million for the six months ended June 30, 2019 which is included in Selling, general and administrative within the condensed consolidated statements of operations. As of June 30, 2020, there was $72 million in unrecognized compensation expense related to nonvested share-based awards that is expected to be recognized over a weighted-average period of 2.0 years.

Performance-based Grants

Under our 2019 Omnibus Incentive Compensation Plan (the “Plan”), we grant restricted stock awards that are subject to performance conditions to certain participating employees. For the six months ended June 30, 2020, we granted 1,323,267 performance stock units (“PSUs”) under the Plan with a weighted-average fair value of $11.34. The performance stock units are subject to the specific performance conditions, vesting on a one-year performance cycle. Compensation expense for the PSUs for the three months ended June 30, 2020 was $1 million, which is included in share-based compensation expense noted above.