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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

The Company recorded stock-based compensation expense of $5 million and $1 million ($4 million and $0 million, net of tax) during the three months ended March 31, 2018 and 2017, respectively.
The activity related to restricted stock units (“RSUs”) consisted of (in thousands of shares):
 
 
 
Number of Shares
 
Weighted
Average
Grant Date
Fair Value
 
Weighted Average Remaining Contractual Term (years)
 
Aggregate Intrinsic Value (in millions)
Time-based RSUs
 
 
 
 
 
 
 
 
Outstanding at January 1, 2018
1,160

 
$
34.54

 
 
 
 
 
 
Granted (a)
317

 
48.66

 
 
 
 
 
 
Vested (b)
(357
)
 
35.20

 
 
 
 
 
 
Forfeited
(28
)
 
33.12

 
 
 
 
 
Outstanding and expected to vest at March 31, 2018 (c)
1,092

 
$
38.45

 
1.3
 
$
51

Performance-based and market-based RSUs
 
 
 
 
 
 
 
 
Outstanding at January 1, 2018
994

 
$
33.06

 
 
 
 
 
 
Granted (a)
349

 
48.72

 
 
 
 
 
 
Vested
—

 
—

 
 
 
 
 
 
Forfeited
(138
)
 
54.00

 
 
 
 
 
Outstanding at March 31, 2018
1,205

 
$
35.20

 
1.8
 
$
56

 
Outstanding and expected to vest at March 31, 2018 (c)
269

 
$
44.47

 
2.6
 
$
13

__________
(a) 
Reflects the maximum number of stock units assuming achievement of all performance-, market- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the three months ended March 31, 2017 was $34.41.
(b) 
The total fair value of RSUs vested during March 31, 2018 and 2017 was $13 million and $19 million, respectively.
(c) 
Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $48 million and will be recognized over a weighted average vesting period of 1.6 years.

The stock option activity consisted of (in thousands of shares):
 
 
Number of Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining Contractual Term (years)
 
Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2018
273

 
$
7.08

 
1.7
 
$
10

 
Granted
—

 
—

 
 
 


 
Exercised
(167
)
 
11.04

 
 
 
6

 
Forfeited/expired
—

 
—

 
 
 


Outstanding and exercisable at March 31, 2018
106

 
$
0.79

 
0.8
 
$
5