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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

The Company recorded stock-based compensation expense of $7 million and $4 million ($5 million and $3 million, net of tax) during the three months ended June 30, 2018 and 2017, respectively, and $12 million and $5 million ($9 million and $3 million, net of tax) during the six months ended June 30, 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)
(359
)
 
35.14

 
 
 
 
 
 
Forfeited
(39
)
 
34.98

 
 
 
 
 
Outstanding and expected to vest at June 30, 2018(c)
1,079

 
$
38.47

 
1.1
 
$
35

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

 
$
33.06

 
 
 
 
 
 
Granted (a)
349

 
48.72

 
 
 
 
 
 
Vested
—

 
—

 
 
 
 
 
 
Forfeited
(145
)
 
53.36

 
 
 
 
 
Outstanding at June 30, 2018
1,198

 
$
35.17

 
1.5
 
$
39

 
Outstanding and expected to vest at June 30, 2018(c)
266

 
$
44.49

 
2.3
 
$
9

__________
(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 six months ended June 30, 2017 was $34.41.
(b) 
The total fair value of RSUs vested during June 30, 2018 and 2017 was $13 million and $22 million, respectively.
(c) 
Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $41 million and will be recognized over a weighted average vesting period of 1.3 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
(186
)
 
9.99

 
 
 
7

 
Forfeited/expired
—

 
—

 
 
 


Outstanding and exercisable at June 30, 2018
87

 
$
0.79

 
0.6
 
$
3