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Stock-Based Compensation
 9 Months Ended
Sep. 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 $1 million ($5 million and $1 million, net of tax) during the three months ended September 30, 2018 and 2017, respectively, and $18 million and $6 million ($14 million and $4 million, net of tax) during the nine months ended September 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)
321

 
48.41

 
 
 
 
 
 
Vested (b)
(559
)
 
36.01

 
 
 
 
 
 
Forfeited
(75
)
 
35.97

 
 
 
 
 
Outstanding and expected to vest at September 30, 2018 (c)
847

 
$
38.70

 
1.0
 
$
27

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

 
$
33.06

 
 
 
 
 
 
Granted (a)
353

 
48.52

 
 
 
 
 
 
Vested
—

 
—

 
 
 
 
 
 
Forfeited
(176
)
 
50.06

 
 
 
 
 
Outstanding at September 30, 2018
1,171

 
$
35.17

 
1.3
 
$
38

 
Outstanding and expected to vest at September 30, 2018 (c)
267

 
$
44.25

 
2.1
 
$
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 nine months ended September 30, 2017 was $35.32 and $35.21, respectively.
(b) 
The total fair value of RSUs vested during September 30, 2018 and 2017 was $20 million and $23 million, respectively.
(c) 
Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $35 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
(194
)
 
9.64

 
 
 
8

 
Forfeited/expired
—

 
—

 
 
 
—

Outstanding and exercisable at September 30, 2018
79

 
$
0.79

 
0.3
 
$
2