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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2019
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 ($4 million, net of tax) during the three months ended March 31, 2019 and 2018.

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, 2019
838

 
$
38.67

 
 
 
 
 
 
Granted (a)
422

 
34.82

 
 
 
 
 
 
Vested (b)
(336
)
 
35.56

 
 
 
 
 
 
Forfeited
(27
)
 
39.40

 
 
 
 
 
Outstanding and expected to vest at March 31, 2019 (c)
897

 
$
38.01

 
1.4
 
$
31

Performance-based and market-based RSUs
 
 
 
 
 
 
 
 
Outstanding at January 1, 2019
1,169

 
$
35.14

 
 
 
 
 
 
Granted (a)
480

 
34.82

 
 
 
 
 
 
Vested
—

 
—

 
 
 
 
 
 
Forfeited
(413
)
 
24.23

 
 
 
 
 
Outstanding at March 31, 2019
1,236

 
$
38.66

 
2.0
 
$
43

 
Outstanding and expected to vest at March 31, 2019 (c)
487

 
$
39.81

 
2.3
 
$
17

__________
(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, 2018 was $48.66 and $48.72 respectively.
(b) 
The total fair value of RSUs vested during March 31, 2019 and 2018 was $12 million and $13 million, respectively.
(c) 
Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $45 million and will be recognized over a weighted average vesting period of 1.7 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, 2019
57

 
$
0.79

 
0.1

 
$
1

 
Granted
—

 
—

 
 
 
—

 
Exercised (a)
(57
)
 
0.79

 
 
 
1

 
Forfeited/expired
—

 
—

 
 
 
—

Outstanding and exercisable at March 31, 2019
—

 
$
—

 
—

 
$
—


__________
(a) 
Stock options exercised during the three months ended March 31, 2018 had an intrinsic value of $6 million and the cash received was $2 million.