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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

The Company recorded stock-based compensation expense of $7 million ($5 million, net of tax) during the three months ended June 30, 2019 and 2018, in each period, and $12 million and ($9 million, net of tax) during the six months ended June 30, 2019 and 2018, in each period.

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)
485

 
34.90

 
 
 
 
 
 
Vested (b)
(361
)
 
35.80

 
 
 
 
 
 
Forfeited
(55
)
 
38.73

 
 
 
 
 
Outstanding and expected to vest at June 30, 2019 (c)
907

 
$
37.79

 
1.3
 
$
32

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

 
$
35.14

 
 
 
 
 
 
Granted (a)
522

 
34.87

 
 
 
 
 
 
Vested
—

 
—

 
 
 
 
 
 
Forfeited
(430
)
 
24.85

 
 
 
 
 
Outstanding at June 30, 2019
1,261

 
$
38.54

 
1.8
 
$
44

 
Outstanding and expected to vest at June 30, 2019 (c)
518

 
$
39.96

 
2.1
 
$
18

__________
(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, 2018 was $48.66 and $48.72, respectively.
(b) 
The total fair value of RSUs vested during June 30, 2019 and 2018 was $13 million, in each period.
(c) 
Aggregate unrecognized compensation expense related to time-based RSUs and performance-based RSUs amounted to $40 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, 2019
57

 
$
0.79

 
0.1

 
$
1

 
Granted
—

 
—

 
 
 
—

 
Exercised (a)
(57
)
 
0.79

 
 
 
1

 
Forfeited/expired
—

 
—

 
 
 
—

Outstanding and exercisable at June 30, 2019
—

 
$
—

 
—

 
$
—


__________
(a) 
Stock options exercised during the six months ended June 30, 2018 had an intrinsic value of $7 million and the cash received was $2 million.