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SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended March 31, 2018, the Company incurred share-based compensation costs of $16 million (2017: $29 million) related to restricted stock awards, share-settled restricted stock units, and cash-settled restricted stock units and recorded associated tax benefits of $2 million (2017: $7 million).

The fair value of share-settled restricted stock units and cash-settled restricted stock units that vested during the three months ended March 31, 2018 was $42 million (2017: $120 million, which included $44 million attributable to a grant of three year cliff vesting service-based awards made in 2014). At March 31, 2018 there were $137 million of unrecognized compensation costs (2017: $130 million), which are expected to be recognized over the weighted average period of 3.0 years.

Share-settled Awards

The following table provides a summary of nonvested share settled restricted stock units for the three months ended March 31, 2018:
 
 
Share Settled Performance Vesting Restricted Stock Units
 
Share Settled - Service Based Restricted Stock Units
 
 
 
Number of
Restricted
Stock Units
 
Weighted 
Average
Grant Date
Fair Value(1)
 
Number of
Restricted
Stock Units
 
Weighted  Average
Grant Date
Fair Value(1)
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested restricted stock units - beginning of period
230

 
$
57.08

 
1,355

 
$
57.09

 
 
     Granted
104

 
48.89

 
711

 
49.07

 
 
     Vested
(51
)
 
53.81

 
(455
)
 
54.44

 
 
     Forfeited
—

 
—

 
(20
)
 
57.45

 
 
Nonvested restricted stock units - end of period
283

 
$
54.68

 
1,591

 
$
54.18

 
 
 
 
 
 
 
 
 
 
 

(1) Fair value is based on the closing price of our common shares on the grant approval date.

Cash-settled awards

The following table provides a summary of nonvested cash settled restricted stock units for the three months ended March 31, 2018:
 
 
Cash Settled Performance Vesting Restricted Stock Units
 
Cash Settled Service-based Restricted Stock Units
 
 
 
Number of
Restricted
Stock Units
 
Number of
Restricted
Stock Units
 
 
 
 
 
 
 
 
Nonvested restricted stock units - beginning of period
42

 
988

 
 
     Granted
—

 
449

 
 
     Vested
(12
)
 
(360
)
 
 
     Forfeited
—

 
(20
)
 
 
Nonvested restricted stock units - end of period
30

 
1,057

 
 
 
 
 
 
 


At March 31, 2018, the liability for cash-settled restricted stock units, included in other liabilities in the Consolidated Balance Sheets, was $9 million (2017: $9 million).