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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $1 million and $8 million ($0 million and $5 million, net of tax) during the three months ended March 31, 2017 and 2016, respectively. The Company uses a Monte Carlo simulation model to calculate the fair value of stock unit awards containing a market condition. For the three months ended March 31, 2017, the Company did not issue any stock unit awards containing a market condition. For the three months ended March 31, 2016, the Company’s weighted average assumptions for expected stock price volatility, risk-free interest rate, valuation period and dividend yield were 46%, 0.99%, 3 years, and 0.0%, respectively. The activity related to the Company’s restricted stock units (“RSUs”) consisted of (in thousands of shares):
|  | Time-Based RSUs |  | Performance-Based and Market-Based RSUs
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2017 (a) | 878 |  |  | $ | 34.83 |  |  | 923 |  |  | $ | 34.11 |
| Granted | 528 |  |  | 34.41 |  |  | 572 |  |  | 34.41 |
| Vested (b) | (367 | ) |  | 36.00 |  |  | (146 | ) |  | 36.52 |
| Forfeited/expired | (18 | ) |  | 32.00 |  |  | (193 | ) |  | 41.86 |
Outstanding at March 31, 2017 (c) | 1,021 |  |  | $ | 34.24 |  |  | 1,156 |  |  | $ | 32.67 |
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(a) | Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs, and performance-based and market-based RSUs granted during the three months ended March 31, 2016 was $25.88 and $23.29, respectively.
(b) | The total grant date fair value of RSUs vested during the three months ended March 31, 2017 and 2016 was $19 million and $25 million, respectively.
(c) | The Company’s outstanding time-based RSUs, and performance-based and market-based RSUs had aggregate intrinsic values of $30 million and $34 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs amounted to $53 million and will be recognized over a weighted average vesting period of 1.9 years.
The stock option activity consisted of (in thousands of shares):
|  | Number of Options |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (in millions) |  | Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2017 | 810 |  |  | $ | 2.91 |  |  | $ | 27 |  |  | 2.3
| Granted | — |  |  | — |  |  |  |  |
| Exercised | (3 | ) |  | 0.79 |  |  | — |  |  |
| Forfeited/expired | — |  |  | — |  |  |  |  |
Outstanding and exercisable at March 31, 2017 | 807 |  |  | $ | 2.92 |  |  | $ | 22 |  |  | 2.0

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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