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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 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 $7 million ($1 million and $5 million, net of tax) during the three months ended September 30, 2017 and 2016, respectively, and $6 million and $21 million ($4 million and $14 million, net of tax) during the nine months ended September 30, 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 nine months ended September 30, 2017, the Company did not issue any stock unit awards containing a market condition. For the nine months ended September 30, 2016, the Company’s weighted average assumptions for expected stock price volatility, risk-free interest rate, valuation period and dividend yield were 46%, 0.98%, 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 | 915 |  |  | 35.32 |  |  | 572 |  |  | 35.21 |
| Vested (b) | (470 | ) |  | 37.11 |  |  | (146 | ) |  | 36.55 |
| Forfeited/expired | (92 | ) |  | 32.53 |  |  | (304 | ) |  | 38.73 |
Outstanding at September 30, 2017 (c) | 1,231 |  |  | $ | 34.50 |  |  | 1,045 |  |  | $ | 33.03 |
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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 nine months ended September 30, 2016 was $25.92 and $23.33, respectively.
(b) | The total grant date fair value of RSUs vested during the nine months ended September 30, 2017 and 2016 was $23 million and $27 million, respectively.
(c) | The Company assumes 0.1 million of performance-based and market-based RSUs outstanding awards will vest over time with weighted average grate date fair value of $36.64. The Company’s outstanding time-based RSUs, and performance-based and market-based RSUs expected to vest had aggregate intrinsic values of $47 million and $4 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs, and performance-based and market-based RSUs amounted to $40 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 |  | Aggregate Intrinsic Value (in millions) |  | Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2017 | 810 |  |  | $ | 2.91 |  |  | $ | 27 |  |  | 2.3
| Granted | — |  |  | — |  |  | — |  |  |
| Exercised | (14 | ) |  | 0.79 |  |  | — |  |  |
| Forfeited/expired | — |  |  | — |  |  | — |  |  |
Outstanding and exercisable at September 30, 2017 | 796 |  |  | $ | 2.95 |  |  | $ | 28 |  |  | 1.5

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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