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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $10 million and $4 million ($7 million and $2 million, net of tax) during the three months ended June 30, 2021 and 2020, respectively, and $14 million and $2 million ($10 million and $1 million, net of tax) during the six months ended June 30, 2021 and 2020, respectively. In June 2020, the Company granted market-based restricted stock units (“RSUs”) that vest based on absolute stock price attainment. The grant date fair value of this award is estimated using a Monte Carlo simulation model. The weighted average assumptions used in the model are as follows:
Expected volatility of stock price |  | 91% |
Risk-free interest rate |  | 0.18% |
Valuation period |  | 3 years |
Dividend yield |  | —% |
The activity related to 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, 2021 | 1,070 |  |  | $ | 27.47 |  |  |  |  |
|  | Granted (a) | 240 |  |  | 63.12 |  |  |  |  |
|  | Vested (b) | (459) |  |  | 28.78 |  |  |  |  |
|  | Forfeited | (35) |  |  | 32.97 |  |  |  |  |
| Outstanding and expected to vest at June 30, 2021 (c) | 816 |  |  | $ | 36.98 |  |  | 1.2 |  | $ | 64 |
Performance-based and market-based RSUs |  |  |  |  |  |  |
| Outstanding at January 1, 2021 | 988 |  |  | $ | 32.41 |  |  |  |  |
|  | Granted (a) | 236 |  |  | 62.27 |  |  |  |  |
|  | Vested (b) | — |  |  | — |  |  |  |  |
|  | Forfeited | (316) |  |  | 46.59 |  |  |  |  |
| Outstanding at June 30, 2021 | 908 |  |  | $ | 35.23 |  |  | 1.8 |  | $ | 71 |
| Outstanding and expected to vest at June 30, 2021 (c) | 563 |  |  | $ | 40.63 |  |  | 1.8 |  | $ | 44 |
(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 and market-based RSUs granted during the six months ended June 30, 2020 was $21.67 and $21.06, respectively. (b)The total fair value of RSUs vested during June 30, 2021 and 2020 wa s $13 million and $18 million, respectively. (c)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 1.4 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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