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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Share-based Compensation, Activity
A summary of activity for the year ended December 31, 2019 is presented below (number of shares in millions):
Restricted Stock UnitsWeighted Average Grant Date Fair ValuePerformance Share Units (a)Weighted Average Grant Date Fair ValueOptions (e)Weighted Average Exercise Price
Outstanding at January 1, 20192.2  $27.37  1.7  $28.10  3.7  $30.98  
Granted2.5  13.41  0.9  11.06  0.8  13.44  
Distributed/Exercised(1.0) (b) 28.17  (0.2) (c) 32.66  —  —  
Forfeited/Expired(0.3) 18.81  (0.1) 19.35  (0.4) 28.74  
Outstanding at December 31, 20193.4  $17.89  2.3  $19.16  4.1  (d) $27.50  
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(a)The PSU amounts in the table are shown at the target amount of the award.
(b)The total fair value of RSUs which were distributed during the year ended December 31, 2019 was $27 million.
(c)The total fair value of PSUs which were distributed during the year ended December 31, 2019 was $8 million.
(d)Options outstanding at December 31, 2019 have an intrinsic value of zero and have a weighted average remaining contractual life of 5.7 years.
(e)As of December 31, 2019, 2.5 million of the 4.1 million outstanding stock options were exercisable with a weighted average exercise price of $32.19, an intrinsic value of zero and a weighted average remaining contractual life of 3.9 years.
Schedule of Market Performance Unit Award Valuation Assumptions The fair value of the PSU RTSR awards was estimated on the date of grant using the Monte Carlo Simulation method utilizing the following assumptions:
2019 RTSR PSU2018 RTSR PSU2017 RTSR PSU
Weighted average grant date fair value$7.82  $25.45  $27.98  
Weighted average expected volatility (a) 34.8 %29.8 %29.0 %
Weighted average volatility of S&P 40013.5 %
Weighted average volatility of XHB17.9 %18.4 %
Weighted average correlation coefficient0.42  0.44  0.53  
Weighted average risk-free interest rate2.5 %2.6 %1.5 %
Weighted average dividend yield—  —  —  
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(a)Expected volatility is based on historical volatilities of the Company and select comparable companies.
Summary of Stock Options Valuation Assumptions The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions:
2019 Options2018 Options2017 Options
Weighted average grant date fair value$3.40  $7.12  $8.61  
Weighted average expected volatility (a)31.4 %28.5 %30.7 %
Weighted average expected term (years) (b) 6.256.256.25
Weighted average risk-free interest rate (c)2.5 %2.7 %2.0 %
Weighted average dividend yield2.7 %1.4 %1.2 %
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(a)Expected volatility was based on historical volatilities of the Company and select comparable companies.
(b)The expected term of the options granted represents the period of time that options are expected to be outstanding and is based on the simplified method.
(c)The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of the grant, which corresponds to the expected term of the options.