Share-Based Compensation

6 Months Ended

Jun. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

15. Share-Based Compensation

Share-Based Compensation Expense

The total share-based compensation expense was as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019	2018
Cash-settled share-based compensation expense (benefit)	$	1	$	(2	)	—	(3	)
Share-settled share-based compensation expense (benefit)	6		2			13	7
	$	7	$	—		13	4

Cash-Settled Awards

Prior to 2018, the Company has granted restricted stock units ("RSUs") and long-term performance units ("LTPUs") to certain key employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement with compensation expense being recognized in proportion to the completed requisite period up until date of settlement. At June 30, 2019, the LTPUs outstanding included a three-year grant for 2017-2019 payable in the first quarter of 2020.

As of June 30, 2019, $1 million of total unrecognized compensation costs is expected to be recognized on the cash-settled awards over a weighted-average period of less than 1 year.

Share-Settled Awards

The Company has granted restricted stock to its directors and certain key employees as well as RSUs and performance share units ("PSUs") that are payable in common stock to certain key employees. These awards are settled in shares upon vesting and recognized in equity based on their fair value.

The following table reflects the status for all nonvested restricted shares, share-settled RSUs, and PSUs as of June 30, 2019 and December 31, 2018:

	Restricted Stock				Share-Settled RSUs				PSUs
	Shares		Weighted Avg. Grant Date Fair Value		Units		Weighted Avg. Grant Date Fair Value		Units		Weighted Avg. Grant Date Fair Value
Nonvested balance at beginning of period	178,550		$	55.46	440,403		$	47.99	227,049		$	49.18
Granted	34,009		34.66		867,137		34.21		634,511		24.77
Vested	(172,050	)	50.12		(88,590	)	54.60		—		—
Forfeited	(3,329	)	62.12		(50,113	)	41.26		(43,527	)	43.61
Nonvested balance at end of period	37,180		$	63.30	1,168,837		$	38.04	818,033		$	34.25

As of June 30, 2019, approximately $54 million of total unrecognized compensation costs is expected to be recognized on the share-settled awards over a weighted-average period of approximately 2 years.