SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2018

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

RSUs and PSUs

We granted RSUs in 2018 to certain officers and key employees, and those units vest generally over four years in equal annual installments commencing one year after the grant date. Upon vesting, RSUs convert to shares of our common stock which we distribute from treasury shares. We also granted performance-based RSUs (“PSUs”) in 2018 to certain executive officers, which are earned, subject to continued employment and the satisfaction of certain performance conditions based on achievement of pre-established targets for RevPAR Index, room openings, and/or net administrative expense over, or at the end of, a three-year performance period.

We had deferred compensation costs for RSUs of approximately $167 million at year-end 2018 and $164 million at year-end 2017. The weighted average remaining term for RSUs outstanding at year-end 2018 was two years.

The following table provides additional information on RSUs for the last three fiscal years:



	2018		2017		2016
Share-based compensation expense (in millions)	$	170	$	172	$	204
Weighted average grant-date fair value (per RSU)	$	132	$	85	$	66
Aggregate intrinsic value of distributed RSUs (in millions)	$	294	$	322	$	190

The following table presents the changes in our outstanding RSUs, including PSUs, during 2018 and the associated weighted average grant-date fair values:



	Number of RSUs (in millions)		Weighted Average Grant-Date Fair Value (per RSU)
Outstanding at year-end 2017	5.6		$	71
Granted	1.5		132
Distributed	(2.1	)	69
Forfeited	(0.2	)	93
Outstanding at year-end 2018	4.8		$	90

Other Information

At year-end 2018, we had 31 million remaining shares authorized under the Marriott and Starwood stock plans.