Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the three months ended March 31, 2019 consisted of the following:
 
RSUs
 
Options
 
PSUs
 
Number of
RSUs
 
Weighted
Average
Grant Price
 
Number
of
Options
 
Weighted
Average
Grant Price
 
Number
 of
PSUs
 
Weighted
Average
Grant Price
Balance as of December 31, 2018
0.5

 
$
61.31

 
0.5

 
$
61.40

 
—

 
$
—

Granted(a)
0.5

 
52.44

 
0.5

 
52.44

 
0.1

 
52.44

Balance as of March 31, 2019
1.0

(b) 
$
50.03

 
1.0

(c) 
$
56.90

 
0.1

(d) 
$
52.44


(a)
Represents awards granted by the Company in February 2019.
(b)
Approximately 1.0 million RSUs outstanding as of March 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $60 million, which is expected to be recognized over a weighted average period of 3.5 years.
(c)
Approximately 1.0 million options outstanding as of March 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $10 million, which is expected to be recognized over a weighted average period of 3.6 years.
(d)
Approximately 0.1 million PSUs outstanding as of March 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $5 million, which is expected to be recognized over a weighted average period of 2.9 years.
Schedule of Valuation Assumptions
 
2019
Grant date strike price
$52.44
Expected volatility
22.24%
Expected life
6.25 years
Risk-free interest rate
2.63%
Projected dividend yield
2.21%