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Equity-based Compensation Plans | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity-based Compensation Plans | Equity-based Compensation Plans The 2021 Plan provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards. Prior to the IPO, awards were provided for under the 2011 Plan, and the vesting or exercise of those awards were issued and continue to be issued from the 2011 Plan. Upon formation of the 2021 Plan, no further awards are to be granted under the 2011 Plan, and any forfeitures of awards previously granted under the 2011 Plan will add to the amount available to grant under the 2021 Plan. The number of shares of our common stock reserved for issuance under the 2021 Plan will be increased on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of our capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. Following the increase, the maximum number of shares of our common stock that may be issued under the Plans is 391,444,232 shares. As of December 31, 2023, we have 262,172,909 shares of common stock available for future grants to employees. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2021 Plan. Additionally, shares become available for future grant under the 2021 Plan if they were issued under stock awards under the 2021 Plan and we repurchase them or they are forfeited. RSUs RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee at each vesting date. For the RSUs with the performance condition satisfied upon the completion of our IPO, we recorded $41 million in equity-based compensation expense for 2021, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized equity-based compensation expense related to these awards are recognized over the remaining requisite service periods. As of December 31, 2023, we had $601 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.4 years, net of estimated forfeitures. The table below summarizes our RSU activity:
| Outstanding RSUs |  |
(in millions, except unit price) | Number of RSUs |  | Weighted Average Grant-Date Fair Value |  |  |  |
December 31, 2022 | 35 |  |  | $ | 19.29 |  |  |  |  |
Granted | 30 |  |  | 16.31 |  |  |  |  |
Vested | (14) |  |  | 19.63 |  |  |  |  |
Forfeited / cancelled | (5) |  |  | 19.71 |  |  |  |  |
December 31, 2023 | 46 |  |  | $ | 17.25 |  |  |  |  |
The following information is provided for our RSUs:
(in millions, except unit price) | 2023 |  | 2022 |  | 2021
Weighted average grant-date fair value of RSUs granted | $ | 16.31 |  |  | $ | 17.24 |  |  | $ | 32.17 |
Fair value of RSUs at vesting | $ | 223 |  |  | $ | 181 |  |  | $ | 413 |
Stock Options Our stock options are granted with exercise prices equal to the estimated fair value of the common shares at the date of grant. Stock options generally expire ten years from the grant date. The total unrecognized compensation expense related to unvested stock options was $1 million, which will be recognized over the weighted-average remaining service period of approximately 0.8 years, net of estimated forfeitures. The table below summarizes our stock option activity:
| Outstanding Options
(in millions, except unit price) | Number of Options |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
December 31, 2022 | 22 |  |  | $ | 6.50 |  |  | 5.90 |  | $ | 192 |
Forfeited / cancelled | (1) |  |  | $ | 2.38 |  |  |  |  |
Exercised | (4) |  |  | $ | 2.28 |  |  |  |  |
Exercised Withheld | — |  |  | $ | 2.12 |  |  |  |  |
December 31, 2023 | 17 |  |  | $ | 7.60 |  |  | 4.90 |  | $ | 152 |
Exercisable as of December 31, 2023 | 15 |  |  | $ | 7.80 |  |  | 4.85 |  | $ | 131 |
Expected to vest as of December 31, 2023 | 2 |  |  | $ | 6.40 |  |  | 5.28 |  | $ | 19 |
The fair value of stock options is estimated on the grant date with the following assumptions:
|  |  | 2021
Weighted-average expected term (years) |  |  | 4.27
Weighted-average expected volatility |  |  | 70%
Expected dividend yield |  |  | —
Risk-free interest rate |  |  | 0.62%
The following information is provided for our stock options:
(in millions, except unit price) | 2023 |  | 2022 |  | 2021
Weighted average grant-date fair value of stock options granted | $ | — |  |  | $ | — |  |  | $ | 16.46 |
Intrinsic fair value of stock options exercised | $ | 57 |  |  | $ | 131 |  |  | $ | 676 |
Equity-based Compensation Expense The following table presents the effects of equity-based compensation in the consolidated statements of operations:
(in millions) | 2023 |  | 2022 |  | 2021
Cost of sales | $ | 14 |  |  | $ | 16 |  |  | $ | 11 |
Operating, general and administrative | 312 |  |  | 246 |  |  | 238 |
Total | $ | 326 |  |  | $ | 262 |  |  | $ | 249 |

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