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Equity-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Stock Units Activity | 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 |  |  |  |  |
Schedule of Restricted Stock Unit activity and related information | 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 |
Schedule of Stock Options Activity | 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 |
Schedule of Valuation Assumptions for Stock Options | 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 |
Schedule of Equity-Based Compensation | 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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