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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of the Assumption Used in Determining the Fair Value of Stock Options | A summary of the weighted average assumptions used in determining the fair value of stock options follows:
| Year ended December 31, 2020
Expected volatility | 27 | %
Expected option life in years | 6.25
Expected dividend yield | 0.08 | %
Risk-free interest rate | 1.17 | %
Weighted-average fair value of stock options | $ | 3.82 |
Summary of Stock Option Activity | A summary of stock option activity follows:
| Options |  | Weighted-average exercise price per option |  | Weighted-average remaining contractual life in years |  | Aggregate intrinsic value (1)
Outstanding at January 1, 2020 | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 7,431,872 |  |  | 11.91 |  | 8.83 |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited and canceled | (318,843) |  |  | 11.80 |  |  | — |  |  | — |
Outstanding at December 31, 2020 | 7,113,029 |  |  | 11.91 |  | 8.83 |  | $ | 48.1 |
(1)The aggregate intrinsic value in the table above represents the difference between the Company's most recent valuation and the exercise price of each in-the-money option on the last day of the period presented.
Summary of RSU Activity | A summary of the RSU activity through December 31, 2020 follows:
| Restricted stock units |  | Weighted-average fair value per unit
Outstanding at January 1, 2020 | — |  |  | $ | — |
Granted | 4,103,932 |  |  | 12.12
Exercised | — |  |  | — |
Forfeited and canceled | (60,586) |  |  | 8.50 |
Outstanding at December 31, 2020 | 4,043,346 |  |  | 12.17

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
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