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Stock-based and Other Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Compensation Expense

Stock-based compensation expense (benefit) for the years ended December 31 was as follows:

(in millions)			2024						2023						2022
Cost of revenue			$	4					$	1					$	(1)
Selling, general and administrative expenses			29						14						(16)
Stock-based compensation expense (benefit)			33						15						(17)
Income tax (benefit) expense			(4)						(3)						4
Stock-based compensation expense (benefit), net			$	29					$	12					$	(13)
Stock-based compensation expense (benefit) by type of award
Restricted stock units			$	10					$	—					$	—
Performance share units			7						—						—
Stock options			4						—						—
Stock-settled stock appreciation rights			2						—						—
Cash-settled awards			10						15						(17)
Stock-based compensation expense (benefit)			$	33					$	15					$	(17)

Compensation expense related to Performance Cash awards for the years ended December 31 was as follows:

(in millions)			2024						2023						2022
Cost of revenue			$	3					$	2					$	2
Selling, general and administrative expenses			18						14						14
Performance Cash compensation expense			21						16						16
Income tax benefit			(4)						(4)						(4)
Performance Cash compensation expense, net			$	17					$	12					$	12

Summary of Restricted Stock Units Activity

The following table summarizes the activity related to the Company’s RSUs during the year ended December 31, 2024:

			Number of RSUs						Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2023			—						$	—
Granted			847,223						35.65
Forfeited			(45,012)						34.85
Outstanding as of December 31, 2024			802,211						$	35.70

Summary of Performance Share Units Activity

The following table summarizes the activity related to the Company’s PSUs during the year ended December 31, 2024:

			Number of PSUs						Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2023			—						$	—
Granted			385,332						34.85
Forfeited			(14,566)						34.85
Outstanding as of December 31, 2024			370,766						$	34.85

Summary of Activity Related to Stock Options

The following table summarizes the activity related to the Company’s stock options during the year ended December 31, 2024:

			Number of Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Term						Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023			—						$	—
Granted			2,074,299						28.00
Forfeited			(79,719)						28.00
Outstanding as of December 31, 2024			1,994,580						$	28.00					9.3 years						$	44
Exercisable as of December 31, 2024			—

Summary of Fair Value Assumptions

The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing model that was used to estimate the fair value of the stock options at the grant date:

			April 12, 2024
Expected dividend yield			1.79%
Risk-free interest rate			4.48%
Weighted average volatility			24.50%
Expected life (in years)			6.50

The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing models that were used to estimate the fair value of CSARs at the conversion date and as of December 31, 2023 and 2022:

			April 16, 2024						December 31, 2023						December 31, 2022
Expected dividend yield			1.44%						1.70%						—%
Risk-free interest rate			4.78% - 5.41%						3.99% - 5.60%						4.12% - 4.75%
Weighted average volatility			22.50%						22.24%						29.87%
Expected life (in years)			0.11 - 2.96						0.06 - 3.25						0.06 - 3.25

Summary of SAR Activity

The following table summarizes the activity related to the Company’s CSARs during the year ended December 31, 2024:

			Number of CSAR Awards						Weighted Average Exercise Price						Weighted Average Remaining Term						Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023			3,452,120						$	18.77					1.72 years						$	37
CSARs converted to SSARs			(1,978,761)						21.12
Exercised			(891,866)						7.69
Cancelled			(470,992)						30.06
Forfeited			(19,815)						29.10
Outstanding as of December 31, 2024			90,686						$	15.65					1.05 years						$	3
Exercisable as of December 31, 2024			76,400						$	13.15					0.71 years						$	3

The following table summarizes the activity related to the Company’s SSARs during the year ended December 31, 2024:

			Number of SSAR Awards						Weighted Average Exercise Price						Weighted Average Remaining Term						Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023			—						$	—
SSARs converted from CSARs			1,978,761						21.12
Exercised			(328,476)						12.84
Forfeited			(52,146)						29.13
Outstanding as of December 31, 2024			1,598,139						$	22.55					1.96 years						$	44
Exercisable as of December 31, 2024			660,165						$	13.26					0.75 years						$	24

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