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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes activity related to our RSUs under the Equity Incentive Plan for the year ended December 31, 2024 (in millions, except years and per share amounts):
Number Outstanding Weighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value(1)
Unvested as of January 1, 20241.2 $48.35 
Granted (2)
0.8 $51.61 
Vested(0.7)$47.47 
Forfeited / Canceled(0.1)$51.01 
Unvested as of December 31, 20241.2 $50.85 
Expected to vest after December 31, 20241.1 $50.74 2.6$40 
(1)    The aggregate intrinsic value of expected to vest RSUs represents the total pretax intrinsic value (the fair value of LKQ's stock on the last day of the period multiplied by the number of units) that would have been received by the holders had all the expected to vest RSUs vested. This amount changes based on the market price of LKQ’s common stock.
(2)    The weighted average grant date fair value of RSUs granted during the years ended December 31, 2023 and 2022 was $56.57 and $49.21, respectively.
Schedule of Nonvested Performance-based Units Activity
The following table summarizes activity related to our PSUs under the Equity Incentive Plan for the year ended December 31, 2024 (in millions, except years and per share amounts):
Number OutstandingWeighted Average Grant Date Fair ValueWeighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value(1)
Unvested as of January 1, 20240.4 $45.91 
Granted (2)
0.2 $52.08 
Performance-based adjustment (3)
(0.1)$48.96 
Vested(0.2)$38.77 
Unvested as of December 31, 20240.3 $53.60 
Expected to vest after December 31, 20240.3 $53.63 1.4$10 
(1)     The aggregate intrinsic value of expected to vest PSUs represents the total pretax intrinsic value (the fair value of LKQ's stock on the last day of each period multiplied by the number of units) that would have been received by the holders had all the expected to vest PSUs vested. This amount changes based on the market price of LKQ’s common stock and the achievement of the performance metrics relative to the established targets.
(2)    Represents the number of PSUs at target payout. The weighted average grant date fair value of PSUs granted during the years ended December 31, 2023 and 2022 was $56.83 and $48.95, respectively.
(3)    Represents the net adjustment to the number of shares issuable upon vesting of performance-based PSUs based on the Company's actual financial performance metrics for the three year performance period ended December 31, 2024.
Share based compensation expense and tax benefits
Stock-based compensation expense and the resulting tax benefits included in the Consolidated Statements of Income were as follows (in millions):
Year Ended December 31,
 202420232022
Stock-based compensation expense$30 $40 $38 
Income tax benefit(7)(9)(9)
Stock-based compensation expense, net of tax$23 $31 $29 
Share-based Payment Arrangement, Nonvested Award, Cost
As of December 31, 2024, unrecognized compensation expense related to unvested RSUs and PSUs is expected to be recognized as follows (in millions):
Unrecognized Compensation Expense
2025$20 
202613 
20278 
20284 
Total unrecognized compensation expense$45