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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share Based Compensation Expense | Stock-based compensation expense is recorded on our consolidated statements of operations based on job function of the employees receiving the grants as shown in the table below.
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
General and administrative expenses | $ | 32 |  |  | $ | 40 |  |  | $ | 26 |
Operating costs | 6 |  |  | 7 |  |  | 4 |
Carbon management business expenses | 2 |  |  | 1 |  |  | — |
Total stock-based compensation expense | $ | 40 |  |  | $ | 48 |  |  | $ | 30 |
Income tax benefit | $ | 8 |  |  | $ | 9 |  |  | $ | 6 |
Schedule of Changes in Cash and Stock-Settled Restricted Stock Units (RSUs) | The following table sets forth RSU activity for the year ended December 31, 2024:
| Number of Units |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2023 | 1,288 |  |  | $ | 29.49 |
Granted | 219 |  |  | $ | 54.28 |
Vested | (860) |  |  | $ | 27.35 |
Forfeited or Cancelled | (4) |  |  | $ | 45.91 |
Unvested at December 31, 2024 | 643 |  |  | $ | 40.36 |
Schedule of Changes in Cash and Stock-Settled Performance Stock Units (PSUs) | The following table sets forth PSU activity for the year ended December 31, 2024:
| Number of Units |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2023 | 1,373 |  |  | $ | 28.13 |
Granted | 281 |  |  | $ | 59.00 |
Vested | (869) |  |  | $ | 19.66 |
Forfeited or Cancelled | (21) |  |  | $ | 38.00 |
Unvested at December 31, 2024 | 764 |  |  | $ | 48.83 |
Schedule of Grant Date Assumptions used in the Black-Scholes Valuation for Stock Options | The range of assumptions used in the valuation of PSUs granted during 2024, 2023 and 2022 were as follows:
| 2024 |  | 2023 |  | 2022
Expected volatility(a) | 38.58% - 40.30% |  | 42.36% - 55.00% |  | 60.00 | %
Risk-free interest rate(b) | 4.52% - 4.86% |  | 3.81% - 4.95% |  | 1.59% - 2.55%
Dividend yield(c) | — | % |  | — | % |  | — | %
Forecast period (in years) | 2.5 - 3 |  | 1.5 - 3 |  | 2 - 3
(a)Expected volatility was calculated using the historic volatility of a peer group due to our limited trading history since our emergence from bankruptcy. We included the historic volatility of our stock, excluding our first two trading months, in the peer group. Expected volatility was calculated using the historic volatility of our stock beginning in 2023 for certain awards as we established enough stock history. (b)Based on the U.S. Treasury yield for a two- or three-year term at the grant date, as applicable. (c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used. The assumptions used in the valuation of our cash awards as of December 31, 2024 were as follows:
| 2024 Awards |  | 2023 Awards |  | 2022 Awards
Expected volatility(a) | 35 | % |  | 37 | % |  | 38 | %
Risk-free interest rate(b) | 4.25 | % |  | 4.17 | % |  | 4.24 | %
Dividend yield(c) | — | % |  | — | % |  | — | %
Forecast period (in years) | 2.15 |  | 1.15 |  | 0.5
(a)Expected volatility was calculated using the historical volatility of our stock. (b)Based on the U.S. Treasury yield for the remaining terms. (c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.
| 2024 Awards |  | 2023 Awards |  |
Expected volatility(a) | 34.81 | % |  | 38.53 | % |  |
Risk-free interest rate(b) | 4.25 | % |  | 4.16 | % |  |
Dividend yield(c) | — | % |  | — | % |  |
Forecast period (in years) | 2.00 |  | 1 |  |
(a)Expected volatility was calculated using the historical volatility of our stock. (b)Based on the U.S. Treasury yield for the remaining terms. (c)A dividend adjusted stock price (assumed reinvestment of dividends during the performance period) was used.

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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