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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Activities Under Share-Based Compensation Plans | The following table summarizes the activities for all SARs under the Company’s share-based compensation plans for the year ended December 31, 2023:
|  | Number of Awards |  |  | Weighted- Average Exercise Price Per Award |  |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value(1) |
|  | (in thousands) |  |  |  |  |  |  |  | (in millions) |
Outstanding as of December 31, 2022(2) |  |  | 3,074 |  |  | $ | 24.21 |  |  | 4.6 years |  | $ | 0.3 |
Granted |  |  | 1,814 |  |  | $ | 15.92 |  |  |  |  |  |
Exercised |  |  | (25 | ) |  | $ | 15.22 |  |  |  |  |  |
Forfeited(3) |  |  | (523 | ) |  | $ | 32.02 |  |  |  |  |  |
Outstanding as of December 31, 2023(2) |  |  | 4,340 |  |  | $ | 19.85 |  |  | 6.4 years |  | $ | 2.4 |
Exercisable as of December 31, 2023(4) |  |  | 1,743 |  |  | $ | 26.38 |  |  | 2.2 years |  | $ | — |
Vested and expected to vest as of December 31, 2023(4) |  |  | 4,298 |  |  | $ | 19.90 |  |  | 6.4 years |  | $ | 2.4 |
(1) The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards. (2) Includes 0.6 million and 0.8 million performance condition SARs as of December 31, 2023 and 2022, respectively. (3) Includes 0.2 million performance condition SARs. (4) Includes 0.6 million performance condition SARs. The following table summarizes the activities for all stock units under the Company’s share-based compensation plans for the year ended December 31, 2023:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value Per Share |
|  | (in thousands) |  |  |  |
Outstanding and nonvested as of December 31, 2022(1) |  |  | 4,538 |  |  | $ | 33.14 |
Granted |  |  | 3,794 |  |  | $ | 13.81 |
Vested(2) |  |  | (1,463 | ) |  | $ | 35.78 |
Forfeited(3) |  |  | (751 | ) |  | $ | 31.15 |
Outstanding and nonvested as of December 31, 2023(1) |  |  | 6,118 |  |  | $ | 20.76 |
Expected to vest as of December 31, 2023 |  |  | 5,666 |  |  | $ | 19.94 |
(1) Includes 307,116 and 520,138 performance based stock unit awards as of December 31, 2023 and 2022, respectively, which represents the maximum amount that can vest. (2) Includes 29,927 performance-based stock unit awards. (3) Includes 183,095 performance-based stock unit awards.
Summary of Weighted-Average Assumptions used in Calculation of Fair Value for Service Condition Awards Granted | The following table summarizes the weighted-average assumptions used in the calculation of the fair value for service condition SARs awards granted during the year ended December 31, 2023:
|  | SARs |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Expected Volatility |  |  | 48.4 | % |  |  | 44.7 | %
Dividend Yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected Term |  | 5.5 years |  |  | 5.0 years |
Risk-Free Interest Rate |  |  | 3.7 | % |  |  | 3.8 | %

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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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