XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.23.3

Accounting for Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense | The following table reflects the impact of total compensation expense related to stock-based equity plans on the reported operating results for the respective periods (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Effect on (loss) income before income taxes |  | $ | (6 | ) |  | $ | (6 | ) |  | $ | (16 | ) |  | $ | (14 | )
Effect on net (loss) income |  | $ | (5 | ) |  | $ | (5 | ) |  | $ | (13 | ) |  | $ | (11 | )
Schedule of Share-based Payment Awards, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the Black Scholes option pricing model with the following assumptions and weighted-average fair values during the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Expected volatility |  | N/A |  | N/A |  | 87.3% |  | 84.3% - 87.5%
Expected dividends |  | N/A |  | N/A |  | — |  | —
Expected term |  | N/A |  | N/A |  | 6 years |  | 3 - 6 years
Risk-free interest rate |  | N/A |  | N/A |  | 4.2% |  | 1.5% - 1.6%
Schedule of Share-based Compensation, Stock Options, Activity | Options outstanding and exercisable under the 2009 Plan as of September 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows (in millions, except share and per share data):
|  |  |  |  |  |  |  | Weighted- |  | Aggregate |
|  |  |  |  | Weighted- |  |  | Average |  | Intrinsic |
|  |  |  |  | Average |  |  | Remaining |  | Value as of |
|  |  |  |  | Exercise |  |  | Contractual |  | September 30, |
|  | Shares |  |  | Price |  |  | Term |  | 2023 |
Outstanding at December 31, 2022 |  |  | 2,831,751 |  |  | $ | 7.32 |  |  |  |  |  |
Granted |  |  | 814,000 |  |  |  | 6.15 |  |  |  |  |  |
Exercised |  |  | (8,334 | ) |  |  | 4.97 |  |  |  |  |  |
Forfeited and cancelled |  |  | — |  |  |  | — |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 3,637,417 |  |  |  | 7.06 |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |
Exercised |  |  | (6,667 | ) |  |  | 4.93 |  |  |  |  |  |
Forfeited and cancelled |  |  | — |  |  |  | — |  |  |  |  |  |
Outstanding at June 30, 2023 |  |  | 3,630,750 |  |  |  | 7.07 |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |
Forfeited and cancelled |  |  | — |  |  |  | — |  |  |  |  |  |
Outstanding at September 30, 2023 |  |  | 3,630,750 |  |  | $ | 7.07 |  |  | 7.6 years |  | $ | — |
Exercisable at September 30, 2023 |  |  | 2,071,994 |  |  | $ | 6.46 |  |  | 6.7 years |  | $ | — |
Schedule of Share-based Compensation, Restricted Stock, Activity | Restricted stock outstanding under the 2009 Plan as of September 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average Grant |
|  | Shares |  |  | Date Fair Value |
Unvested at December 31, 2022 |  |  | 5,541,065 |  |  | $ | 8.53 |
Granted |  |  | 2,651,000 |  |  |  | 6.14 |
Vested |  |  | (2,076,569 | ) |  |  | 6.77 |
Forfeited |  |  | (10,001 | ) |  |  | 9.31 |
Unvested at March 31, 2023 |  |  | 6,105,495 |  |  |  | 8.09 |
Granted |  |  | 59,000 |  |  |  | 3.34 |
Vested |  |  | (56,668 | ) |  |  | 8.79 |
Forfeited |  |  | (12,001 | ) |  |  | 9.32 |
Unvested at June 30, 2023 |  |  | 6,095,826 |  |  |  | 8.03 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (4,001 | ) |  |  | 9.72 |
Forfeited |  |  | (20,668 | ) |  |  | 7.23 |
Unvested at September 30, 2023 |  |  | 6,071,157 |  |  |  | 8.03 |
Schedule of Share-based Compensation, Restricted Stock Units, Activity | RSUs outstanding under the 2009 Plan as of September 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | Average Grant |
|  | Shares |  |  | Date Fair Value |
Unvested at December 31, 2022 |  |  | 512,360 |  |  | $ | 7.54 |
Granted |  |  | 365,037 |  |  |  | 6.15 |
Vested |  |  | (95,577 | ) |  |  | 7.92 |
Forfeited |  |  | — |  |  |  | — |
Unvested at March 31, 2023 |  |  | 781,820 |  |  |  | 6.84 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (5,894 | ) |  |  | 5.00 |
Forfeited |  |  | — |  |  |  | — |
Unvested at June 30, 2023 |  |  | 775,926 |  |  |  | 6.86 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Unvested at September 30, 2023 |  |  | 775,926 |  |  |  | 6.86 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration