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Accounting for Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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):

		Year Ended December 31,
		2024				2023				2022
Effect on (loss) income before income taxes		$	(17	)		$	(22	)		$	(20	)
Effect on net (loss) income		$	(13	)		$	(17	)		$	(15	)

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 years ended December 31, 2024, 2023 and 2022:

		Year Ended December 31,
		2024				2023				2022
Expected volatility			90.1	%		87.3%				84.3% - 87.5%
Expected dividends			—				—				—
Expected term		6 years				6 years				3 - 6 years
Risk-free interest rate		4.3%				4.2%				1.5% - 1.6%

Schedule of Share-based Compensation, Stock Options, Activity

Options outstanding and exercisable under the 2009 Plan as of December 31, 2024, and changes during each of the years in the three-year period prior to December 31, 2024, were as follows (in millions, except share and per share data):

		Shares				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value as of December 31, 2024
Outstanding at December 31, 2021			2,301,753			$	6.77
Granted			760,000				10.18
Exercised			(56,500	)			4.97
Forfeited and cancelled			(173,502	)			13.41
Outstanding at December 31, 2022			2,831,751				7.32
Granted			814,000				6.15
Exercised			(15,001	)			4.95
Forfeited and cancelled			—				—
Outstanding at December 31, 2023			3,630,750				7.07
Granted			901,000				2.87
Exercised			—				—
Forfeited and cancelled			(41,000	)			4.97
Outstanding at December 31, 2024			4,490,750			$	6.24			6.9 years		$	—
Exercisable at December 31, 2024			3,618,738			$	6.81			6.4 years		$	—

Schedule of Share-based Compensation, Restricted Stock, Activity

Restricted stock outstanding under the 2009 Plan as of December 31, 2024, and changes during each of the years in the three-year period prior to December 31, 2024, were as follows:

		Shares				Weighted- Average Grant Date Fair Value
Unvested at December 31, 2021			4,995,314			$	6.30
Granted			3,253,000				8.95
Vested			(2,561,575	)			5.70
Forfeited			(145,674	)			8.89
Unvested at December 31, 2022			5,541,065				8.53
Granted			2,746,000				6.04
Vested			(2,164,570	)			6.85
Forfeited			(68,672	)			8.16
Unvested at December 31, 2023			6,053,823				8.00
Granted			2,858,000				2.89
Vested			(2,211,906	)			8.39
Forfeited			(190,672	)			7.68
Unvested at December 31, 2024			6,509,245				5.63

Schedule of Share-based Compensation, Restricted Stock Units, Activity

RSUs outstanding under the 2009 Plan as of December 31, 2024, and changes during each of the years in the three-year period prior to December 31, 2024, were as follows:

		Shares				Weighted- Average Grant Date Fair Value
Unvested at December 31, 2021			486,598			$	6.17
Granted			176,820				9.66
Vested			(151,058	)			5.63
Forfeited			—				—
Unvested at December 31, 2022			512,360				7.54
Granted			365,037				6.15
Vested			(101,471	)			7.75
Forfeited			—				—
Unvested at December 31, 2023			775,926				6.86
Granted			907,668				2.95
Vested			(135,278	)			7.66
Forfeited			—				—
Unvested at December 31, 2024			1,548,316				4.49

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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