v3.25.1
Stock Based Awards - Summary of Activity for PSUS and MSUs (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
MSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested outstanding, Beginning balance | shares 491
Unvested outstanding, Ending balance | shares 491
Weighted Average Grant-Date Fair Value Per Share  
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares $ 10.53 [1]
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares $ 10.53 [1]
Aggregate Intrinsic Value  
Unvested outstanding, Aggregate Intrinsic Value | $ $ 7
PSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested outstanding, Beginning balance | shares 982
Unvested RSUs, Granted | shares 932
Unvested RSUs, Vested and released | shares (190) [2]
Unvested Shares, Canceled | shares (62)
Unvested outstanding, Ending balance | shares 1,662
Weighted Average Grant-Date Fair Value Per Share  
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares $ 23.28 [3]
Weighted Average Grant-Date Fair Value Per Share, Granted | $ / shares 14.92 [3]
Weighted Average Grant-Date Fair Value Per Share, Vested and released | $ / shares 18.49 [2],[3]
Weighted Average Grant-Date Fair Value Per Share, Canceled | $ / shares 19.85 [3]
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares $ 19.27 [3]
Aggregate Intrinsic Value  
Unvested outstanding, Aggregate Intrinsic Value | $ $ 24
[1] MSUs shall vest three years from grant date, generally with 25% vesting if the weighted-average stock price over a 30-day trading period during the vesting period is equal to or greater than $35.00 but less than $45.00, 50% vesting if equal to or greater than $45.00 but less than $55.00, and 100% vesting if equal to or greater than $55.00, subject to continuous employment with, or performance of services for, the Company. A Monte-Carlo simulation model, which simulated the present value of the potential outcomes of future stock prices, was used to calculate the grant-date fair value of our MSU awards. The estimated grant-date fair value of these awards is amortized on a straight-line basis over the requisite service period and is not adjusted based on the actual number of awards that ultimately vest.
[2] Inclusive of approximately 81,000 PSUs withheld due to net share settlement to satisfy required employee tax withholding requirements. Shares which could have been issued in connection with the vesting of PSUs but were instead withheld under net share settlement remain in the authorized but unissued pool under the 2023 Plan and can be reissued by the Company under the 2023 Plan. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the consolidated statements of cash flows
[3] PSUs generally vest in two equal annual installments on December 31 in the first and second years following the grant date, based on the extent to which the Company achieves certain financial metrics relative to targets established by the Company’s Compensation and Section 16 Committees of its Board of Directors (jointly, the “Compensation Committee”). The estimated grant-date fair value of PSUs are measured based on the quoted price of our common stock at the date of grant, calculated upon the establishment of performance targets, and amortized on a straight-line basis over the requisite service period. Based upon actual attainment relative to the target financial metrics, employees have the ability to receive up to 200% of the target number originally granted, or to be issued none at all. Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications, if any.