Accounting for Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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):
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Effect on (loss) income before income taxes |
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$ |
(3 |
) |
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$ |
1 |
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$ |
(7 |
) |
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$ |
(7 |
) |
Effect on net (loss) income |
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$ |
(2 |
) |
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$ |
— |
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$ |
(6 |
) |
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$ |
(5 |
) |
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| 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, 2026 and 2025:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Expected volatility |
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N/A |
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N/A |
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81.7% |
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88.7% |
Expected dividends |
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N/A |
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N/A |
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— |
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— |
Expected term |
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N/A |
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N/A |
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6 years |
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6 years |
Risk-free interest rate |
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N/A |
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N/A |
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3.6% |
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4.0% |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Options outstanding and exercisable under the 2009 Plan as of September 30, 2026, and changes during each of the three-month periods following December 31, 2025, were as follows (in millions, except share and per share data):
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Weighted- |
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Aggregate |
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Weighted- |
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Average |
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Intrinsic |
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Average |
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Remaining |
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Value as of |
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Exercise |
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Contractual |
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September 30, |
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Shares |
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Price |
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Term |
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2026 |
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Outstanding at December 31, 2025 |
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3,797,750 |
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$ |
5.86 |
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Granted |
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796,000 |
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3.46 |
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Exercised |
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— |
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— |
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Forfeited and cancelled |
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— |
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— |
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Outstanding at March 31, 2026 |
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4,593,750 |
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5.45 |
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Granted |
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30,000 |
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2.75 |
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Exercised |
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— |
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— |
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Forfeited and cancelled |
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— |
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— |
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Outstanding at June 30, 2026 |
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4,623,750 |
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5.43 |
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Granted |
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— |
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— |
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Exercised |
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— |
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— |
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Forfeited and cancelled |
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(25,000 |
) |
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2.87 |
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Outstanding at September 30, 2026 |
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4,598,750 |
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$ |
5.44 |
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6.3 years |
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$ |
— |
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Exercisable at September 30, 2026 |
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3,178,406 |
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$ |
6.43 |
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5.2 years |
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$ |
— |
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| Schedule of Share-based Compensation, Restricted Stock, Activity |
Restricted stock outstanding under the 2009 Plan as of September 30, 2026, and changes during each of the three-month periods following December 31, 2025, were as follows:
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Weighted- |
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Average Grant |
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Shares |
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Date Fair Value |
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Unvested at December 31, 2025 |
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4,760,747 |
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$ |
3.68 |
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Granted |
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2,650,000 |
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3.46 |
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Vested |
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(1,828,564 |
) |
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4.77 |
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Forfeited |
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(118,765 |
) |
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3.94 |
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Unvested at March 31, 2026 |
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5,463,418 |
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3.20 |
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Granted |
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72,000 |
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2.75 |
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Vested |
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(37,336 |
) |
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3.32 |
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Forfeited |
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(16,001 |
) |
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3.21 |
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Unvested at June 30, 2026 |
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5,482,081 |
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3.20 |
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Granted |
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— |
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— |
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Vested |
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(26,335 |
) |
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2.95 |
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Forfeited |
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(16,333 |
) |
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3.08 |
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Unvested at September 30, 2026 |
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5,439,413 |
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3.20 |
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| Schedule of Share-based Compensation, Restricted Stock Units, Activity |
RSUs outstanding under the 2009 Plan as of September 30, 2026, and changes during each of the three-month periods following December 31, 2025, were as follows:
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Weighted- |
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Average Grant |
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Shares |
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Date Fair Value |
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Outstanding at December 31, 2025 |
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2,069,837 |
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$ |
3.90 |
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Granted |
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676,299 |
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3.46 |
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Vested and settled |
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(334,232 |
) |
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3.59 |
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Forfeited |
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— |
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— |
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Outstanding at March 31, 2026 |
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2,411,904 |
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3.82 |
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Granted |
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— |
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— |
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Vested and settled |
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(46,950 |
) |
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7.67 |
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Forfeited |
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— |
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— |
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Outstanding at June 30, 2026 |
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2,364,954 |
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3.74 |
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Granted |
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— |
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— |
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Vested and settled |
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— |
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— |
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Forfeited |
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— |
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— |
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Outstanding at September 30, 2026 |
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2,364,954 |
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3.74 |
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