Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Activity for RSUs

The following tables present the activity for the RSUs under the Plans:

	Year ended December 31, 2023
	RSUs			Weighted Average Grant Date Fair Value
RSUs — beginning of period		0.8		$	118.96
Granted		0.7		$	87.03
Vested		(0.5	)	$	117.10
RSUs — end of period		1.0		$	98.36

	Year ended December 31, 2022
	RSUs			Weighted Average Grant Date Fair Value
RSUs — beginning of period		0.5		$	127.93
RSUs issued in Atotech Acquisition		0.1		$	110.30
Granted		0.5		$	111.60
Vested		(0.3	)	$	118.06
RSUs — end of period		0.8		$	118.96

Effect of Recording Stock-Based Compensation

The following table reflects the effect of recording stock-based compensation:

	Years Ended December 31,
	2023		2022			2021
Stock-based compensation expense by type of award:
RSUs	$	51	$	42		$	34
Employee stock purchase plan		3		3			3
Total stock-based compensation		54		45			37
Windfall tax effect on stock-based compensation		2		(1	)		(5	)
Net effect on net (loss) income	$	56	$	44		$	32
Effect on net (loss) earnings per share:
Basic	$	0.84	$	0.74		$	0.58
Diluted	$	0.84	$	0.73		$	0.58

Pre-Tax Effect Within Consolidated Statements of Operations of Recording Stock-Based Compensation

The pre-tax effect within the consolidated statements of operations and comprehensive (loss) income of recording stock-based compensation was as follows:

	Years Ended December 31,
	2023		2022		2021
Cost of revenues	$	6	$	5	$	4
Research and development expense		7		6		5
Selling, general and administrative expense		41		34		28
Total pre-tax stock-based compensation expense	$	54	$	45	$	37

Fair Value of Employee Purchase Rights Estimated using Black-Scholes Option-Pricing Model

The fair value of employee stock purchase plan rights was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Years Ended December 31,
Employee stock purchase plan rights:	2023			2022			2021
Expected life (years)		0.5			0.5			0.5
Risk-free interest rate		5.0	%		0.9	%		0.1	%
Expected volatility		44.5	%		41.9	%		39.3	%
Expected annual dividends per share	$	0.88		$	0.88		$	0.88