Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Restricted Stock Unit Activity

During the second quarter of 2020, our Chief Executive Officer was granted total shareholder return performance stock units (“TSR PSUs”) with performance and time-based vesting requirements. The number of stock units ultimately received will depend on our total shareholder return relative to that of the S&P 500 index over two and three year measurement periods. The target number of shares will be divided into two tranches, with each tranche corresponding to 50% of the target shares. The first tranche will vest in full on the second anniversary of the grant date and second tranche will vest on the third anniversary of the grant date.

The following table presents restricted stock unit (“RSU”) activity under our equity incentive plans as of and for the six months ended June 30, 2020 (in millions):  

	Units
Outstanding as of January 1, 2020	28
Awarded	14
Vested	(6)
Forfeited	(6)
Outstanding as of June 30, 2020	30

The weighted average grant date fair value for RSUs awarded during the six months ended June 30, 2020 was $30.56 per share.

Stock-Based Compensation Expense

The impact on our results of operations of recording stock-based compensation expense was as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cost of net revenues	$	12	$	13	$	22	$	25
Sales and marketing	24		23		44		44
Product development	46		50		85		92
General and administrative	34		43		65		80
Total stock-based compensation expense	$	116	$	129	$	216	$	241
Capitalized in product development	$	4	$	3	$	8	$	6