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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value Valuation Assumptions
As the 2023 and 2022 PBRSUs contain both performance conditions and market conditions (due to the relative TSR modifier), the fair value at grant date of these awards was determined using a Monte Carlo simulation model, which used the following assumptions:
2023 PBRSU Tranche B
(Q1 2024 grant)
2023 PBRSU Tranche A
(Q3 2023 grant)
2023 PBRSU Tranche A
(Q1 2023 grant)
2022 PBRSU
Stock price (1)
$10.01 $8.18 $13.38 $22.45 
Period (2)
1.9 years2.5 years2.9 years2.9 years
Risk-free interest rate (3)
4.6 %4.6 %4.4 %1.7 %
Historical volatility rate (4)
46.9 %39.9 %44.4 %54.7 %
Dividend yield (5)
— %— %— %— %
(1) The stock price is equal to the fair value of an ordinary share on the grant date.
(2) The period for volatility for the Company and the peer group (Russell 2000) is based on the time between the valuation date and the end of the performance period.
(3) The risk-free interest rate used is based on zero-coupon risk-free rates over the time from the valuation date to the end of the performance period, based on interpolation.
(4) For the 2023 PBRSU Tranche A and 2023 PBRSU Tranche B awards, a weighted average of the daily historical stock price volatility of the Company over the time from the valuation to the end of the performance period is used to determine volatility. For the awards granted in 2022, the daily historical stock price volatility of the Company over its trading history is used to determine volatility.
(5) The dividend yield is 0% as the Company has not paid any dividends nor does it currently intend to pay dividends for the foreseeable future.
Summary of Outstanding Restricted Stock Units
The following table summarizes the Company’s outstanding RSUs (in millions, except for per share amounts):
Time-Based RSUsPerformance-Based RSUs
Number of
RSUs		Weighted
Average
Fair Value
per Share		Number of
RSUs		Weighted
Average
Fair Value
per Share
Unvested as of December 31, 20214.9 $16.61 2.5 $16.72 
Granted1.7 21.93 0.7 25.02 
Vested(2.3)16.47 (0.8)17.29 
Forfeited(0.3)17.77 (0.1)18.57 
Unvested as of December 31, 20224.0 $18.81 2.3 $19.04 
Granted3.2 12.66 0.5 13.85 
Vested(1.8)17.97 (0.2)14.84 
Forfeited(0.5)18.70 (1.0)16.74 
Unvested as of December 31, 2023
4.9 $15.18 1.6 $19.22 
Granted3.0 10.28 1.9 10.07 
Vested(2.3)15.50 (0.4)16.24 
Forfeited(0.4)15.02 — — 
Unvested as of December 31, 2024
5.2 $11.88 3.1 $12.61 
Summary of RSU Compensation Expense
The following table summarizes the Company’s compensation expense related to RSUs (in millions):
Year Ended December 31,
Unrecognized at December 31, 2024
202420232022
Time-Based RSUs$26.4 $40.0 $31.8 $35.1 
Performance-Based RSUs9.0 13.6 7.8 17.5 
Total RSU stock-based compensation cost$35.4 $53.6 $39.6 $52.6