Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of the Assumption Used in Determining the Fair Value of Stock Options

A summary of the weighted average assumptions used in determining the fair value of stock options follows:

	Year ended December 31, 2020
Expected volatility	27		%
Expected option life in years	6.25
Expected dividend yield	0.08		%
Risk-free interest rate	1.17		%
Weighted-average fair value of stock options	$	3.82

Summary of Stock Option Activity

A summary of stock option activity follows:

	Options	Weighted-average exercise price per option		Weighted-average remaining contractual life in years	Aggregate intrinsic value (1)
Outstanding at January 1, 2020	—	$	—	—	$	—
Granted	7,431,872	11.91		8.83	—
Exercised	—	—		—	—
Forfeited and canceled	(318,843)	11.80		—	—
Outstanding at December 31, 2020	7,113,029	11.91		8.83	$	48.1

(1)The aggregate intrinsic value in the table above represents the difference between the Company's most recent valuation and the exercise price of each in-the-money option on the last day of the period presented.

Summary of RSU Activity

A summary of the RSU activity through December 31, 2020 follows:

	Restricted stock units	Weighted-average fair value per unit
Outstanding at January 1, 2020	—	$	—
Granted	4,103,932	12.12
Exercised	—	—
Forfeited and canceled	(60,586)	8.50
Outstanding at December 31, 2020	4,043,346	12.17