Stock-Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of stock-based compensation expense and equity-based compensation expense

The Company recognized stock-based compensation expense and equity-based compensation expense as follows:

	Year Ended December 31,
(in thousands)	2024			2023			2022
Restricted stock-based unit awards	$	17,731		$	22,177		$	21,215
Other share-based awards		13,288			13,090			10,993
Total stock-based compensation before tax		31,019			35,267			32,208
Tax benefit		(5,050	)		(8,005	)		(6,695	)
Total stock-based compensation expense included in net loss	$	25,969		$	27,262		$	25,513

Summary of Performance Stock Units

Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring.

Measurement Period	Number of Shares Threshold		Number of Shares Target		Number of Shares Maximum		Weighted Average Grant Date Fair Value Per Share		Maximum Remaining Unrecognized Compensation Expense		Weighted-average remaining requisite service periods
2024		130,097		1,040,775		2,081,550	$	4.33	$	8,864,917		2.3 years
2023		5,592,945		5,592,945		8,389,418	$	2.09	$	6,389,726		1.4 years
2022		137,120		137,120		137,120	$	5.51	$	65,102		0.4 years

Employee Stock Option

Summary of stock option plan activity

During the year ended December 31, 2024, the following activities involving stock options occurred under the Plan:

	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at January 1, 2024		17,375,000	$	6.00
Granted		3,058,018	$	4.33
Forfeited		—	$	—
Cancelled/Expired		—	$	—
Outstanding at December 31, 2024		20,433,018	$	5.75		7.4 years	$	3,233,999
Exercisable at December 31, 2024		3,604,999	$	2.59		8.1 years	$	2,003,600

Schedule Of Assumption Used To Determine Fair Value

The fair value of the employee stock options was estimated using the following weighted average assumptions:

	Year Ended December 31,
	2024			2023			2022
Dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility		40.0	%		40.0	%		34.4	%
Risk-free interest rate		4.7	%		3.5	%		2.9	%
Expected term	4.5 years			6.4 years			6.5 years

PSU[Member]

Summary of stock option plan activity

The following table summarizes the PSU activity for the year ended December 31, 2024:

	Performance Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		7,339,129		$	2.60
Granted		1,064,885		$	4.33
Distributed		(2,499,489	)	$	3.33
Forfeited		(1,459,997	)	$	2.13
PSU performance adjustment		2,326,312		$	2.08
Outstanding at December 31, 2024(1)		6,770,840		$	2.56

(1)PSU award activity is presented at Target until the period in which the Human Capital Committee approves the achievement percentages, at which point the awards are adjusted accordingly, subject to additional performance requirements and service-based vesting conditions.

Restricted Stock Units (RSUs) [Member]

Summary of stock option plan activity

During the year ended December 31, 2024, the following activities involving RSUs occurred under the Plan:

	Number of RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2024		18,238,623		$	2.92
Granted		5,872,921		$	4.27
Distributed		(7,318,370	)	$	3.41
Forfeited		(4,975,728	)	$	2.92
Outstanding at December 31, 2024		11,817,446		$	3.28