v3.24.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity
The following table summarizes the Company’s stock option and restricted stock unit activity during the year ended December 31, 2023:

Stock OptionsRSUs
Number of Shares
 (in millions)		Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Life
 (in years)		Aggregate Intrinsic Value (in millions)Number of Shares
 (in millions)		Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 202261 $12.98 37 $38.72 
Granted4 17.26 64 15.25 
Exercised / Vested(2)4.53 (35)23.80 
Forfeited / Cancelled(1)11.20 (10)31.73 
Outstanding at December 31, 202362 $13.49 6.0$636 56 $22.36 
Vested and expected to vest at December 31, 202362 $13.49 6.0$636 56 $22.36 
Exercisable at December 31, 202332 $5.93 4.9$559 — $— 
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes Company’s stock-based compensation expense for the Stock Plans and 2021 Employee Stock Purchase Plan (“ESPP”) by line item in the Consolidated Statements of Operations (in millions):

Years Ended December 31,
202120222023
Cost of revenues$16 $60 $85 
Research and development277 437 408 
Selling, general, and administrative277 490 328 
Total stock-based compensation expense$570 $987 $821 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The assumptions used in the Monte Carlo simulation were as follows:

Year Ended December 31, 2021
Volatility50.0 %
Dividend yield— %
Risk-free rate1.1 %
Maturity (in years)10.0
Initial stock price$21.72
The weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted were as follows:

Years Ended December 31,
202120222023
Volatility49.5 %55.5 %61.4 %
Dividend yield— %— %— %
Risk-free rate1.1 %2.9 %4.0 %
Expected term (in years)5.66.86.3