Annual report pursuant to Section 13 and 15(d)

Derivative Liabilities (Tables)

v3.22.4
Derivative Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions):
As of
Fair value level December 31,
2022		 December 31,
2021
Public warrants
 Level 1 $ 2  $ 38 
Private placement warrants
 Level 2 1  28 
Common stock warrants 3  66 
Earnout share liabilities Level 3 1  52 
Total derivative liabilities
 $ 4  $ 118 
Schedule of Valuation Inputs of the Earnout Share Liability
The valuation inputs utilized in determining the earnout share liability were as follows:
As of
December 31,
2022		 December 31,
2021
Risk-free interest rates
 3.9  % 1.5  %
Expected term (in years)
 8.8  9.8 
Expected volatility 50.0  % 50.0  %
Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes the changes in Level 3 derivative liabilities measured at fair value on a recurring basis (in millions):
Earnout share liabilities
Fair value as of December 31, 2021
 $ 52 
Change in fair value
 (51)
Fair value as of December 31, 2022
 $ 1 
Schedule of Fair Value of Derivative Liabilities
The components of change in fair value of derivative liabilities were as follows (in millions):
Twelve Months Ended
December 31,
2022 2021 2020
Change in fair value of derivative liabilities:
Common stock warrants
 $ 63  $ (12) $ — 
Earnout share liabilities
 51  (8) — 
Total change in fair value of derivative liabilities
 $ 114  $ (20) $ —