Annual report pursuant to Section 13 and 15(d)

Derivative Liabilities (Tables)

v3.24.0.1
Derivative Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
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,
2023		 December 31,
2022
Public warrants
 Level 1 $ 6  $ 2 
Private placement warrants
 Level 2 4  1 
Common stock warrants 10  3 
Earnout share liabilities Level 3 14  1 
Total derivative liabilities
 $ 24  $ 4 
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,
2023		 December 31,
2022
Risk-free interest rates
 3.9  % 3.9  %
Expected term (in years)
 7.8  8.8 
Expected volatility 53.0  % 50.0  %
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,
2023 2022 2021
Common stock warrants
 $ (7) $ 63  $ (12)
Earnout share liabilities
 (13) 51  (8)
Change in fair value of derivative liabilities
 $ (20) $ 114  $ (20)