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Stock-Based Compensation
6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of June 30, 2021, we had a total of 60 million shares reserved for future issuance under our Equity Plans, of which 33 million shares were reserved for equity awards previously granted, and 27 million shares were available for future grants under the 2018 Equity Plan.

Options

The following table summarizes our option activity during the six months ended June 30, 2021:
Number of
Options
(in millions)
Weighted-
Average
Exercise
Price per
Share
Weighted-
Average
Grant Date Fair
Value per
Share
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value (1)
(in millions)
Outstanding at December 31, 202034.06 $17.14 $9.12 6.7 years$2,976 
Granted
1.13 173.82 76.63 
Exercised
(3.86)15.31 8.60 
Canceled/forfeited
(0.45)27.47 14.33 
Outstanding at June 30, 202130.88 22.98 11.59 6.3 years6,547 
Exercisable at June 30, 202117.22 12.16 6.30 5.1 years3,837 
Expected to vest at June 30, 202113.66 36.62 18.26 7.8 years2,710 
_______
(1)Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those options in the money as of June 30, 2021.

The total intrinsic value of options exercised was $575 million for the six months ended June 30, 2021. The aggregate intrinsic value represents the difference between the exercise price and the selling price received by option holders upon the exercise of stock options during the period. The total consideration recorded as a result of stock option exercises was approximately $59 million for the six months ended June 30, 2021.

Restricted Common Stock Units (RSUs) and Performance Stock Units (PSUs)

The following table summarizes our RSU and PSU activity during the six months ended June 30, 2021:
Units
(in millions)
Weighted-Average Fair Value per Unit
Outstanding, non-vested at December 31, 20202.19 $30.85 
Issued
0.55 170.03 
Vested
(0.35)25.63 
Canceled/forfeited
(0.07)37.99 
Outstanding, non-vested at June 30, 20212.32 64.40 

The total fair value of restricted stock units vested during the six months ended June 30, 2021 was $9 million. The total intrinsic value of restricted stock units vested during the six months ended June 30, 2021 was $54 million.

During the first quarter of 2021, we granted PSUs to certain senior executives with vesting that is contingent upon the achievement of specified preestablished goals over the performance period, generally three years. The actual number of common shares ultimately issued is calculated by multiplying the number of PSUs by a payout percentage ranging from 0% to 200%. The estimated fair value of PSUs is based on the grant date fair value.

2018 Employee Stock Purchase Plan (ESPP)

We sold an immaterial number of shares under the ESPP during the six months ended June 30, 2021. As of June 30, 2021, 4 million shares were available for future issuance under the ESPP.
The following table presents the components and classification of stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Options
$24 $21 $46 $39 
RSUs and PSUs10 17 
ESPP
Total
$35 $25 $65 $45 
Cost of sales$$— $12 $— 
Research and development15 15 29 27 
Selling, general and administrative12 10 24 18 
Total
$35 $25 $65 $45 

As of June 30, 2021, there was $336 million of total unrecognized compensation cost related to unvested stock-based compensation with respect to options, RSUs and PSUs granted. That cost is expected to be recognized over a weighted-average period of 3.0 years at June 30, 2021.