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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022 $ 3,828   $ 4 $ 8,457 $ 1,408 $ (5,864) $ (177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) (1,335)       (1,335)    
Issuance of Series A Preferred Stock 636 $ 650   (14)      
Other comprehensive (loss)/income 1           1
Equity-based awards activity, net [1] 38     38      
Common stock dividends and dividend equivalents declared [2] (88)       (88)    
Ending balance at Mar. 31, 2023 3,080 650 4 8,481 (15) (5,864) (176)
Beginning balance at Dec. 31, 2022 3,828   4 8,457 1,408 (5,864) (177)
Ending balance at Dec. 31, 2023 2,906 650 3 3,416 820 (1,892) (91)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 511       511    
Other comprehensive (loss)/income (9)           (9)
Share repurchases [3]       117   (117)  
Retirement of treasury stock (38)     (38) [4]   38 [4]  
Equity-based awards activity, net [1] 8     8      
Common stock dividends and dividend equivalents declared [2] (86)       (86)    
Series A Preferred Stock semi-annual dividends [5] (33)       (33)    
Ending balance at Mar. 31, 2024 $ 3,297 $ 650 $ 3 $ 3,503 $ 1,212 $ (1,971) $ (100)
[1] Includes $(23) million and $(8) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2024 and 2023, respectively
[2] Dividends per common share were $0.4075 and $0.3775 for the quarters ended March 31, 2024 and 2023, respectively
[3] Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
[4] Treasury stock retired had an average price per share of $32.67
[5] Dividend per Series A Preferred Stock was $51.25