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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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) (1,027)            
Other comprehensive (loss)/income 7            
Ending balance at Jun. 30, 2023 3,332 650 4 8,504 205 (5,861) (170)
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)
Beginning balance at Mar. 31, 2023 3,080 650 4 8,481 (15) (5,864) (176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 308       308    
Issuance of Series A Preferred Stock (1)     (1)      
Other comprehensive (loss)/income 6           6
Shares reissuance for ESPP 4     1   3  
Equity-based awards activity, net [1] 23     23      
Common stock dividends and dividend equivalents declared [2] (88)       (88)    
Ending balance at Jun. 30, 2023 3,332 650 4 8,504 205 (5,861) (170)
Beginning 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 [4]       (38)   38  
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)
Beginning 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) 1,249            
Other comprehensive (loss)/income (12)            
Ending balance at Jun. 30, 2024 3,623 650 3 3,229 1,863 (2,019) (103)
Beginning balance at Mar. 31, 2024 3,297 650 3 3,503 1,212 (1,971) (100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income/(loss) 738       738    
Other comprehensive (loss)/income (3)           (3)
Shares reissuance for ESPP 6     1   5  
Share repurchases [6] (91)         (91)  
Retirement of treasury stock [4]       (38)   38  
Equity-based awards activity, net [1] 16     16      
Common stock dividends and dividend equivalents declared [4] (87)       (87)    
Capped Call Options [7] (253)     (253)      
Ending balance at Jun. 30, 2024 $ 3,623 $ 650 $ 3 $ 3,229 $ 1,863 $ (2,019) $ (103)
[1] Includes $(12) million and $(23) million for the quarters ended June 30, and March 31, 2024, respectively, and $(8) million and $(8) million for the quarters ended June 30, and March 31, 2023, respectively, of equivalent shares purchased in lieu of tax withholding on equity compensation issuances
[2] Dividends per common share were $0.4075 for each of the quarters ended June 30 and March 31, 2024 and $0.3775 for each of the quarters ended June 30, and March 31, 2023
[3] Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
[4] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[5] Dividend per share of Series A Preferred Stock was $51.25
[6] Includes excise tax accrued of $1 million for the three months ended June 30, 2024
[7] For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure