STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 14—STOCKHOLDERS' EQUITY

Capital Stock

In September 2024, we entered into an ATM Sales Agreement providing for the sale, from time to time, of up to $2.0 billion aggregate gross sales price of shares of our common stock (the “2024 ATM Program”). The 2024 ATM Program allows us to enter into forward sales agreements, as discussed below. As of March 31, 2025, the remaining amount available under our 2024 ATM Program for future sales of common stock was $528.5 million.

During the three months ended March 31, 2025, we entered into equity forward sales agreements for 14.1 million shares of our common stock for gross proceeds of $949.2 million, representing an average price of $67.28 per share. During the three months ended March 31, 2025, we settled 13.5 million shares of common stock under outstanding equity forward sales agreements for net cash proceeds of $876.7 million. As of March 31, 2025, we maintained unsettled equity forward sales agreements for 4.0 million shares of common stock or approximately $266.4 million in gross proceeds with varying maturities through September 2026.

In April 2025, we entered into additional equity forward sales agreements under our 2024 ATM Program for 2.4 million shares of common stock or approximately $163.0 million in gross proceeds with maturity through September 2026.

By utilizing an equity forward sales agreement, we can secure a share price on the sale of shares of our common stock at or shortly after the time the forward sales agreement becomes effective, while postponing the receipt of proceeds from the sale of shares until a future date. Equity forward sales agreements generally have a maturity of one to two years. At any time during the term of an equity forward sales agreement, we may settle that equity forward sales agreement by delivery of physical shares of our common stock to the forward purchaser or, at our election, subject to certain exceptions, we may settle in cash or by net share settlement. The forward sales price we expect to receive upon settlement of outstanding equity forward sales agreements will be the initial forward price, net of commissions, established on or shortly after the effective date of the relevant equity forward sales agreement, subject to adjustments for accrued interest, the forward purchasers’ stock borrowing costs in excess of a certain threshold specified in the equity forward sales agreement, and certain fixed price reductions for expected dividends on our common stock during the term of the equity forward sales agreement. Our unsettled equity forward sales agreements are accounted for as equity instruments. Refer to “Note 15 – Earnings Per Share.”

Accumulated Other Comprehensive Loss

The following is a summary of our Accumulated other comprehensive loss (dollars in thousands):

	As of March 31, 2025		As of December 31, 2024
Foreign currency translation loss	$	(26,574)	$	(34,341)
Unrealized loss on available for sale securities	(1,643)		(2,118)
Unrealized (loss) gain on derivative instruments	(3,853)		2,933
Total Accumulated other comprehensive loss	$	(32,070)	$	(33,526)