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Stockholders' Equity (Notes) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Stockholders’ Equity |
11. | Stockholders’ Equity
Class P Common Stock On July 19, 2017, our Board approved a $2 billion share buy-back program that began in December 2017. On January 18, 2023, our Board approved an increase in our share repurchase authorization to $3 billion. All shares we have repurchased are canceled and are no longer outstanding. Activity under the buy-back program is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
| (In millions, except per share amounts)
Total value of shares repurchased |  | $ | 522 |  |  | $ | 368 |  |  | $ | — |
Total number of shares repurchased |  | 32 |  |  | 21 |  |  | — |
Average repurchase price per share |  | $ | 16.56 |  |  | $ | 16.94 |  |  | $ | — |
Subsequent to December 31, 2023 and through February 16, 2024, we repurchased less than 1 million shares at an average price of $16.50 for $7 million. Since December 2017, in total, we have repurchased 86 million of our shares under the program at an average price of $17.09 per share for $1,472 million, leaving capacity under the program of $1.5 billion. On December 19, 2014, we entered into an equity distribution agreement authorizing us to issue and sell through or to the managers party thereto, as sales agents and/or principals, shares having an aggregate offering price of up to $5 billion from time to time during the term of this agreement. During the years ended December 31, 2023, 2022 and 2021 we did not issue any shares under this agreement. Dividends The following table provides information about our per share dividends:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Per share cash dividend declared for the period | $ | 1.13 |  |  | $ | 1.11 |  |  | $ | 1.08 |
Per share cash dividend paid in the period | 1.1250 |  |  | 1.1025 |  |  | 1.0725 |
On January 17, 2024, our Board declared a cash dividend of $0.2825 per share for the quarterly period ended December 31, 2023, which was paid on February 15, 2024 to shareholders of record as of January 31, 2024. Adoption of Accounting Pronouncement On January 1, 2022, we adopted Accounting Standards Update (ASU) No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU (i) simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in Subtopic 470-20 that require separate accounting for embedded conversion features, (ii) amends diluted earnings per share calculations for convertible instruments by requiring the use of the if-converted method and (iii) simplifies the settlement assessment entities are required to perform on contracts that can potentially settle in an entity’s own equity by removing certain requirements. Using the modified retrospective method, the adoption of this ASU resulted in a pre-tax adjustment of $14 million to unwind the remaining unamortized debt discount within “Debt fair value adjustments” on our consolidated balance sheet and an adjustment of $11 million to unwind the balance of the conversion feature classified in “Additional paid in capital” on our consolidated statement of stockholders’ equity for the year ended December 31, 2022. Accumulated Other Comprehensive Loss Changes in the components of our “Accumulated other comprehensive loss” not including noncontrolling interests are summarized as follows:
| Net unrealized gains/(losses) on cash flow hedge derivatives |  |  |  | Pension and other postretirement liability adjustments |  | Total Accumulated other comprehensive loss
| (In millions)
Balance at December 31, 2020 | $ | (13) |  |  |  |  | $ | (394) |  |  | $ | (407) |
Other comprehensive (loss) gain before reclassifications | (432) |  |  |  |  | 155 |  |  | (277) |
Losses reclassified from accumulated other comprehensive loss | 273 |  |  |  |  | — |  |  | 273 |
Net current-period change in accumulated other comprehensive loss | (159) |  |  |  |  | 155 |  |  | (4) |
Balance at December 31, 2021 | (172) |  |  |  |  | (239) |  |  | (411) |
Other comprehensive (loss) gain before reclassifications | (312) |  |  |  |  | 1 |  |  | (311) |
Losses reclassified from accumulated other comprehensive loss | 320 |  |  |  |  | — |  |  | 320 |
Net current-period change in accumulated other comprehensive loss | 8 |  |  |  |  | 1 |  |  | 9 |
Balance at December 31, 2022 | (164) |  |  |  |  | (238) |  |  | (402) |
Other comprehensive gain before reclassifications | 155 |  |  |  |  | 65 |  |  | 220 |
Gains reclassified from accumulated other comprehensive loss | (35) |  |  |  |  | — |  |  | (35) |
Net current-period change in accumulated other comprehensive loss | 120 |  |  |  |  | 65 |  |  | 185 |
Balance at December 31, 2023 | $ | (44) |  |  |  |  | $ | (173) |  |  | $ | (217) |

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