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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]  
Stockholders' Equity Equity
2018 "At-The-Market" Stock Offering Program
The Company previously maintained an "at-the-market" stock offering program through which it had the right to issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2018 ATM Program"). The Company terminated its previously outstanding 2018 ATM Program in March 2021 with the entire gross sales price of $750 million remaining unsold.
2021 "At-the-Market" Stock Offering Program
In March 2021, the Company established a new "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2021 ATM Program"). Sales under the 2021 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2021 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2021 ATM Program.
Convertible Preferred Stock Conversion
In July and August 2020, all of the approximately 2 million shares of the Company's previously outstanding 6.875% Mandatory Convertible Preferred Stock were converted into approximately 14 million shares of the Company's common stock at a conversion rate (based on the applicable market value of the common stock and subject to certain anti-dilutive adjustments) of 8.8043 shares of common stock per each share of 6.875% Mandatory Convertible Preferred Stock.
Declaration and Payment of Dividends
During the year ended December 31, 2021, the following dividends/distributions were declared or paid:
Equity TypeDeclaration DateRecord DatePayment DateDividends Per Share
Aggregate
Payment
Amount(a)
Common StockFebruary 18, 2021March 15, 2021March 31, 2021$1.33 $581 
Common StockMay 21, 2021June 14, 2021June 30, 2021$1.33 $579 
Common StockAugust 5, 2021September 15, 2021September 30, 2021$1.33 $578 
Common StockOctober 18, 2021December 15, 2021December 31, 2021$1.47 $639 
(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.
See also note 17 for a discussion of the Company's common stock dividend declared in February 2022.
Tax Treatment of Dividends
The following table summarizes, for income tax purposes, the nature of dividends paid during 2021 on the Company's common stock .
Equity TypePayment DateCash Distribution (per share)Ordinary Taxable Dividend (per share)
Qualified Taxable Dividend (per share)(a)
Section 199A Dividend (per share)Non-Taxable Distribution (per share)
Common StockMarch 31, 2021$1.330000 $0.784306 $0.012321 $0.771985 $0.545694 
Common StockJune 30, 2021$1.330000 $0.784306 $0.012321 $0.771985 $0.545694 
Common StockSeptember 30, 2021$1.330000 $0.784306 $0.012321 $0.771985 $0.545694 
Common StockDecember 31, 2021$1.470000 $0.866865 $0.013617 $0.853248 $0.603135 
(a)Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts.
Purchases of the Company's Common Stock
During the years ended December 31, 2021, 2020 and 2019, the Company purchased 0.4 million, 0.5 million and 0.4 million shares of common stock, respectively, utilizing $70 million, $76 million and $44 million in cash, respectively.