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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 (loss)/income (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 (loss)/income (684)            
Other comprehensive (loss)/income 0            
Ending balance at Sep. 30, 2023 3,518   4 8,527 425 (5,911) (177)
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 (loss)/income 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 (88)       (88)    
Ending balance at Jun. 30, 2023 3,332 650 4 8,504 205 (5,861) (170)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income 343       343    
Other comprehensive (loss)/income (7)           (7)
Share repurchases (50)       (50)  
Equity-based awards activity, net [1] 23     23      
Common stock dividends and dividend equivalents declared (89)       (89)    
Series A Preferred Stock dividends [3] (34)       (34)    
Ending balance at Sep. 30, 2023 3,518   4 8,527 425 (5,911) (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 (loss)/income 511       511    
Other comprehensive (loss)/income (9)           (9)
Share repurchases [4]       117   (117)  
Retirement of treasury stock [5]       (38)   38  
Equity-based awards activity, net [6] 8     8      
Common stock dividends and dividend equivalents declared [7] (86)       (86)    
Series A Preferred Stock dividends [8] (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 (loss)/income 482            
Other comprehensive (loss)/income (14)            
Ending balance at Sep. 30, 2024 2,520 650 3 3,145 977 (2,150) (105)
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 (loss)/income 738       738    
Other comprehensive (loss)/income (3)           (3)
Shares reissuance for ESPP 6     1   5  
Share repurchases [9] (91)         (91)  
Retirement of treasury stock [5]       (38)   38  
Equity-based awards activity, net [6] 16     16      
Common stock dividends and dividend equivalents declared [7] (87)       (87)    
Capped Call Options [10] (253)     (253)      
Ending balance at Jun. 30, 2024 3,623 650 3 3,229 1,863 (2,019) (103)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income (767)       (767)    
Other comprehensive (loss)/income (2)           (2)
Share repurchases [9] (231)         (231)  
Retirement of treasury stock [5]       (100)   100  
Equity-based awards activity, net [6] 16     16      
Common stock dividends and dividend equivalents declared [7] (86)       (86)    
Series A Preferred Stock dividends [8] (33)       (33)    
Ending balance at Sep. 30, 2024 $ 2,520 $ 650 $ 3 $ 3,145 $ 977 $ (2,150) $ (105)
[1] Includes $(3) million, $(8) million and $(8) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended September 30, June 30 and March 31, 2023, respectively
[2] Dividends per common share were $0.3775 for each of the quarters ended September 30, June 30, and March 31, 2023
[3] Dividend per share of Series A Preferred Stock was $52.96
[4] Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
[5] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[6] Includes $(10) million, $(12) million and $(23) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended September 30, June 30 and March 31, 2024, respectively
[7] Dividends per common share were $0.4075 for each of the quarters ended September 30, June 30 and March 31, 2024
[8] Dividends per share of Series A Preferred Stock were $51.25 for each of the periods ended September 15 and March 15, 2024
[9] Includes excise tax accrued of $2 million and $1 million for the quarters ended September 30 and June 30, 2024, respectively
[10] For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure