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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-In Capital
Additional Paid-In Capital
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021 $ 3,600 $ (43) $ 0 $ 4 $ 8,531 $ (100) $ 464 $ 57 $ (5,273) $ (126)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) 1,221           1,221      
Other comprehensive income (loss) (51)                 (51)
Shares reissuance for ESPP 6       2       4  
Share repurchases (595)               (595)  
Equity-based awards activity, net [1] 24       24          
Common stock dividends and dividend equivalents declared [2] (334)           (334)      
Ending balance at Dec. 31, 2022 3,828   0 4 8,457   1,408   (5,864) (177)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (202)           (202)      
Other comprehensive income (loss) 39                 39
Shares reissuance for ESPP 8       2       6  
Share repurchases [3] (1,160)       (117)       (1,043)  
Retirement of treasury stock [4]       (1) (5,008)       5,009  
Equity-based awards activity, net [1] 97       97          
Common stock dividends and dividend equivalents declared [2] (352)           (352)      
Series A Preferred Stock dividends [5] (34)           (34)      
Sale of the 44% equity interest in STP 47                 47
Ending balance at Dec. 31, 2023 2,906   650 3 3,416   820   (1,892) (91)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) 1,125           1,125      
Issuance of Series A Preferred Stock 635   650   (15)          
Other comprehensive income (loss) (26)                 (26)
Shares reissuance for ESPP 13       5       8  
Share repurchases [3] (934)       117       (1,051)  
Retirement of treasury stock       (1) (2,637) [4]       2,638 [4]  
Equity-based awards activity, net [1] 57       57          
Common stock dividends and dividend equivalents declared [2] (343)           (343)      
Series A Preferred Stock dividends [5] (67)           (67)      
Capped Call Options (253)       (253)          
Ending balance at Dec. 31, 2024 $ 2,478   $ 650 $ 2 $ 705   $ 1,535   $ (297) $ (117)
[1] Includes $(50) million, $(22) million and $(6) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the years ended December 31, 2024, 2023 and 2022, respectively
[2] Dividends per common share were $1.63, $1.51 and $1.40 for each of the years ended December 31, 2024, 2023 and 2022, respectively
[3] Includes excise tax accrued of $9 million and $10 million for the years ended December 31, 2024 and 2023, respectively. For further discussion of the share repurchases, see Item 15 — Note 15, Capital Structure
[4] For further discussion of the treasury stock retirements, see Item 15 — Note 15, Capital Structure
[5] Dividends per share of Series A Preferred Stock were $51.25 for each of the periods ended September 15 and March 15, 2024 and $52.96 for the period ended September 15, 2023
(f)For further discussion of the Capped Call Options, see Item 15 — Note 15, Capital Structure