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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, 2023 $ 2,906 $ 650 $ 3 $ 3,416 $ 820 $ (1,892) $ (91)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 511       511    
Other comprehensive income (loss) (9)           (9)
Share repurchases [1] 0     117   (117)  
Retirement of treasury stock [2]       (38)   38  
Equity-based awards activity, net [3] 8     8      
Common stock dividends and dividend equivalents declared [4] (86)       (86)    
Series A Preferred Stock dividends [5] (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)
Ending balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 750       750    
Other comprehensive income (loss) 2           2
Share repurchases [1] (322)         (322)  
Retirement of treasury stock [2]       (179)   179  
Equity-based awards activity, net [3] (8)     (8)      
Common stock dividends and dividend equivalents declared [4] (90)       (90)    
Series A Preferred Stock dividends [5] (33)       (33)    
Ending balance at Mar. 31, 2025 $ 2,777 $ 650 $ 2 $ 518 $ 2,162 $ (440) $ (115)
[1] Includes excise tax accrued of $2 million for the quarter ended March 31, 2025. For the quarter ended March 31, 2024, amounts represent the final settlements of the November 6, 2023 ASR agreements. See Note 9, Changes in Capital Structure for additional information
[2] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[3] Includes $(40) million and $(23) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2025 and 2024, respectively
[4] Dividends per common share were $0.4400 and $0.4075 for each of the quarters ended March 31, 2025 and 2024, respectively
[5] Semi-annual dividends per share of Series A Preferred Stock were $51.25 for each of the periods ended March 15, 2025 and 2024