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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 (loss)/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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income 1,249            
Other comprehensive income (loss) (12)            
Ending balance at Jun. 30, 2024 3,623 650 3 3,229 1,863 (2,019) (103)
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)
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 income (loss) (3)           (3)
Shares reissuance for ESPP 6     1   5  
Share repurchases [6] (91)         (91)  
Retirement of treasury stock [2]       (38)   38  
Equity-based awards activity, net [3] 16     16      
Common stock dividends and dividend equivalents declared [4] (87)       (87)    
Capped Call Options [7] (253)     (253)      
Ending balance at Jun. 30, 2024 3,623 650 3 3,229 1,863 (2,019) (103)
Beginning balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income 750       750    
Other comprehensive income (loss) 2           2
Share repurchases [8] (322)         (322)  
Retirement of treasury stock [9]       (179)   179  
Equity-based awards activity, net [10] (8)     (8)      
Common stock dividends and dividend equivalents declared [11] (90)       (90)    
Series A Preferred Stock dividends [12] (33)       (33)    
Ending balance at Mar. 31, 2025 2,777 650 2 518 2,162 (440) (115)
Beginning balance at Dec. 31, 2024 2,478 650 2 705 1,535 (297) (117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income 646            
Other comprehensive income (loss) 16            
Ending balance at Jun. 30, 2025 2,288 650 2 305 1,970 (538) (101)
Beginning balance at Mar. 31, 2025 2,777 650 2 518 2,162 (440) (115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss)/income (104)       (104)    
Other comprehensive income (loss) 14           14
Shares reissuance for ESPP 8     2   6  
Share repurchases [8] (282)         (282)  
Retirement of treasury stock [9]       (178)   178  
Equity-based awards activity, net [10] (3)     (3)      
Common stock dividends and dividend equivalents declared [11] (88)       (88)    
Capped Call Options [13] (34)     (34)      
Ending balance at Jun. 30, 2025 $ 2,288 $ 650 $ 2 $ 305 $ 1,970 $ (538) $ (101)
[1] Represents 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 $(12) million and $(23) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2024, respectively
[4] Dividends per common share were $0.4075 for each of the quarters ended June 30 and March 31, 2024
[5] Semi-annual dividend per share of Series A Preferred Stock was $51.25 for the period ended March 15, 2024
[6] Includes excise tax accrued of $1 million for the quarter ended June 30, 2024
[7] For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure
[8] Includes excise tax accrued of $2 million for each of the quarters ended June 30 and March 31, 2025
[9] For further discussion of the treasury stock retirements, see Note 9, Changes in Capital Structure
[10] Includes $(37) million and $(40) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2025, respectively
[11] Dividends per common share were $0.4400 for each of the quarters ended June 30 and March 31, 2025
[12] Semi-annual dividend per share of Series A Preferred Stock was $51.25 for the period ended March 15, 2025
[13] For further discussion of the Capped Call Options, see Note 9, Changes in Capital Structure