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Equity | 6 Months Ended
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Jun. 30, 2019
Equity [Abstract] |
Equity | Equity In January 2018, the Company completed an IPO in which the Company issued and sold 105,000,000 shares of common stock at an IPO price of $14.00 per share. The Company received net proceeds of $1.4 billion from the sale of its shares in the IPO after deducting underwriting discounts, commissions, and offering expenses. Dividends In February 2019, the Company approved a dividend reinvestment plan (“DRIP”), which allows stockholders to designate all or a portion of the cash dividends on their shares of common stock for reinvestment in additional shares of the Company’s common stock. The number of shares issued will be determined based on the volume weighted average closing price per share of the Company’s common stock for the five trading days preceding the dividend payment and adjusted for any discounts, as applicable. The DRIP will terminate upon the earlier of (a) February 27, 2021 and (b) the date upon which an aggregate of 18,750,000 shares of common stock have been issued pursuant to the DRIP. When dividends are declared, the Company records a liability for the full amount of the dividends. When dividends are settled, the Company reduces the liability and records an increase in common stock par value and additional paid-in capital for the portion of dividends settled in shares of common stock under the DRIP. During the six months ended June 30, 2019, the Company declared the following dividends on common stock:
Declared Date |  | Dividend per Share |  | Record Date |  | Payment Date
March 11, 2019 |  | $0.035 |  | April 2, 2019 |  | April 12, 2019
May 7, 2019 |  | $0.035 |  | June 11, 2019 |  | July 2, 2019
During the quarter ended June 30, 2019, the Company declared $26 million (or $0.035 per share) in dividends, of which $3 million represents the portion of the dividends settled in cash and $23 million represents the portion of the dividends settled in shares of common stock, which resulted in the issuance of approximately 4 million shares of common stock, on July 2, 2019. During the six months ended June 30, 2019, the Company declared $53 million (or $0.07 per share) in dividends. When including the July 2, 2019 payment date, approximately $7 million represents the portion of the dividends settled in cash and $46 million represents the portion of the dividends settled in shares of common stock, which resulted in the issuance of 7 million shares of common stock. On August 6, 2019, the Company announced a dividend of $0.035 per share to common stockholders of record on September 11, 2019, which will be distributed on October 2, 2019. Share Repurchase Program In February 2019, the Company approved a share repurchase program, which permits the Company to repurchase up to $150 million of the Company’s shares of common stock through February 27, 2021. The Company effected these repurchases pursuant to one or more trading plans to be adopted in accordance with Securities Exchange Act Rule 10b5-1, in privately negotiated transactions, in open market transactions, or pursuant to an accelerated share repurchase program. The share repurchase program was conducted in accordance with Securities Exchange Act Rule 10b-18 and was substantially complete as of June 30, 2019. During the quarter and six months ended June 30, 2019, the Company repurchased 21 million and 24 million shares of common stock, respectively, for approximately $128 million and $150 million, respectively. All of the shares repurchased were treated as retirements and reduced the number of shares issued and outstanding. In addition, the Company recorded the excess of the purchase price over the par value per share as a reduction to additional paid-in capital. Accumulated Other Comprehensive Loss There were no material reclassifications out of AOCI during the quarters and six months ended June 30, 2019 and 2018.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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