XML 70 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
The following is a summary of changes in our common shares outstanding:
Common Shares Outstanding
Balance, December 31, 202271,949,742 
Shares issued for warrant exercises35,441 
Shares issued under ESPP41,013 
Shares issued under stock-based compensation arrangements75,344 
Treasury stock - shares repurchased(3,407,655)
Balance, December 31, 202368,693,885 
Issued as part of the Aera Merger21,315,707 
Shares issued for warrant exercises3,769,703 
Shares issued under ESPP38,257 
Shares issued under stock-based compensation arrangements(a)
1,740,189 
Treasury stock - shares repurchased(3,649,348)
Shares cancelled for taxes
(808,071)
Balance at December 31, 202491,100,322 
(a)A significant number of stock-based compensation awards were settled in the first quarter of 2024. These awards were primarily granted in January 2021 following our emergence from bankruptcy.

Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The following is a summary of our share repurchases, held as treasury stock, for the periods presented:

Total Number of Shares PurchasedDollar Value of Shares PurchasedAverage Price Paid per Share
(number of shares)(in millions)($ per share)
Year ended December 31, 20227,366,272 $313 $42.47 
Year ended December 31, 20233,407,655 $143 $41.69 
Year ended December 31, 20243,649,348 $192 $52.12 
Inception of Program (May 2021) through December 31, 2024
18,513,263 $796 $42.82 
Note: The total value of shares purchased includes approximately $2 million and $1 million in the years ended December 31, 2024 and 2023 related to excise taxes on share repurchases, which was effective beginning in 2023. Commissions paid were not significant in all periods presented.

Dividends

Dividends are payable to shareholders in quarterly increments, subject to the quarterly approval of our Board of Directors. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by our Board of Directors each quarter after reviewing our financial performance. See Note 19 Subsequent Events for information on future cash dividends.
Our Board of Directors declared quarterly cash dividends of $0.17 per share of common stock for each of the first three quarters of 2022. On November 2, 2022, our Board of Directors approved an increase in our dividend policy to an expected total annual dividend of $1.13 per share. On November 1, 2023, our Board of Directors increased our dividend policy to an expected total annual dividend of $1.24 per share. On August 2, 2024, our Board of Directors increased the cash dividend policy to anticipate a total annual dividend of $1.55 per share.

Our Board of Directors declared the following cash dividends for each of the periods presented.

Total Dividend
Annual Rate Per Share
(in millions)
($ per share)
Year ended December 31, 202259 $0.7925 
Year ended December 31, 2023
81 $1.1575 
Year ended December 31, 2024113 $1.3950 
$253 

Warrants

In October 2020, we reserved an aggregate 4,384,182 shares of our common stock for issuance upon the exercise of warrants, which were exercisable at $36 per share through October 28, 2024. As of December 31, 2024, we had no outstanding warrants.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consists of after-tax amounts for our pension and postretirement benefit plans. See Note 14 Pension and Postretirement Benefit Plans for further information.

Year ended December 31,
202420232022
(in millions)
Beginning accumulated other comprehensive income
$74 $81 $72 
Actuarial gain (loss) associated with pension and postretirement
4 (2)18 
Prior service credit
3 — — 
Recognition of prior service credit due to curtailment
— (3)— 
Recognition of net actuarial gain due to curtailment
(4)— — 
Recognition of net actuarial loss due to special termination benefits
4 — — 
Amortization of prior service credit
(5)(5)(5)
Other comprehensive income (loss)
2 (10)13 
Total recorded in accumulated other comprehensive income, before tax
76 71 85 
Income tax (provision) benefit
(1)3 (4)
Total recorded in accumulated other comprehensive income, net of tax
$75 $74 $81