Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividends. On October 27, 2022, the board of directors declared a quarterly base dividend of $1.10 per share and a quarterly variable dividend of $4.61 per share on the Company's outstanding common stock, payable December 15, 2022 to shareholders of record at the close of business on November 30, 2022.

Share repurchases. In October 2022, pursuant to a Rule 10b5-1 plan, the Company repurchased 138,889 shares for $32 million under its stock repurchase program.

Senior notes. In September 2022, the Company delivered an irrevocable notice of call to the holders of its outstanding 5.625% senior notes due 2027. In October 2022, the Company paid $189 million (inclusive of accrued and unpaid interest) with cash on hand to extinguish the debt that had a carrying value of $192 million. The Company expects to record a $9 million net gain on early extinguishment of debt to other expense in the consolidated statements of operations.

Convertible Note conversions. In October 2022, the Company settled certain conversion options that were exercised by the holders of the Company's Convertible Notes prior to September 30, 2022. The Company settled the conversion options in cash, resulting in total cash payments of $26 million, of which $11 million was a repayment of the Convertible Notes principal balance. In addition, certain holders of the Company's Convertible Notes exercised their conversion option in October 2022 attributable to $23 million of the Convertible Notes' principal balance. Associated with the conversions, the Company has received Capped Call proceeds of $14 million. See Note 7 for additional information.