Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Stockholders' Equity

Equity

2018 "At-The-Market" Stock Offering Program

In April 2018, the Company established an "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2018 ATM Program"). Sales under the 2018 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to our specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2018 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2018 ATM Program. As of December 31, 2020, the Company had $750 million of gross sales of common stock availability remaining under the 2018 ATM Program.

Convertible Preferred Stock Conversion

In July and August 2020, all of the approximately 2 million shares of the Company's previously outstanding 6.875% Mandatory Convertible Preferred Stock were converted into approximately 14 million shares of the Company's common stock at a conversion rate (based on the applicable market value of the common stock and subject to certain anti-dilutive adjustments) of 8.8043 shares of common stock per each share of 6.875% Mandatory Convertible Preferred Stock.

March 2018 Common Stock Offering

In March 2018, the Company completed an offering of 8 million shares of its common stock, which generated net proceeds of $841 million ("March 2018 Equity Financing"). The Company used the net proceeds from the March 2018 Equity Financing for general corporate purposes, including repayment of outstanding indebtedness.

Declaration and Payment of Dividends

During the year ended December 31, 2020, the following dividends/distributions were declared or paid:

Equity Type	Declaration Date	Record Date	Payment Date	Dividends Per Share		Aggregate Payment Amount (In millions)
Common Stock	February 20, 2020	March 13, 2020	March 31, 2020	$	1.20	$	504	(a)
Common Stock	May 14, 2020	June 12, 2020	June 30, 2020	$	1.20	$	504	(a)
Common Stock	August 6, 2020	September 15, 2020	September 30, 2020	$	1.20	$	521	(a)
Common Stock	October 21, 2020	December 15, 2020	December 31, 2020	$	1.33	$	577	(a)
6.875% Convertible Preferred Stock	December 9, 2019	January 15, 2020	February 3, 2020	$	17.1875	$	28
6.875% Convertible Preferred Stock	March 12, 2020	April 15, 2020	May 1, 2020	$	17.1875	$	28
6.875% Convertible Preferred Stock	June 19, 2020	July 15, 2020	August 3, 2020	$	17.1875	$	28

(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.

See also note 17 for a discussion of the Company's common stock dividend declared in February 2021.

Tax Treatment of Dividends

The following table summarizes, for income tax purposes, the nature of dividends paid during 2020 on the Company's common stock and previously outstanding 6.875% Convertible Preferred Stock.

Equity Type	Payment Date	Cash Distribution (per share)		Ordinary Taxable Dividend (per share)		Qualified Taxable Dividend (per share)(a)		Section 199A Dividend (per share)		Non-Taxable Distribution (per share)
Common Stock	March 31, 2020	$	1.20	$	0.788	$	0.010	$	0.778	$	0.412
Common Stock	June 30, 2020	$	1.20	$	0.788	$	0.010	$	0.778	$	0.412
Common Stock	September 30, 2020	$	1.20	$	0.788	$	0.010	$	0.778	$	0.412
Common Stock	December 31, 2020	$	1.33	$	0.874	$	0.012	$	0.862	$	0.456
6.875% Convertible Preferred Stock	February 3, 2020	$	17.1875	$	17.1875	$	0.2265	$	16.9610	$	—
6.875% Convertible Preferred Stock	May 1, 2020	$	17.1875	$	17.1875	$	0.2265	$	16.9610	$	—
6.875% Convertible Preferred Stock	August 3, 2020	$	17.1875	$	17.1875	$	0.2265	$	16.9610	$	—

(a)Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts.

Purchases of the Company's Common Stock

During the years ended December 31, 2020, 2019 and 2018, the Company purchased 0.5 million, 0.4 million and 0.3 million shares of common stock, respectively, utilizing $76 million, $44 million and $34 million in cash, respectively.