Stockholders' Equity

12 Months Ended

Dec. 31, 2022

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

Stockholders' Equity

Equity

2021 "At-the-Market" Stock Offering Program

In March 2021, 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 ("2021 ATM Program"). Sales under the 2021 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 the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2021 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 2021 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.

Declaration and Payment of Dividends

During the year ended December 31, 2022, the following dividends/distributions were declared or paid:

Equity Type	Declaration Date	Record Date	Payment Date	Dividends Per Share		Aggregate Payment Amount(a)
Common Stock	February 8, 2022	March 15, 2022	March 31, 2022	$	1.470	$	639
Common Stock	May 10, 2022	June 15, 2022	June 30, 2022	$	1.470	$	638
Common Stock	July 25, 2022	September 15, 2022	September 30, 2022	$	1.470	$	636
Common Stock	October 20, 2022	December 15, 2022	December 30, 2022	$	1.565	$	674

(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 2023.

Tax Treatment of Dividends

The following table summarizes, for income tax purposes, the nature of dividends paid during 2022 on the Company's common 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, 2022	$	1.470000	$	0.965086	$	0.015821	$	0.949265	$	0.504914
Common Stock	June 30, 2022	$	1.470000	$	0.965086	$	0.015821	$	0.949265	$	0.504914
Common Stock	September 30, 2022	$	1.470000	$	0.965086	$	0.015821	$	0.949265	$	0.504914
Common Stock	December 30, 2022	$	1.565000	$	1.027456	$	0.016844	$	1.010612	$	0.537544

(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, 2022, 2021 and 2020, the Company purchased 0.4 million, 0.4 million and 0.5 million shares of common stock, respectively, utilizing $65 million, $70 million and $76 million in cash, respectively