Stockholders' Equity

12 Months Ended

Dec. 31, 2023

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 has not sold any shares of common stock under the 2021 ATM Program.

Declaration and Payment of Dividends

During the year ended December 31, 2023, 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 7, 2023	March 15, 2023	March 31, 2023	$	1.565	$	681
Common Stock	May 1, 2023	June 15, 2023	June 30, 2023	$	1.565	$	681
Common Stock	July 21, 2023	September 15, 2023	September 29, 2023	$	1.565	$	681
Common Stock	October 17, 2023	December 15, 2023	December 29, 2023	$	1.565	$	681

(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 2024.

Tax Treatment of Dividends

The following table summarizes, for income tax purposes, the nature of dividends paid during 2023 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, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	June 30, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	September 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	December 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849

(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, 2023, 2022 and 2021, the Company purchased 0.2 million, 0.4 million and 0.4 million shares of its common stock, respectively, utilizing $30 million, $65 million and $70 million in cash, respectively. The

shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs.