Stockholder's Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:



	December 31, 2019	December 31, 2018
Preferred Stock, $1.00 par value:
Authorized shares	50,000,000	50,000,000
Issued shares	—	14,375,000
Outstanding shares	—	14,369,965
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	411,550,857	384,849,236
Outstanding shares	410,256,615	383,674,603

Preferred Stock

The following is a summary of our preferred stock activity during the periods presented:



	Year Ended
	December 31, 2019			December 31, 2018			December 31, 2017
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Shares		Dividend Rate	Shares		Dividend Rate	Shares		Dividend Rate
Beginning balance	14,369,965		6.50%	14,370,060		6.50%	25,875,000		6.50%
Shares redeemed	—		—%	—		—%	(11,500,000	)	6.50%
Shares converted	(14,369,965	)	6.50%	(95	)	6.50%	(4,940	)	6.50%
Ending balance	—		—%	14,369,965		6.50%	14,370,060		6.50%

During the year ended December 31, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock. In addition, during the year ended December 31, 2017, we recognized a charge of $9,769,000 in connection with the redemption of the Series J preferred stock.

Common Stock

In February 2019, we entered into separate amended and restated equity distribution agreements whereby we can offer and sell up to $1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. As of December 31, 2019, we had $1,075,537,000 of remaining capacity under the Equity Shelf Program, which excludes forward sales agreements outstanding for the sale of 4,935,804 shares with maturity dates in 2020 and 2021. We expect to physically settle the forward sales for cash proceeds. The following is a summary of our common stock activity during the periods indicated (dollars in thousands, except average price amounts):



	Shares Issued	Average Price		Gross Proceeds		Net Proceeds

2017 Dividend reinvestment plan issuances	5,640,008	$	70.13	$	395,526	$	394,639
2017 Option exercises	252,979	51.16		12,942		12,942
2017 Equity Shelf Program issuances	2,986,574	72.30		215,917		214,406
2017 Preferred stock conversions	4,300			—		—
2017 Redemption of equity membership units	91,180			—		—
2017 Stock incentive plans, net of forfeitures	154,337			—		—
2017 Totals	9,129,378			$	624,385	$	621,987

2018 Dividend reinvestment plan issuances	6,529,417	$	65.55	$	428,009	$	423,075
2018 Option exercises	56,960	42.66		2,430		2,430
2018 Equity Shelf Program issuances	5,241,349	69.95		366,640		364,070
2018 Preferred stock conversions	83			—		—
2018 Stock incentive plans, net of forfeitures	115,243			—		—
2018 Totals	11,943,052			$	797,079	$	789,575

2019 Dividend reinvestment plan issuances	5,798,979	$	77.18	$	447,559	$	443,929
2019 Option exercises	10,736	51.32		551		551
2019 Equity Shelf Program issuances	7,855,956	78.15		613,948		611,645
2019 Preferred stock conversions	12,712,452			—		—
2019 Stock incentive plans, net of forfeitures	203,889			—		—
2019 Totals	26,582,012			$	1,062,058	$	1,056,125

Dividends

The increase in dividends is primarily attributable to increases in our common shares outstanding, offset by the conversion and redemption of the Series I and Series J preferred stock, as described above. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):



	Year Ended
	December 31, 2019				December 31, 2018				December 31, 2017
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	3.4800	$	1,404,977	$	3.4800	$	1,300,141	$	3.4800	$	1,277,321
Series I Preferred Stock	—		—		3.2500		46,704		3.2500		46,711
Series J Preferred Stock	—		—		—		—		0.2347		2,699
Totals			$	1,404,977			$	1,346,845			$	1,326,731

Accumulated Other Comprehensive Income

The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):



	December 31, 2019			December 31, 2018
Foreign currency translation	$	(719,814	)	$	(868,006	)
Derivative and financial instruments designated as hedges	607,657			738,777
Actuarial losses	—			(540		)
Total accumulated other comprehensive loss	$	(112,157	)	$	(129,769	)