Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:

	Common Shares
(shares in millions)	Issued			Held in Treasury		Outstanding
Balance, January 1, 2017	268.0			73.4		194.6
Common Shares issued	—		*	—		—		*
Common Shares acquired - share repurchase	—			24.4		(24.4	)
Share-based compensation programs	2.0			0.2		1.8
Balance, December 31, 2017	270.0			98.0		172.0
Common Shares issued	—			—		—
Common Shares acquired - share repurchase	—			22.8		(22.8	)
Share-based compensation programs	2.4			0.6		1.8
Balance, December 31, 2018	272.4			121.4		151.0
Common Shares issued	0.1			—		0.1
Common Shares acquired - share repurchase	—			21.1		(21.1	)
Share-based compensation programs	3.2			0.9		2.3
Treasury Stock retirement	(135.0	)		(135.0	)	—
Balance, December 31, 2019	140.7			8.4		132.3

* Less than 0.1.

Dividends Declared

Dividends declared per share of Common Stock were as follows for the periods indicated:

	Year Ended December 31,
	2019		2018		2017
Dividends declared per share of Common Stock	$	0.32	$	0.04	$	0.04

Accelerated Share Repurchases

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

On May 2, 2019, the Board of Directors provided share repurchase authorization, increasing the aggregate of the Company's common stock authorized for repurchase by $500. On October 31, 2019, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $800. The additional share repurchase authorization expires on December 21, 2020 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions for the year ended December 31, 2019 and December 31, 2017. The Company did not enter into any share repurchase agreements in 2018.

2019
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
January 3, 2019	$	250	5,059,449	April 4, 2019	290,765	5,350,214
April 9, 2019	$	236	3,593,453	June 4, 2019	879,199	4,472,652
June 19, 2019	$	200	2,963,512	August 6, 2019	695,566	3,659,078
December 19, 2019	$	200	2,591,093	(1)	(1)	(1)
(1) This arrangement is scheduled to terminate no later than the end of first quarter of 2020, at which time the Company will settle any outstanding positive or negative share balances based on the daily volume-weighted average price of the Company's common stock.
2017
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
March 9, 2017	$	150	—	April 12, 2017	3,986,647	3,986,647
December 26, 2017	$	500	7,821,666	March 26, 2018	1,947,413	9,769,079

Open Market Repurchase

The following table presents repurchases of our common stock through open market repurchases for the periods indicated:

($ in millions)	Year Ended December 31,
	2019		2018		2017
Shares of common stock	4,926,775		20,843,047		7,437,994
Payment	$	250	$	1,025	$	273

Schedule of Preferred Stock Issued and Outstanding

As of December 31, 2019 and December 31, 2018, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:

	December 31, 2019		December 31, 2018
Series	Issued	Outstanding	Issued	Outstanding
6.125% Non-cumulative Preferred Stock, Series A	325,000	325,000	325,000	325,000
5.35% Non-cumulative Preferred Stock, Series B	300,000	300,000	—	—
Total	625,000	625,000	325,000	325,000

As of December 31, 2019, there were no preferred stock dividends in arrears.