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Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Preferred Stock The following table displays our preferred stock outstanding.
Authorized, Issued and Outstanding as of
December 31,
Annual
Dividend Rate
as of
December 31,
2023
2023
2022
Stated
Value per
Share
Title
Issue Date
Shares
Amount
Shares
Amount
Redeemable on or
After
(Dollars and shares in millions, except per share amounts)
Series D
September 30, 1998
3
$150
3
$150
$50
5.250%
September 30, 1999
Series E
April 15, 1999
3
150
3
150
50
5.100
April 15, 2004
Series F
March 20, 2000
14
690
14
690
50
2.016
(1)
March 31, 2002
(2)
Series G
August 8, 2000
6
288
6
288
50
4.024
(3)
September 30, 2002
(2)
Series H
April 6, 2001
8
400
8
400
50
5.810
April 6, 2006
Series I
October 28, 2002
6
300
6
300
50
5.375
October 28, 2007
Series L
April 29, 2003
7
345
7
345
50
5.125
April 29, 2008
Series M
June 10, 2003
9
460
9
460
50
4.750
June 10, 2008
Series N
September 25, 2003
5
225
5
225
50
5.500
September 25, 2008
Series O
December 30, 2004
50
2,500
50
2,500
50
7.000
(4)
December 31, 2007
Convertible Series
2004-I(5)
December 30, 2004
—
2,492
—
2,492
100,000
5.375
January 5, 2008
Series P
September 28, 2007
40
1,000
40
1,000
25
6.342
(6)
September 30, 2012
Series Q
October 4, 2007
15
375
15
375
25
6.750
September 30, 2010
Series R(7)
November 21, 2007
21
530
21
530
25
7.625
November 21, 2012
Series S
December 11, 2007
280
7,000
280
7,000
25
9.822
(8)
December 31, 2010
(9)
Series T(10)
May 19, 2008
89
2,225
89
2,225
25
8.250
May 20, 2013
Total
556
$19,130
556
$19,130
(1)Rate effective March 31, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity
U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.
(2)Represents initial call date. Redeemable every two years thereafter.
(3)Rate effective September 30, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate
minus 0.18% with a cap of 11% per year.
(4)Rate effective December 31, 2023. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7% or 10-
year CMT rate plus 2.375%.
(5)Issued and outstanding shares were 24,922 as of December 31, 2023 and 2022.
(6)Rate effective December 31, 2023. In accordance with the Federal Reserve Board’s Regulation ZZ implementing the Adjustable Interest
Rate (LIBOR) Act (“Regulation ZZ”), for quarterly periods beginning after June 30, 2023, the quarterly dividend resets at a per annum rate
equal to the greater of 4.50% or the sum of 3-month CME Term SOFR plus 0.26161% plus 0.75%.
(7)On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance,
we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial
issuance.
(8)Rate effective December 31, 2023. In accordance with Regulation ZZ, for quarterly periods beginning after June 30, 2023, the quarterly
dividend resets at a per annum rate equal to the greater of 7.75% or the sum of 3-month CME Term SOFR plus 0.26161% plus 4.23%.
(9)Represents initial call date. Redeemable every five years thereafter.
(10)On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2 billion. Subsequent to the initial issuance, we issued
an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4,
2008 under the same terms as the initial issuance.