18. Equity

Common Stock

In April 2014, we completed an initial public offering (IPO) of our common stock. All proceeds from the offering were obtained by the U.S. Department of the Treasury (Treasury) as the single selling stockholder. In connection with the IPO, we effected a 310-for-one stock split on shares of our common stock, $0.01 par value per share. Accordingly, all references in the Consolidated Financial Statements to share and per share amounts relating to common stock have been adjusted, on a retroactive basis, to recognize the 310-for-one stock split. In addition, on April 9, 2014, we increased the number of shares authorized for issuance of common stock to 1.1 billion. The following table presents changes in the number of shares issued and outstanding.



Year ended December 31, (shares in thousands) (a)	2016		2015		2014
Common stock
Total issued, January 1,	482,791		480,136		479,767
New issuances
Employee benefits and compensation plans	2,917		2,655		369
Total issued, December 31,	485,708		482,791		480,136
Treasury balance, January 1,	(811	)	(41	)	—
Repurchase of common stock (b) (c)	(17,897	)	(769	)	(41	)
Total treasury stock, December 31,	(18,707	)	(811	)	(41	)
Total outstanding, December 31,	467,000		481,980		480,095


(a)	Figures in the table may not recalculate exactly due to rounding. Number of shares issued, in treasury, and outstanding are calculated based on unrounded numbers.


(b)	Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.


(c)	On July 19, 2016, we announced a common stock repurchase program of up to $700 million. The program commenced in the third quarter of 2016 and will expire on June 30, 2017.

Preferred Stock

Series A Preferred Stock

At December 31, 2015, the carrying value of our Series A Preferred Stock was $696 million and there were 27,870,560 shares outstanding. On April 14, 2016, we issued a Notice of Redemption to the holders of the outstanding Series A Preferred Stock to redeem the remaining 27,870,560 shares at a redemption price of $25 per share, plus approximately $0.53 per share of accrued and unpaid dividends through the redemption date. On May 16, 2016, we redeemed the 27,870,560 outstanding shares of Series A Preferred Stock, with an aggregate liquidation preference of $697 million for $712 million in cash, which included $15 million in accrued and unpaid dividends through the redemption date. Upon redemption of the shares of Series A Preferred Stock, we derecognized the carrying value of $696 million. Effective May 16, 2016, the Series A Preferred Stock was retired.