STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

The following table provides the number of authorized preferred shares, the number of issued and outstanding, the liquidation value per share and the carrying amount as of December 31:



			2019			2018
(in millions, except per share and share data)	Liquidation value per share		Preferred Shares		Carrying Amount	Preferred Shares	Carrying Amount
Authorized ($25 par value)			100,000,000			100,000,000
Issued and outstanding
Series A	$1,000		250,000		$247	250,000	$247
Series B	1,000		300,000		296	300,000	296
Series C	1,000		300,000		297	300,000	297
Series D	1,000	⁽¹⁾	300,000	⁽²⁾	293	—	—
Series E	1,000	⁽¹⁾	450,000	⁽³⁾	437	—	—
Total issued and outstanding			1,600,000		$1,570	850,000	$840

⁽¹⁾ Equivalent to $25 per depositary share.

⁽²⁾ Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock.

⁽³⁾Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.

The following table provides information related to the Company’s preferred stock outstanding as of December 31, 2019:



(in millions, except per share and share data)
Preferred Stock	Issue Date	Number of Shares Issued	Dividend Dates⁽³⁾	Annual Per Share Dividend Rate	Optional Redemption Date⁽⁴⁾
Series A⁽¹⁾	April 6, 2015	250,000	Semi-annually beginning October 6, 2015 until April 6, 2020	5.500% until April 6, 2020	April 6, 2020
			Quarterly beginning July 6, 2020	3 Mo. LIBOR plus 3.960% beginning April 6, 2020
Series B⁽¹⁾	May 24, 2018	300,000	Semi-annually beginning January 6, 2019 until July 6, 2023	6.000% until July 6, 2023	July 6, 2023
			Quarterly beginning October 6, 2023	3 Mo. LIBOR plus 3.003% beginning July 6, 2023
Series C⁽¹⁾	October 25, 2018	300,000	Quarterly beginning January 6, 2019 until April 6, 2024	6.375% until April 6, 2024	April 6, 2024
			Quarterly beginning July 6, 2024	3 Mo. LIBOR plus 3.157% beginning April 6, 2024
Series D⁽¹⁾	January 29, 2019	300,000⁽⁵⁾	Quarterly beginning April 6, 2019 until April 6, 2024	6.350% until April 6, 2024	April 6, 2024
			Quarterly beginning July 6, 2024	3 Mo. LIBOR plus 3.642% beginning April 6, 2024
Series E⁽²⁾	October 28, 2019	450,000⁽⁶⁾	Quarterly beginning January 6, 2020	5.000%	January 6, 2025

⁽¹⁾ Series are non-cumulative fixed-to-floating rate perpetual preferred stock. Except in limited circumstances, the preferred stock does not have voting rights.

⁽²⁾ Series are non-cumulative fixed rate perpetual preferred stock. Except in limited circumstances, the preferred stock does not have voting rights.

⁽³⁾ Dividends are payable when, and if, declared by the Company’s Board of Directors or an authorized committee thereof.

⁽⁴⁾ Redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after the date stated, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event a as defined in the applicable certificate of designations, in each case at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Under current rules, any redemption is subject to approval by the FRB.

⁽⁵⁾ Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock.

⁽⁶⁾ Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.

Schedule of dividends

The following table provides information related to dividends per share and in the aggregate, declared and paid, for each type of stock issued and outstanding for the year ended December 31:



	2019						2018						2017
(in millions, except per share and share data)	Dividends per Share		Dividends Declared		Dividends Paid		Dividends per Share		Dividends Declared		Dividends Paid		Dividends per Share		Dividends Declared		Dividends Paid
Common stock		$1.36		$617		$617		$0.98		$471		$471		$0.64		$322		$322
Preferred stock
Series A		$55.00		$14		$14		$55.00		$14		$14		$55.00		$14		$14
Series B	60.00		18		20		37.00		11		—		—		—		—
Series C	63.75		19		18		12.57		4		—		—		—		—
Series D	59.45		18		13		—		—		—		—		—		—
Series E	9.44		4		—		—		—		—		—		—		—
Total preferred stock				$73		$65				$29		$14				$14		$14

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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