STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2020

NOTE 11 - STOCKHOLDERS’ EQUITY

Preferred Stock

The following table summarizes the Company’s preferred stock:



			June 30, 2020			December 31, 2019
(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	300,000	293
Series E	1,000	⁽¹⁾	450,000	⁽³⁾	437	450,000	437
Series F	1,000		400,000		395	—	—
Total			2,000,000		$1,965	1,600,000	$1,570

⁽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.

On June 4, 2020, the Company issued $400 million, or 400,000 shares, of 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series F Preferred Stock”). As a result of this issuance, the Company received net proceeds of $395 million after the underwriting discount and other expenses. The Series F Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate equal to 5.650% from the date of issuance to, but excluding, October 6, 2025, and from and including October 6, 2025, for each dividend reset period, at a rate equal to the five-year U.S. treasury rate as of the most recent reset dividend determination date, plus 5.313% per annum. The Series F Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date, on or after October 6, 2025 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series F Preferred Stock without obtaining the prior approval of the FRB if then required under applicable capital guidelines. Except in certain limited circumstances, the Series F Preferred Stock does not have any voting rights.

For further detail regarding the terms and conditions of the Company’s preferred stock see Note 16 to the Company’s Consolidated Financial Statements in the 2019 Form 10-K.

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:



	Three Months Ended June 30, 2020						Three Months Ended June 30, 2019
(in millions, except per share data)	Dividends Declared per Share		Dividends Declared		Dividends Paid		Dividends Declared per Share		Dividends Declared		Dividends Paid
Common stock		$0.39		$168		$168		$0.32		$148		$148
Preferred stock
Series A		$13.48		$3		$7		$—		$—		$7
Series B	30.00		9		—		30.00		9		—
Series C	15.94		5		5		15.94		4		5
Series D	15.88		5		5		15.88		5		3
Series E	12.50		6		5		—		—		—
Total preferred stock				$28		$22				$18		$15



	Six Months Ended June 30, 2020						Six Months Ended June 30, 2019
(in millions, except per share and share data)	Dividends Declared per Share		Dividends Declared		Dividends Paid		Dividends Declared per Share		Dividends Declared		Dividends Paid
Common stock		$0.78		$336		$336		$0.64		$297		$297
Preferred stock
Series A		$40.98		$10		$7		$27.50		$7		$7
Series B	30.00		9		9		30.00		9		11
Series C	31.88		10		10		31.88		9		9
Series D	31.75		10		10		27.70		8		3
Series E	25.00		11		9		—		—		—
Total preferred stock				$50		$45				$33		$30

Treasury Stock

During the six months ended June 30, 2020, the Company repurchased $270 million, or 7,548,655 shares, of its outstanding common stock, which are held in treasury stock.