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STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of preferred stock
The following table summarizes the Company’s preferred stock:
December 31,
20222021
(in millions, except per share and share data)Liquidation value per sharePreferred SharesCarrying AmountPreferred SharesCarrying Amount
Authorized ($25 par value per share)
100,000,000 100,000,000 
Issued and outstanding:
Series B$1,000300,000 $296300,000 $296
Series C1,000 300,000 297 300,000 297 
Series D1,000 
(1)
300,000 
(2)
293 300,000 293 
Series E1,000 
(1)
450,000 
(3)
437 450,000 437 
Series F1,000 400,000 395 400,000 395 
Series G1,000 300,000 296 300,000 296 
Total2,050,000 $2,0142,050,000 $2,014
(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, 2022:
Preferred Stock(1)
Issue DateNumber of Shares Issued
Dividend Dates(2)
Annual Per Share Dividend Rate
Optional Redemption Date(3)
Series BMay 24, 2018300,000
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 COctober 25, 2018300,000
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 DJanuary 29, 2019
    300,000(4)
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 EOctober 28, 2019
    450,000(5)
Quarterly beginning January 6, 2020
5.000%
January 6, 2025
Series FJune 4, 2020400,000
Quarterly beginning October 6, 2020 until October 6, 2025
5.650% until October 6, 2025
October 6, 2025
Quarterly beginning January 6, 2026
5 Yr. US Treasury rate plus 5.313% beginning October 6, 2025
Series GJune 11, 2021300,000Quarterly beginning October 6, 2021 until October 6, 2026
4.000% until October 6, 2026
October 6, 2026
Quarterly beginning January 6, 2027
5 Yr. US Treasury rate plus 3.215% beginning October 6, 2026
(1) Series B through D are non-cumulative fixed-to-floating rate perpetual preferred stock, Series E is non-cumulative fixed-rate perpetual preferred stock, and Series F and G are non-cumulative fixed-rate reset perpetual preferred stock. Except in limited circumstances, each series of preferred stock does not have voting rights.
(2) Dividends are payable when declared by the Company’s Board of Directors or an authorized committee thereof.    
(3) 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 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.
(4) Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock.
(5) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
Schedule of dividends
Year Ended December 31,
202220212020
(in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$1.62 $779 $779 $1.56 $670 $670 $1.56 $672 $672 
Preferred stock
Series A$— $— $— $20.99 $5 $8 $62.59 $15 $13 
Series B60.00 18 18 60.00 18 18 60.00 18 18 
Series C63.75 19 19 63.75 19 19 63.75 19 19 
Series D63.50 19 19 63.50 18 18 63.50 19 19 
Series E50.00 22 22 50.00 23 23 50.00 23 21 
Series F56.50 23 23 56.50 23 23 33.27 13 8 
Series G40.00 12 12 22.78 7 4 — — — 
Total preferred stock$113 $113 $113 $113 $107 $98