STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10 - STOCKHOLDERS’ EQUITY

Preferred Stock

The following table summarizes the Company’s preferred stock as of June 30, 2025 and December 31, 2024:

			June 30, 2025			December 31, 2024
(dollars in millions, except per share data)	Liquidation value per share		Preferred Shares		Carrying Amount	Preferred Shares	Carrying Amount
Authorized ($25 par value per share)			100,000,000			100,000,000
Issued and outstanding:
Series B	$1,000		300,000		$296	300,000	$296
Series C	1,000		300,000		297	300,000	297
Series E	1,000	(1)	450,000	(2)	437	450,000	437
Series F	1,000		400,000		395	400,000	395
Series G	1,000		300,000		296	300,000	296
Series H	1,000	(1)	400,000	(3)	392	400,000	392
Total			2,150,000		$2,113	2,150,000	$2,113

(1) Equivalent to $25 per depositary share.

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

(3) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.

For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2024 Form 10-K.

Dividends

The following tables summarize the Company’s common and preferred stock dividend activity for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30, 2025			Three Months Ended June 30, 2024
(dollars in millions, except per share data)	Dividends Declared per Share	Dividends Declared	Dividends Paid	Dividends Declared per Share	Dividends Declared	Dividends Paid
Common stock	$0.42	$185	$185	$0.42	$194	$194
Preferred stock
Series B	$19.08	$6	$6	$21.66	$6	$6
Series C	19.47	6	6	22.53	7	5
Series D	—	—	—	23.78	7	5
Series E	12.50	6	5	12.50	6	6
Series F	14.12	5	5	14.12	6	5
Series G	10.00	3	3	10.00	3	3
Series H	18.44	8	8	—	—	—
Total preferred stock		$34	$33		$35	$30

	Six Months Ended June 30, 2025			Six Months Ended June 30, 2024
(dollars in millions, except per share data)	Dividends Declared per Share	Dividends Declared	Dividends Paid	Dividends Declared per Share	Dividends Declared	Dividends Paid
Common stock	$0.84	$371	$371	$0.84	$391	$391
Preferred stock
Series B	$38.19	$12	$12	$43.38	$13	$13
Series C	38.97	12	12	38.47	12	10
Series D	—	—	—	39.66	12	10
Series E	25.00	11	11	25.00	11	11
Series F	28.25	11	11	28.25	11	11
Series G	20.00	6	6	20.00	6	6
Series H	36.88	15	15	—	—	—
Total preferred stock		$67	$67		$65	$61

Treasury Stock

During the six months ended June 30, 2025 and 2024, the Company repurchased $400 million, or 9,612,964 shares, and $500 million, or 15,000,188 shares, respectively, of its outstanding common stock, which are held in treasury stock.