Shareholders' Equity



	December 31, 2019	December 31, 2018
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

In October 2019 and 2018, our Board of Directors declared and paid dividends of $400 million and $375 million on our common stock to General Motors Holdings LLC.



	December 31, 2019	December 31, 2018
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding
Series A	1,000,000	1,000,000
Series B	500,000	500,000

During 2019, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, and $33 million to holders of record of our Series B Preferred Stock. During 2018, we paid dividends of $59 million to holders of record of our Series A Preferred Stock.

In October 2019, prior to the declaration of our common stock dividend, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, payable on March 30, 2020 to holders of record at March 15, 2020 and declared a dividend of $32.50 per share, $16 million in the aggregate, on our Series B Preferred Stock payable on March 30, 2020 to holders of record at March 15, 2020. Accordingly, $45 million has been set aside for the payment of these dividends.

In September 2018, we issued 500,000 shares, par value $0.01 per share, of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock), at a liquidation preference of $1,000 per share, for net proceeds of approximately $492 million.

Holders of Series B Preferred Stock are entitled to receive cash dividend payments when, as and if declared by our Board of Directors (or a duly authorized committee of our Board of Directors). Dividends on the Series B Preferred Stock accrue and are payable from September 24, 2018 to, but excluding, September 30, 2028 at a rate of 6.500% per annum, payable semi-annually in arrears on March 30 and September 30 of each year, beginning on March 30, 2019. From and including September 30, 2028, holders of the Series B Preferred Stock will be entitled to receive cash dividend payments at a floating rate equal to the then-applicable three-month U.S. Dollar LIBOR plus a spread of 3.436% per annum, payable quarterly in arrears, on March 30, June 30, September 30 and December 30 of each year. Dividends on the Series B Preferred Stock are cumulative whether or not we have earnings, there are funds legally available for the payment of the dividends or the dividends are authorized or declared.

The Series B Preferred Stock does not have a maturity date. We may, at our option, redeem the shares of Series B Preferred Stock, in whole or in part, at any time on or after September 30, 2028, at a price of $1,000 per share of Series B Preferred Stock plus all accumulated and unpaid dividends to, but excluding, the date of redemption.

In September 2017, we issued 1,000,000 shares, par value $0.01 per share, of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock), at a liquidation preference of $1,000 per share, for net proceeds of $985 million.

For the first 10 years after issuance, holders of the Series A Preferred Stock will be entitled to receive cash dividend payments at an annual rate of 5.750%, payable semi-annually in arrears on March 30 and September 30 of each year beginning on March 30, 2018. After 10 years, holders of the Series A Preferred Stock will be entitled to receive cash dividend payments at a floating rate equal to the then applicable three-month U.S. Dollar LIBOR plus a spread of 3.598% per annum, payable quarterly in arrears, on March 30, June 30, September 30 and December 30 of each year. Dividends on the Series A Preferred Stock are cumulative whether or not we have earnings, there are funds legally available for the payment of the dividends or the dividends are authorized or declared.

The Series A Preferred Stock does not have a maturity date. We may, at our option, redeem the shares of Series A Preferred Stock, in whole or in part, at any time on or after September 30, 2027, at a price of $1,000 per share of Series A Preferred Stock plus all accumulated and unpaid dividends to, but excluding, the date of redemption.

The following table summarizes the significant components of accumulated other comprehensive loss:



	Years Ended December 31,
	2019			2018			2017
Unrealized (loss) gain on hedges
Beginning balance	$	9		$	16		$	17
Change in value of hedges, net of tax	(58		)	(7		)	(1		)
Ending balance	(49		)	9			16
Defined benefit plans
Beginning balance	1			1			(20		)
Reclassification adjustment, net of tax^(a)	—			—			21
Ending balance	1			1			1
Foreign currency translation adjustment
Beginning balance	(1,076		)	(785		)	(1,235		)
Translation gain (loss), net of tax	5			(291		)	253
Reclassification adjustment^(a)	—			—			197
Ending balance	(1,071		)	(1,076		)	(785		)
Total accumulated other comprehensive loss	$	(1,119	)	$	(1,066	)	$	(768	)

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(a)	The reclassification adjustment in 2017 is related to the sale of the European Operations.