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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Common and Nonvoting Common Stock On February 12, 2025, TD Group US Holdings LLC, an affiliate of TD Bank, completed a secondary public offering of the Company’s common shares through which TD Group US Holdings LLC sold 133.8 million shares of the Company’s common stock and 31.7 million shares of the Company’s nonvoting common stock, which automatically converted into common stock. The offering was completed at a price of $79.25 per share, for an aggregate amount of $13.1 billion. The Company did not receive any of the proceeds from this sale. Concurrent with the completion of the secondary offering, and pursuant to a repurchase agreement dated February 9, 2025, the Company repurchased directly from TD Group US Holdings LLC its remaining 19.2 million shares of nonvoting common stock at a price of $77.982 per share for an aggregate repurchase amount of $1.5 billion, which settled on February 12, 2025. The shares of nonvoting common stock automatically converted into common stock upon repurchase and are now held in treasury stock, reducing the number of shares outstanding. These shares were purchased under CSC’s $15.0 billion share repurchase authorization. Through the completion of the secondary offering and the Company’s repurchase of nonvoting common stock, TD Bank disposed of all of its common shares of CSC and as of February 12, 2025, the Company had no remaining nonvoting common stock outstanding. CSC repurchased an additional 3.9 million shares of its common stock for $351 million during the three months ended June 30, 2025. These shares were purchased under CSC’s $15.0 billion share repurchase authorization and as of June 30, 2025, approximately $6.9 billion remained on the authorization. Subsequent to June 30, 2025, on July 24, 2025, CSC publicly announced that its Board of Directors terminated the existing share repurchase authorization and replaced it with a new authorization to repurchase up to $20.0 billion of common stock. The new share repurchase authorization does not have an expiration date. There were no repurchases of CSC’s common stock during the three and six months ended June 30, 2024. Share repurchases, net of issuances, are subject to a nondeductible excise tax which was recognized as a direct and incremental cost associated with these transactions. For repurchases of common stock, the tax is recorded as part of the cost basis of the treasury stock repurchased, resulting in no impact to the condensed consolidated statements of income. Preferred Stock On June 2, 2025, the Company redeemed all of the 24,580 outstanding shares of its fixed-rate reset non-cumulative perpetual preferred stock, Series G, and the corresponding 2,457,964 depositary shares, each representing a 1/100th interest in a share of the Series G preferred stock. The depositary shares were redeemed at a redemption price of $1,000 per depositary share for a total of $2.5 billion. The difference between the total redemption price and the prior carrying value of the Series G preferred stock resulted in a $30 million deemed dividend that was included in the calculation of EPS. There were no redemptions of CSC’s preferred stock during the three and six months ended June 30, 2024. The Company’s preferred stock issued and outstanding is as follows:
|  |  | Liquidation Preference Per Share |  |  |  | Dividend Rate in Effect at June 30, 2025 | Earliest Redemption Date | Date at Which Dividend Rate Resets or Becomes Floating | Reset / Floating-Rate | Margin Over Reset / Floating-Rate
| Shares Issued and Outstanding (in ones) at | Carrying Value at |
| June 30, 2025 (1) | December 31, 2024 (1) | June 30, 2025 | December 31, 2024 | Issue Date
Fixed-rate: |  |  |  |  |  |  |  |  |  |  |
Series D | 750,000 |  | 750,000 |  | $ | 1,000 |  | $ | 728 |  | $ | 728 |  | 03/07/16 | 5.95 | % | 06/01/21 | N/A | N/A | N/A
Series J | 600,000 |  | 600,000 |  | 1,000 |  | 584 |  | 584 |  | 03/30/21 | 4.450 | % | 06/01/26 | N/A | N/A | N/A
Fixed-to-floating rate/Fixed-rate reset: |  |  |  |  |  |  |  |  |
Series F | 4,884 |  | 4,884 |  | 100,000 |  | 481 |  | 481 |  | 10/31/17 | 5.000 | % | 12/01/27 | 12/01/27 | 3M LIBOR (5) | 2.575 | %
Series G (2) | — |  | 24,580 |  | — |  | — |  | 2,428 |  | 04/30/20 | — |  | — | — |  | — | — |
Series H (3) | 22,267 |  | 22,267 |  | 100,000 |  | 2,200 |  | 2,200 |  | 12/11/20 | 4.000 | % | 12/01/30 | 12/01/30 | 10-Year Treasury | 3.079 | %
Series I (4) | 20,554 |  | 20,554 |  | 100,000 |  | 2,030 |  | 2,030 |  | 03/18/21 | 4.000 | % | 06/01/26 | 06/01/26 | 5-Year Treasury | 3.168 | %
Series K (4) | 7,500 |  | 7,500 |  | 100,000 |  | 740 |  | 740 |  | 03/04/22 | 5.000 | % | 06/01/27 | 06/01/27 | 5-Year Treasury | 3.256 | %
Total preferred stock | 1,405,205 |  | 1,429,785 |  |  | $ | 6,763 |  | $ | 9,191 |  |  |  |  |  |  |
(1) Represented by depositary shares. (2) Series G was redeemed on June 2, 2025. (3) The dividend rate for Series H resets on each ten-year anniversary from the first reset date. (4) The dividend rate for Series I and Series K resets on each five-year anniversary from the first reset date. (5) The reset/floating-rate for Series F will be determined by the calculation agent prior to the commencement of the floating-rate period using what the calculation agent determines to be the industry-accepted substitute or successor base rate to LIBOR. N/A Not applicable. Dividends declared on the Company’s preferred stock are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Total Declared |  | Per Share Amount |  | Total Declared |  | Per Share Amount |  | Total Declared |  | Per Share Amount |  | Total Declared |  | Per Share Amount
Series D (1) | $ | 11.1 |  |  | $ | 14.88 |  |  | $ | 11.1 |  |  | $ | 14.88 |  |  | $ | 22.3 |  |  | $ | 29.76 |  |  | $ | 22.3 |  |  | $ | 29.76 |
Series F (2) | 12.2 |  |  | 2,500.00 |  |  | 12.2 |  |  | 2,500.00 |  |  | 12.2 |  |  | 2,500.00 |  |  | 12.2 |  |  | 2,500.00 |
Series G (3) | 33.0 |  |  | 1,343.75 |  |  | 33.0 |  |  | 1,343.75 |  |  | 66.0 |  |  | 2,687.50 |  |  | 66.0 |  |  | 2,687.50 |
Series H (1) | 22.2 |  |  | 1,000.00 |  |  | 22.2 |  |  | 1,000.00 |  |  | 44.5 |  |  | 2,000.00 |  |  | 44.5 |  |  | 2,000.00 |
Series I (1) | 20.6 |  |  | 1,000.00 |  |  | 20.6 |  |  | 1,000.00 |  |  | 41.2 |  |  | 2,000.00 |  |  | 41.2 |  |  | 2,000.00 |
Series J (1) | 6.7 |  |  | 11.13 |  |  | 6.7 |  |  | 11.13 |  |  | 13.4 |  |  | 22.26 |  |  | 13.4 |  |  | 22.26 |
Series K (1) | 9.5 |  |  | 1,250.00 |  |  | 9.5 |  |  | 1,250.00 |  |  | 18.8 |  |  | 2,500.00 |  |  | 18.8 |  |  | 2,500.00 |
Total | $ | 115.3 |  |  |  |  | $ | 115.3 |  |  |  |  | $ | 218.4 |  |  |  |  | $ | 218.4 |  |  |
(1) Dividends paid quarterly. (2) Dividends paid semi-annually until December 1, 2027 and quarterly thereafter. (3) Series G was redeemed on June 2, 2025. Prior to redemption, dividends were paid quarterly. The final dividend was paid on June 2, 2025.

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