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Common and Preferred Shares | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Common and Preferred Shares | COMMON AND PREFERRED SHARES The following table shows authorized shares and provides a reconciliation of common shares issued and outstanding for the years ended December 31: TABLE 16.1: COMMON SHARES ISSUED AND OUTSTANDING
(Millions, except where indicated) |  | 2024 |  | 2023 |  | 2022
Common shares authorized (billions) (a) |  | 3.6 |  |  | 3.6 |  |  | 3.6 |
Shares issued and outstanding at beginning of year |  | 723 |  |  | 743 |  |  | 761 |
Repurchases of common shares |  | (24) |  |  | (22) |  |  | (20) |
Net shares issued for RSUs and stock option exercises (b) |  | 3 |  |  | 2 |  |  | 2 |
Shares issued and outstanding as of December 31 |  | 702 |  |  | 723 |  |  | 743 |
(a)Of the common shares authorized but unissued as of December 31, 2024, approximately 27 million shares are reserved for issuance under employee stock and employee benefit plans. (b)Shares issued for RSUs are reported net of shares withheld for tax withholding obligations. On March 8, 2023, the Board of Directors authorized the repurchase of up to 120 million common shares from time to time, subject to market conditions and in accordance with our capital plans. This authorization replaced the prior repurchase authorization made on September 23, 2019. During 2024, 2023 and 2022, we repurchased 24 million common shares with a cost of $5.9 billion, 22 million common shares with a cost of $3.5 billion, and 20 million common shares with a cost of $3.3 billion, respectively. The cost includes excise tax and commissions of $55 million and $32 million in 2024 and 2023, respectively, and commissions of $4 million in 2022. As of December 31, 2024, we had approximately 75 million common shares remaining under the Board share repurchase authorization. Common shares are generally retired by us upon repurchase (except for 2.2 million, 2.3 million and 2.4 million shares held as treasury shares as of December 31, 2024, 2023 and 2022, respectively); retired common shares and treasury shares are excluded from the shares outstanding in the table above. The treasury shares, with a cost basis of $243 million, $252 million and $262 million as of December 31, 2024, 2023 and 2022, respectively, are included as a reduction to Additional paid-in capital in Shareholders’ equity on the Consolidated Balance Sheets. PREFERRED SHARES The Board of Directors may authorize the issuance of up to 20 million preferred shares at a par value of $1.66 2/3 per share without further shareholder approval. We have the following perpetual Fixed Rate Reset Noncumulative Preferred Share series issued and outstanding as of December 31, 2024: TABLE 16.2: PREFERRED SHARES ISSUED AND OUTSTANDING
|  | Series D |  |
Issuance date |  | August 3, 2021 |  |
Securities issued |  | 1,600 Preferred shares; represented by 1,600,000 depositary shares |  |
Dividend rate per annum |  | 3.55% through September 14, 2026; resets September 15, 2026 and every subsequent 5-year anniversary at 5-year Treasury rate plus 2.854% |  |
Dividend payment date |  | Quarterly beginning September 15, 2021 |  |
Earliest redemption date |  | September 15, 2026 |  |
Aggregate liquidation preference |  | $1,600 million |  |
Carrying value (a) |  | $1,584 million |  |
(a)Carrying value, presented in the Statements of Shareholders’ Equity, represents the issuance proceeds, net of underwriting fees and offering costs. In the event of the voluntary or involuntary liquidation, dissolution or winding up of the Company, the preferred shares then outstanding take precedence over our common shares for the payment of dividends and the distribution of assets out of funds legally available for distribution to shareholders. We may redeem the outstanding series of preferred shares at $1 million per preferred share (equivalent to $1,000 per depositary share) plus any declared but unpaid dividends in whole or in part, from time to time, on any dividend payment date on or after the earliest redemption date, or in whole, but not in part, within 90 days of certain bank regulatory changes.

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- Definition Disclosures related to the Company's activity related to its common and preferred shares and warrants, including information about share repurchase authorization, treasury shares, including cost basis, common shares authorized and a reconciliation of common shares issued and outstanding, common stock and preferred stock issuances for periods presented, and subsequent repurchases. + References No definition available. + Details
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- References No definition available. + Details
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