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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 16 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table provides the number of authorized preferred shares, the number of issued and outstanding, the liquidation value per share and the carrying amount as of December 31:
20202019
(in millions, except per share and share data)Liquidation value per sharePreferred SharesCarrying AmountPreferred SharesCarrying Amount
Authorized ($25 par value)
100,000,000 100,000,000 
Issued and outstanding
Series A$1,000250,000 $247250,000 $247
Series B1,000 300,000 296 300,000 296 
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 — — 
Total issued and outstanding2,000,000 $1,9651,600,000 $1,570
(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, 2020:
(in millions, except per share and share data)
Preferred Stock(1)
Issue DateNumber of Shares Issued
Dividend Dates(2)
Annual Per Share Dividend Rate
Optional Redemption Date(3)
Series AApril 6, 2015250,000
Semi-annually beginning October 6, 2015 until April 6, 2020
5.500% until April 6, 2020
April 6, 2020
Quarterly beginning July 6, 2020
3 Mo. LIBOR plus 3.960% beginning April 6, 2020
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
(1) Series A 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 is 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, and if, 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 a 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.
Dividends
The following table provides information related to dividends per share and in the aggregate, declared and paid, for each type of stock issued and outstanding for the year ended December 31:
202020192018
(in millions, except per share and share data)Dividends per ShareDividends DeclaredDividends PaidDividends per ShareDividends DeclaredDividends PaidDividends per ShareDividends DeclaredDividends Paid
Common stock$1.56 $672 $672 $1.36 $617 $617 $0.98 $471 $471 
Preferred stock
Series A$62.59 $15 $13 $55.00 $14 $14 $55.00 $14 $14 
Series B60.00 18 18 60.00 18 20 37.00 11 — 
Series C63.75 19 19 63.75 19 18 12.57 4 — 
Series D63.50 19 19 59.45 18 13 — — — 
Series E50.00 23 21 9.44 4 — — — — 
Series F33.27 13 8 — — — — — — 
Total preferred stock$107 $98 $73 $65 $29 $14 
Treasury Stock
The purchase of the Company’s common stock is recorded at cost. At the date of retirement or subsequent reissuance, treasury stock is reduced by the cost of such stock on a first-in, first-out basis with differences recorded in additional paid-in capital or retained earnings, as applicable.
During the year ended December 31, 2020, the Company paid $270 million to repurchase 7,548,655 common shares at a weighted-average price of $35.77. During the year ended December 31, 2020, the Company recorded no shares of treasury stock associated with share-based compensation plan activity.
During the year ended December 31, 2019, the Company paid $1.220 billion to repurchase 34,305,768 common shares at an average price of $35.56. During the year ended December 31, 2019, the Company recorded no shares of treasury stock associated with share-based compensation plan activity.