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STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of preferred stock | The following table summarizes the Company’s preferred stock:
|  |  | December 31,
|  |  | 2023 |  | 2022
(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 D | 1,000 |  | (1) | 300,000 |  | (2) | 293 |  |  | 300,000 |  | 293 |
Series E | 1,000 |  | (1) | 450,000 |  | (3) | 437 |  |  | 450,000 |  | 437 |
Series F | 1,000 |  |  | 400,000 |  |  | 395 |  |  | 400,000 |  | 395 |
Series G | 1,000 |  |  | 300,000 |  |  | 296 |  |  | 300,000 |  | 296 |
Total |  |  | 2,050,000 |  |  | $2,014 |  | 2,050,000 |  | $2,014
(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, 2023:
Preferred Stock(1) | Issue Date | Number of Shares Issued | Dividend Dates(2) | Annual Per Share Dividend Rate | Optional Redemption Date(3)
Series B | May 24, 2018 | 300,000 | 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. CME Term SOFR plus 3.265% beginning July 6, 2023(6) |
Series C | October 25, 2018 | 300,000 | 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. CME Term SOFR plus 3.419% beginning April 6, 2024(6) |
Series D | January 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. CME Term SOFR plus 3.904% beginning April 6, 2024(6) |
Series E | October 28, 2019 | 450,000(5) | Quarterly beginning January 6, 2020 | 5.000% | January 6, 2025
Series F | June 4, 2020 | 400,000 | 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 |
Series G | June 11, 2021 | 300,000 | Quarterly beginning October 6, 2021 until October 6, 2026 | 4.000% until October 6, 2026 | October 6, 2026
|  |  | Quarterly beginning January 6, 2027 | 5 Yr. US Treasury rate plus 3.215% beginning October 6, 2026 |
(1) Series B 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 and G are 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 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 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. (6) Effective July 1, 2023, Series B through D transitioned from three-month USD LIBOR to three-month CME Term SOFR, plus a tenor spread adjustment of 0.26161%, as their benchmark replacement rate during their respective floating-rate periods due to the cessation of LIBOR on June 30, 2023.
Schedule of dividends | The following tables summarize the Company’s dividend activity for the years ended December 31, 2023, 2022 and 2021.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
(dollars in millions, except per share data) |  | Dividends Declared per Share | Dividends Declared | Dividends Paid |  | Dividends Declared per Share | Dividends Declared | Dividends Paid |  | Dividends Declared per Share | Dividends Declared | Dividends Paid
Common stock |  | $1.68 |  | $808 |  | $808 |  |  | $1.62 |  | $779 |  | $779 |  |  | $1.56 |  | $670 |  | $670 |
Preferred stock |  |  |  |  |  |  |  |  |  |  |  |
Series A |  | $— |  | $— |  | $— |  |  | $— |  | $— |  | $— |  |  | $20.99 |  | $5 |  | $8 |
Series B |  | 74.49 |  | 22 |  | 25 |  |  | 60.00 |  | 18 |  | 18 |  |  | 60.00 |  | 18 |  | 18 |
Series C |  | 63.75 |  | 19 |  | 19 |  |  | 63.75 |  | 19 |  | 19 |  |  | 63.75 |  | 19 |  | 19 |
Series D |  | 63.50 |  | 19 |  | 19 |  |  | 63.50 |  | 19 |  | 19 |  |  | 63.50 |  | 18 |  | 18 |
Series E |  | 50.00 |  | 22 |  | 22 |  |  | 50.00 |  | 22 |  | 22 |  |  | 50.00 |  | 23 |  | 23 |
Series F |  | 56.50 |  | 23 |  | 23 |  |  | 56.50 |  | 23 |  | 23 |  |  | 56.50 |  | 23 |  | 23 |
Series G |  | 40.00 |  | 12 |  | 12 |  |  | 40.00 |  | 12 |  | 12 |  |  | 22.78 |  | 7 |  | 4 |
Total preferred stock |  |  | $117 |  | $120 |  |  |  | $113 |  | $113 |  |  |  | $113 |  | $113 |

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