XML 80 R57.htm IDEA: XBRL DOCUMENT
v3.25.0.1

STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity [Abstract] |
Schedule of preferred stock |
|  |  | December 31,
|  |  | 2024 |  | 2023
(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 |
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 |
Series H | 1,000 |  | (1) | 400,000 |  | (4) | 392 |  |  | — |  |  | — |
Total |  |  | 2,150,000 |  |  | $2,113 |  | 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. (4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock. On May 23, 2024, the Company issued $400 million, or 400,000 shares, of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series H Preferred Stock”). As a result of this issuance, the Company received net proceeds of $392 million after underwriting fees and other expenses. The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after July 6, 2029 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series H Preferred Stock without the prior approval of the FRB or other appropriate federal banking agency as required under applicable capital rules. Except in limited circumstances or otherwise required by law, holders of the Series H Preferred Stock do not have any voting rights. On July 8, 2024, the Company redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock. The following table provides information related to the Company’s preferred stock outstanding as of December 31, 2024:
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 |
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 |
Series E | October 28, 2019 | 450,000(4) | 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 |
Series H | May 23, 2024 | 400,000(5) | Quarterly beginning October 6, 2024 | 7.375% | July 6, 2029
(1) Series B and C are non-cumulative fixed-to-floating rate perpetual preferred stock, Series E and H are 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 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock. (5) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.
Schedule of dividends | The following table summarizes the Company’s dividend activity for the years ended December 31, 2024, 2023 and 2022.
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
(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 |  | $769 |  | $769 |  |  | $1.68 |  | $808 |  | $808 |  |  | $1.62 |  | $779 |  | $779 |
Preferred stock |  |  |  |  |  |  |  |  |  |  |  |
Series B |  | $84.92 |  | $25 |  | $26 |  |  | $74.49 |  | $22 |  | $25 |  |  | $60.00 |  | $18 |  | $18 |
Series C |  | 80.78 |  | 24 |  | 23 |  |  | 63.75 |  | 19 |  | 19 |  |  | 63.75 |  | 19 |  | 19 |
Series D |  | 39.66 |  | 12 |  | 17 |  |  | 63.50 |  | 19 |  | 19 |  |  | 63.50 |  | 19 |  | 19 |
Series E |  | 50.00 |  | 23 |  | 23 |  |  | 50.00 |  | 22 |  | 22 |  |  | 50.00 |  | 22 |  | 22 |
Series F |  | 56.50 |  | 23 |  | 23 |  |  | 56.50 |  | 23 |  | 23 |  |  | 56.50 |  | 23 |  | 23 |
Series G |  | 40.00 |  | 12 |  | 12 |  |  | 40.00 |  | 12 |  | 12 |  |  | 40.00 |  | 12 |  | 12 |
Series H |  | 45.68 |  | 18 |  | 10 |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Total preferred stock |  |  | $137 |  | $134 |  |  |  | $117 |  | $120 |  |  |  | $113 |  | $113 |

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration