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Preferred Stock | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Preferred Stock | Preferred Stock The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.
| March 31, 2025 |  | December 31, 2024
Series B preferred stock (a) |  |  |
Issuance date | April 22, 2021 |  | April 22, 2021
Carrying value ($ in millions) | $ | 1,335 |  | $ | 1,335
Par value (per share) | $ | 0.01 |  | $ | 0.01
Liquidation preference (per share) | $ | 1,000 |  | $ | 1,000
Number of shares authorized | 1,350,000 |  | 1,350,000
Number of shares issued and outstanding | 1,350,000 |  | 1,350,000
Dividend/coupon |  |  |
Prior to May 15, 2026 | 4.700% |  | 4.700%
On and after May 15, 2026 | Five Year Treasury + 3.868% |  | Five Year Treasury + 3.868%
Series C preferred stock (a) |  |  |
Issuance date | June 2, 2021 |  | June 2, 2021
Carrying value ($ in millions) | $ | 989 |  | $ | 989
Par value (per share) | $ | 0.01 |  | $ | 0.01
Liquidation preference (per share) | $ | 1,000 |  | $ | 1,000
Number of shares authorized | 1,000,000 |  | 1,000,000
Number of shares issued and outstanding | 1,000,000 |  | 1,000,000
Dividend/coupon |  |  |
Prior to May 15, 2028 | 4.700% |  | 4.700%
On and after May 15, 2028 | Seven Year Treasury + 3.481% |  | Seven Year Treasury + 3.481%
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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