Preferred stock (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes the Parent’s preferred stock issued and outstanding at Sept. 30, 2021 and Dec. 31, 2020.


Preferred stock summary (a)		Total shares issued and outstanding		Carrying value (b)
				(in millions)
		Sept. 30, 2021	Dec. 31, 2020	Sept. 30, 2021		Dec. 31, 2020
	Per annum dividend rate
Series A	Greater of (i) three-month LIBOR plus 0.565% for the related distribution period or (ii) 4.000%	5,001	5,001	$	500	$	500
Series D	4.500% to but excluding June 20, 2023, then a floating rate equal to the three-month LIBOR plus 2.46%	5,000	5,000	494		494
Series E	4.950% to but excluding June 20, 2020, then a floating rate equal to the three-month LIBOR plus 3.42%	10,000	10,000	990		990
Series F	4.625% to but excluding Sept. 20, 2026, then a floating rate equal to the three-month LIBOR plus 3.131%	10,000	10,000	990		990
Series G	4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358%	10,000	10,000	990		990
Series H	3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352%	5,825	5,825	577		577
Total		45,826	45,826	$	4,541	$	4,541

(a) All outstanding preferred stock is noncumulative perpetual preferred stock with a liquidation preference of $100,000 per share.

(b) The carrying value of the Series D, Series E, Series F, Series G and Series H preferred stock is recorded net of issuance costs.

The table below presents the dividends paid on the Parent’s preferred stock.


Preferred dividends paid
(dollars in millions, except per share amounts)	Depositary shares per share		3Q21				2Q21				3Q20				YTD21				YTD20
			Per share		Total dividend		Per share		Total dividend		Per share		Total dividend		Per share		Total dividend		Per share		Total dividend
Series A	100	(a)	$	1,011.11	$	5	$	1,011.11	$	5	$	1,011.11	$	5	$	3,033.33	$	15	$	3,044.44	$	15
Series C	4,000		N/A		N/A		N/A		N/A		1,300.00		7		N/A		N/A		3,900.00		23
Series D	100		N/A		—		2,250.00		11		N/A		—		2,250.00		11		2,250.00		11
Series E	100		898.50		10		911.68		9		962.65		10		2,735.00		28		3,437.65		35
Series F	100		2,312.50		23		N/A		—		2,312.50		23		4,625.00		46		4,625.00		46
Series G	100		2,350.00		23		N/A		—		1,579.72		16		4,700.00		47		1,579.72		16
Series H	100		925.00		5		925.00		6		N/A		N/A		3,258.06		19		N/A		N/A
Total					$	66			$	31			$	61			$	166			$	146

(a) Represents Normal Preferred Capital Securities.

N/A – Not applicable.