Preferred stock (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Preferred Stock Summary

The following table summarizes the Parent’s preferred stock issued and outstanding at June 30, 2022 and Dec. 31, 2021.

Preferred stock summary (a)		Total shares issued and outstanding		Carrying value (b)
				(in millions)
		June 30, 2022	Dec. 31, 2021	June 30, 2022		Dec. 31, 2021
	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 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
Series I	3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630%	13,000	13,000	1,287		1,287
Total		48,826	48,826	$	4,838	$	4,838

(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 F, Series G, Series H and Series I preferred stock is recorded net of issuance costs.

Summary of Preferred Dividends Paid

The table below presents the Parent’s preferred dividends.

Preferred dividends
(dollars in millions, except per share amounts)	Depositary shares per share		2Q22				1Q22				2Q21				YTD22				YTD21
			Per share		Total dividend		Per share		Total dividend		Per share		Total dividend		Per share		Total dividend		Per share		Total dividend
Series A	100	(a)	$	1,022.22	$	5	$	1,011.11	$	5	$	1,011.11	$	5	$	2,033.33	$	10	$	2,022.22	$	10
Series D	100		2,250.00		11		N/A		—		2,250.00		11		2,250.00		11		2,250.00		11
Series E	100		N/A		N/A		N/A		N/A		911.68		9		N/A		N/A		1,836.50		18
Series F	100		N/A		—		2,312.50		23		N/A		—		2,312.50		23		2,312.50		23
Series G	100		N/A		—		2,350.00		24		N/A		—		2,350.00		24		2,350.00		24
Series H	100		925.00		6		925.00		5		925.00		6		1,850.00		11		2,333.06		14
Series I	100		937.50		12		1,270.83		17		N/A		N/A		2,208.33		29		N/A		N/A
Total					$	34			$	74			$	31			$	108			$	100

(a)    Represents Normal Preferred Capital Securities.

N/A – Not applicable.