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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Common Stock Outstanding Roll Forward

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:


	Common Shares
(shares in millions)	Issued	Held in Treasury	Outstanding
Balance, January 1, 2019	272.4	121.4	151.0
Common Shares issued	0.1	—	0.1
Common Shares acquired - share repurchase	—	21.1	(21.1)
Share-based compensation programs	3.2	0.9	2.3
Treasury Stock retirement	(135.0)	(135.0)	—
Balance, December 31, 2019	140.7	8.4	132.3
Common Shares issued	0.1	—	0.1
Common Shares acquired - share repurchase	—	10.2	(10.2)
Share-based compensation programs	2.5	0.5	2.0
Treasury Stock retirement	—	—	—
Balance, December 31, 2020	143.3	19.1	124.2
Common Shares issued	0.1	—	0.1
Common Shares acquired - share repurchase	—	17.9	(17.9)
Share-based compensation programs	2.4	1.0	1.4
Treasury Stock retirement	(36.8)	(36.8)	—
Balance, December 31, 2021	109.0	1.2	107.8

Dividends Declared

Dividends declared per share of Common Stock were as follows for the periods indicated:


	Year Ended December 31,
	2021		2020		2019
Dividends declared per share of Common Stock	$	0.695	$	0.60	$	0.32

The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:


	Series A				Series B
Year Ended:	Per Share		Aggregate		Per Share		Aggregate
December 31, 2021	$	61.25	$	20	$	53.50	$	16
December 31, 2020	61.25		20		53.50		16


December 31, 2019	61.76		20		26.30		8

Accelerated Share Repurchases

The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions for the years ended December 31, 2021, December 31, 2020 and December 31, 2019.


2021
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
June 30, 2021	$	400	5,203,252	September 16, 2021	1,081,552	6,284,804
February 11, 2021	$	250	3,617,291	May 14, 2021	330,852	3,948,143
2020
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
December 28, 2020	$	150	2,066,472	January 22, 2021	509,909	2,576,381


2019
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
January 3, 2019	$	250	5,059,449	April 4, 2019	290,765	5,350,214
April 9, 2019	$	236	3,593,453	June 4, 2019	879,199	4,472,652
June 19, 2019	$	200	2,963,512	August 6, 2019	695,566	3,659,078
December 19, 2019	$	200	2,591,093	February 26, 2020	727,368	3,318,461

Open Market Repurchase

The following table presents repurchases of our common stock through open market repurchases for the periods indicated:


	Year Ended December 31,
	2021		2020		2019
Shares of common stock	7,118,829		7,390,099		4,926,775
Payment	$	463	$	366	$	250

Schedule of Preferred Stock Issued and Outstanding

As of December 31, 2021 and December 31, 2020, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:


	Year Ended December 31, 2021		Year Ended December 31, 2020
Series	Issued	Outstanding	Issued	Outstanding
6.125% Non-cumulative Preferred Stock, Series A	325,000	325,000	325,000	325,000
5.35% Non-cumulative Preferred Stock, Series B	300,000	300,000	300,000	300,000
Total	625,000	625,000	625,000	625,000

- 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.

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+ Details