Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholder's Equity

Shareholders' Equity

Common Shares

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, 2022	109.0	1.2	107.8
Common shares issued	0.1	—	0.1
Common shares acquired - share repurchase	—	11.7	(11.7)
Share-based compensation	1.7	0.7	1.0
Treasury Stock retirement	(13.0)	(13.0)	—
Balance, December 31, 2022	97.8	0.6	97.2
Common shares issued	9.6	—	9.6
Common shares acquired - share repurchase	—	3.1	(3.1)
Share-based compensation	2.1	0.7	1.4
Balance, September 30, 2023	109.5	4.4	105.1

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Dividends declared per share of Common Stock	$	0.40	$	0.20	$	0.80	$	0.60

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

As of September 30, 2023, the Company was authorized to repurchase shares up to an aggregate purchase amount of $555. This share repurchase authorization expires on September 30, 2024 (unless extended) and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board of Directors at any time.

During the nine months ended September 30, 2023, the Company repurchased 3.1 million shares of common stock for $216.

Subsequent to September 30, 2023, the Company repurchased 773,153 shares pursuant to a 10b5-1 plan for an aggregate purchase price of $51.

Warrants

On May 7, 2013, the Company issued warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock on that date. On May 10, 2023, the warrants were net share settled in accordance with their terms, resulting in the issuance of 9.6 million common shares. No warrants remain outstanding as of September 30, 2023.

For more information related to the warrants, refer to the Shareholders’ equity Note to the Consolidated Financial Statements included in Part II, Item 8. of the Annual Report on Form 10-K.

Preferred Stock

As of September 30, 2023 and December 31, 2022, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:

	September 30, 2023		December 31, 2022
Series	Issued	Outstanding	Issued	Outstanding
7.758% 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

On September 15, 2023, the rate on the Non-cumulative Preferred Stock, Series A was reset from 6.125% to 7.758% in accordance with the terms of the preferred stock and applies for the next five years.

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

	Series A				Series B
Three Months Ended September 30,	Per Share		Aggregate		Per Share		Aggregate
2023	$	30.625	$	10	$	13.375	$	4
2022	30.625		10		13.375		4
Nine Months Ended September 30,
2023	$	61.250	$	20	$	40.125	$	12
2022	61.250		20		40.125		12

As of September 30, 2023, there were no preferred stock dividends in arrears.