Shareholders' Equity

9 Months Ended

Sep. 30, 2024

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, 2023	97.8	0.6	97.2
Common shares issued	9.7	—	9.7
Common shares acquired - share repurchase	—	5.4	(5.4)
Share-based compensation	2.1	0.7	1.4
Treasury stock retirement	(6.0)	(6.0)	—
Balance, December 31, 2023	103.6	0.7	102.9
Common shares issued	0.1	—	0.1
Common shares acquired - share repurchase	—	6.9	(6.9)
Share-based compensation	1.7	0.7	1.0
Balance, September 30, 2024	105.4	8.3	97.1

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividends declared per share of common stock	$	0.45	$	0.40	$	1.25	$	0.80

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 through 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

As of September 30, 2024, the Company's remaining repurchase capacity under the Board's prior authorization was $382. On October 31, 2024, the Company's Board authorized additional share repurchases of $500. The Company's share repurchase

authorization expires on December 31, 2025 (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 at any time.

The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions during the nine months ended September 30, 2024:

Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
September 12, 2024	$	100	1,061,853	(1)	(1)	(1)

(1) This arrangement is scheduled to terminate no later than December 31, 2024, at which time the Company will settle any positive or negative share balances based on the daily volume-weighted average price of the Company's common stock.

The following table presents repurchases of our common stock pursuant to 10b5-1 plans and through open market repurchases for the periods indicated:

	Nine Months Ended September 30,
	2024		2023
Shares of common stock	5,811,158		3,107,195
Payment	$	415	$	216

Subsequent to September 30, 2024, the Company repurchased 997,994 shares pursuant to a 10b5-1 plan for $81.

Preferred Stock

As of September 30, 2024 and December 31, 2023, there were 100,000,000 shares of preferred stock authorized. Shares of preferred stock issued and outstanding are as follows:

	September 30, 2024		December 31, 2023
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

Dividends declared 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
2024	$	38.790	$	13	$	13.375	$	4
2023	30.625		10		13.375		4
Nine Months Ended September 30,
2024	77.580		25		40.125		12
2023	61.250		20		40.125		12

As of September 30, 2024, there were no preferred stock dividends in arrears.