Capital Actions

6 Months Ended

Jun. 30, 2019

Capital Actions

Capital Actions

18. Capital Actions

Accelerated Share Repurchase Transactions

During the six months ended June 30, 2019, the Bancorp entered into and settled accelerated share repurchase transactions. As part of these transactions, the Bancorp entered into forward contracts in which the final number of shares delivered at settlement was based generally on a discount to the average daily volume weighted-average price of the Bancorp’s common stock during the term of these repurchase agreements. The accelerated share repurchases were treated as two separate transactions, (i) the acquisition of treasury shares on the repurchase date and (ii) a forward contract indexed to the Bancorp's common stock.

The following table presents a summary of the Bancorp's accelerated share repurchase transactions which were entered into and settled during the six months ended June 30, 2019:
Repurchase Dates			Amount ($ in millions)	Shares Repurchased on Repurchase Date	Shares Received from Forward Contract Settlement	Total Shares Repurchased	Settlement Dates
March 27, 2019(a)		$	913	31,779,280	2,026,584	33,805,864			June 28, 2019
April 29, 2019(b)			200	6,015,570	1,217,805	7,233,375	May 23, 2019	-	May 24, 2019
(a)	This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $456.5 million.
(b)	This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $100 million.