Common and Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Authorized shares and a reconciliation of common shares issued and outstanding

The following table shows authorized shares and provides a reconciliation of common shares issued and outstanding for the years ended December 31:

(Millions, except where indicated)	2021	2020	2019
Common shares authorized (billions) (a)	3.6	3.6	3.6
Shares issued and outstanding at beginning of year	805	810	847
Repurchases of common shares	(46)	(7)	(40)
Other, primarily stock option exercises and restricted stock awards granted	2	2	3
Shares issued and outstanding as of December 31	761	805	810

(a)Of the common shares authorized but unissued as of December 31, 2021, approximately 21 million shares are reserved for issuance under employee stock and employee benefit plans.

Perpetual Fixed Rate Noncumulative Preferred Shares issued and outstanding

We have the following perpetual Fixed Rate Reset Noncumulative Preferred Share series issued and outstanding as of December 31, 2021:

	Series D
Issuance date	August 3, 2021
Securities issued	1,600 Preferred shares; represented by 1,600,000 depositary shares
Dividend rate per annum	3.55% through September 14, 2026; resets September 15, 2026 and every subsequent 5-year anniversary at 5-year Treasury rate plus 2.854%
Dividend payment date	Quarterly beginning September 15, 2021
Earliest redemption date	September 15, 2026
Aggregate liquidation preference	$1,600 million
Carrying value (a)	$1,584 million

(a)Carrying value, presented in the Statements of Shareholders' Equity, represents the issuance proceeds, net of underwriting fees and offering costs.