Shareholders' Equity



	September 30, 2018	December 31, 2017
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

On October 26, 2018, our Board of Directors declared a $375 million dividend on our common stock, which was paid to General Motors Holdings LLC on October 30, 2018.



	September 30, 2018	December 31, 2017
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding
Series A	1,000,000	1,000,000
Series B	500,000	—

On September 24, 2018, we issued 500,000 shares, par value $0.01 per share, of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock), at a liquidation preference of $1,000 per share, for net proceeds of approximately $492 million.

Holders of Series B Preferred Stock are entitled to receive cash dividend payments when, as and if declared by our Board of Directors (or a duly authorized committee of our Board of Directors). Dividends on the Series B Preferred Stock accrue and are payable from September 24, 2018 to, but excluding, September 30, 2028 at a rate of 6.500% per annum, payable semi-annually in arrears on March 30 and September 30 of each year, beginning on March 30, 2019. From and including September 30, 2028, holders of the Series B Preferred Stock will be entitled to receive cash dividend payments at a floating rate equal to the then-applicable three-month U.S. Dollar LIBOR plus a spread of 3.436% per annum, payable quarterly in arrears, on March 30, June 30, September 30 and December 30 of each year. Dividends on the Series B Preferred Stock are cumulative whether or not we have earnings, there are funds legally available for the payment of the dividends or the dividends are authorized or declared.

The Series B Preferred Stock does not have a maturity date. We may, at our option, redeem the shares of Series B Preferred Stock, in whole or in part, at any time on or after September 30, 2028, at a price of $1,000 per share of Series B Preferred Stock plus all accumulated and unpaid dividends to, but excluding, the date of redemption.

During the nine months ended September 30, 2018, we paid $59 million of dividends to holders of record of our 5.750% Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock). On October 26, 2018, prior to the declaration of our common stock dividend, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, payable on March 30, 2019 to holders of record as of March 15, 2019 and declared a dividend of $33.58 per share, $17 million in the aggregate, on our Series B Preferred Stock, payable on March 30, 2019 to holders of record as of March 15, 2019. Accordingly, $46 million have been set aside for the payment of these dividends.

The following table summarizes the significant components of accumulated other comprehensive loss:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Unrealized gain on cash flow hedges
Beginning balance	$	34		$	6		$	16		$	17
Change in value of cash flow hedges, net of tax	1			(3		)	19			(14		)
Ending balance	35			3			35			3
Defined benefit plans
Beginning balance	1			(21		)	1			(20		)
Unrealized gain (loss) on subsidiary pension, net of tax	—			—			—			(1		)
Ending balance	1			(21		)	1			(21		)
Foreign currency translation adjustment
Beginning balance	(971		)	(1,037		)	(785		)	(1,235		)
Translation (loss) gain, net of tax	(35		)	120			(221		)	318
Ending balance	(1,006		)	(917		)	(1,006		)	(917		)
Total accumulated other comprehensive loss	$	(970	)	$	(935	)	$	(970	)	$	(935	)