Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common Stock
Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date Record Date Payment Date Dividend Per Share
July 20, 2022 September 2, 2022 September 30, 2022 $ 0.22 
April 27, 2022 June 3, 2022 June 24, 2022 0.21 
February 2, 2022 March 4, 2022 March 25, 2022 0.21 
(1)In 2022, and through July 29, 2022.
On July 20, 2022, the Board of Directors declared a quarterly common stock dividend of $0.22 per share.
During the three and six months ended June 30, 2022, the Corporation repurchased and retired 27 million and 85 million shares of common stock, which reduced shareholders’ equity by $975 million and $3.6 billion.
During the six months ended June 30, 2022, in connection with employee stock plans, the Corporation issued 68 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 26 million shares of its common stock. At June 30, 2022, the Corporation had reserved 496 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.
Preferred Stock
During the three months ended June 30, 2022 and March 31, 2022, the Corporation declared $315 million and $467 million of cash dividends on preferred stock, or a total of $782 million for the six months ended June 30, 2022. On April 22, 2022, the Corporation issued 80,000 shares of 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series TT for $2.0 billion, with quarterly dividends commencing in July 2022. The Series TT preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends. For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.