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Stockholders' Equity
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Stockholders' Equity
NOTE 10—STOCKHOLDERS' EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2015 and December 31, 2014.
Table 10.1: Preferred Stock Issued and Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
Carrying Value (in millions)
Series
 
Issuance Date
 
Redeemable by Issuer Beginning
 
Non-cumulative Fixed Dividend Rate per Annum
 
Redemption Price per Depositary Share
 
Number of Depositary Shares(1)
 
March 31, 2015
 
December 31, 2014
Series B
 
August 20, 2012
 
September 1, 2017
 
6.00
%
 
$
25

 
35,000,000

 
$
853

 
$
853

Series C
 
June 12, 2014
 
September 1, 2019
 
6.25

 
25

 
20,000,000

 
484

 
484

Series D
 
October 31, 2014
 
December 1, 2019
 
6.70

 
25

 
20,000,000

 
485

 
485

Total
 
 
 
 
 
 
 
 
 
 
 
$
1,822

 
$
1,822

__________
(1) 
Each depositary share represents a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.
Accumulated Other Comprehensive Income
The following table presents the changes in AOCI by component for the three months ended March 31, 2015 and 2014.
Table 10.2: Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
 
Securities
Available
for Sale
 
Securities Held to Maturity(1)
 
Cash Flow
Hedges
 
Foreign
Currency
Translation Adjustments(2)
 
Other
 
Total
AOCI as of December 31, 2014
 
$
410

 
$
(821
)
 
$
10

 
$
(8
)
 
$
(21
)
 
$
(430
)
Other comprehensive income (loss) before reclassifications
 
114

 
0

 
205

 
(84
)
 
(1
)
 
234

Amounts reclassified from AOCI into earnings
 
8

 
20

 
(43
)
 
0

 
(1
)
 
(16
)
Net other comprehensive income (loss)
 
122

 
20

 
162

 
(84
)
 
(2
)
 
218

AOCI as of March 31, 2015
 
$
532

 
$
(801
)
 
$
172

 
$
(92
)
 
$
(23
)
 
$
(212
)

(Dollars in millions)
 
Securities
Available
for Sale
 
Securities Held to Maturity(1)
 
Cash Flow
Hedges
 
Foreign
Currency
Translation Adjustments
 
Other
 
Total
AOCI as of December 31, 2013
 
$
106

 
$
(897
)
 
$
(110
)
 
$
40

 
$
(11
)
 
$
(872
)
Other comprehensive income (loss) before reclassifications
 
149

 
0

 
40

 
(13
)
 
0

 
176

Amounts reclassified from AOCI into earnings
 
(5
)
 
13

 
(21
)
 
0

 
(1
)
 
(14
)
Net other comprehensive income (loss)
 
144

 
13

 
19

 
(13
)
 
(1
)
 
162

AOCI as of March 31, 2014
 
$
250

 
$
(884
)
 
$
(91
)
 
$
27

 
$
(12
)
 
$
(710
)
__________
(1) 
The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount created at the date of transfer from the securities available for sale to securities held to maturity, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income.
(2) 
Includes the impact from hedging instruments designated as net investment hedges.
The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the three months ended March 31, 2015 and 2014.
Table 10.3: Reclassifications from AOCI
 
 
 
 
Amount Reclassified from AOCI
(Dollars in millions)
 
 
 
Three Months Ended March 31,
AOCI Components
 
Affected Income Statement Line Item
 
2015
 
2014
Securities available for sale:
 
 
 
 
 
 
 
 
Non-interest income - Other
 
$
2

 
$
13

 
 
Non-interest income - OTTI
 
(15
)
 
(5
)
 
 
(Loss) income from continuing operations before income taxes
 
(13
)
 
8

 
 
Income tax (benefit) provision
 
(5
)
 
3

 
 
Net (loss) income
 
(8
)
 
5

Securities held to maturity:(1)
 
 
 
 
 
 
 
 
Non-interest income - Other
 
(33
)
 
(28
)
 
 
Income tax benefit
 
(13
)
 
(15
)
 
 
Net loss
 
(20
)
 
(13
)
Cash flow hedges:
 
 
 
 
 
 
Interest rate contracts:
 
Interest income - Other
 
75

 
42

Foreign exchange contracts:
 
Non-interest income - Other
 
(7
)
 
(8
)
 
 
Income from continuing operations before income taxes
 
68

 
34

 
 
Income tax provision
 
25

 
13

 
 
Net income
 
43

 
21

Other:
 
 
 
 
 
 
 
 
Various (pension and other)
 
1

 
1

 
 
Income tax provision (benefit)
 
0

 
0

 
 
Net income
 
1

 
1

Total reclassifications
 
 
 
$
16

 
$
14

__________
(1) 
The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount created from the transfer into securities held to maturity, which occurred at fair value. 
The table below summarizes other comprehensive income activity and the related tax impact for the three months ended March 31, 2015 and 2014:
Table 10.4: Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2015
 
2014
(Dollars in millions)
 
Before
Tax
 
Provision
(Benefit)
 
After
Tax
 
Before
Tax
 
Provision
(Benefit)
 
After
Tax
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains on securities available for sale
 
$
190

 
$
68

 
$
122

 
$
229

 
$
85

 
$
144

Net changes in securities held to maturity
 
33

 
13

 
20

 
28

 
15

 
13

Net unrealized gains on cash flow hedges
 
258

 
96

 
162

 
30

 
11

 
19

Foreign currency translation adjustments(1)
 
(41
)
 
43

 
(84
)
 
(13
)
 
0

 
(13
)
Other
 
(4
)
 
(2
)
 
(2
)
 
(1
)
 
0

 
(1
)
Other comprehensive income
 
$
436

 
$
218

 
$
218

 
$
273

 
$
111

 
$
162

__________
(1) 
Includes the impact from hedging instruments designated as net investment hedges.