Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Preferred Stock

The following table summarizes our preferred stock outstanding as of December 31, 2022 and 2021.

Table 10.1: Preferred Stock Outstanding(1)

			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share		Total Shares Outstanding as of December 31, 2022	Carrying Value (in millions)
Series	Description	Issuance Date							December 31, 2022		December 31, 2021
Series I	5.000% Non-Cumulative	September 11, 2019	December 1, 2024	5.000%	Quarterly	$	1,000	1,500,000	$	1,462	$	1,462
Series J	4.800% Non-Cumulative	January 31, 2020	June 1, 2025	4.800	Quarterly	1,000		1,250,000	1,209		1,209
Series K	4.625% Non-Cumulative	September 17, 2020	December 1, 2025	4.625	Quarterly	1,000		125,000	122		122
Series L	4.375% Non-Cumulative	May 4, 2021	September 1, 2026	4.375	Quarterly	1,000		675,000	652		652
Series M	3.950% Fixed Rate Reset Non-Cumulative	June 10, 2021	September 1, 2026	3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%	Quarterly	1,000		1,000,000	988		988
Series N	4.250% Non-Cumulative	July 29, 2021	September 1, 2026	4.250%	Quarterly	1,000		425,000	412		412
Total									$	4,845	$	4,845

__________

(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.

Change in AOCI Gain (Loss) by Component (Net of Tax)

The following table presents the changes in AOCI by component for the years ended December 31, 2022, 2021 and 2020.

Table 10.2: AOCI

(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments (2)		Other		Total
AOCI as of December 31, 2019	$	935	$	354	$	(107)	$	(26)	$	1,156
Cumulative effects from the adoption of the CECL standard	(8)		0		0		0		(8)
Other comprehensive income before reclassifications	1,278		1,401		76		5		2,760
Amounts reclassified from AOCI into earnings	(19)		(393)		0		(2)		(414)
Other comprehensive income, net of tax	1,259		1,008		76		3		2,346
AOCI as of December 31, 2020	2,186		1,362		(31)		(23)		3,494
Other comprehensive income (loss) before reclassifications	(1,887)		(396)		10		7		(2,266)
Amounts reclassified from AOCI into earnings	(2)		(848)		0		(4)		(854)
Other comprehensive income (loss), net of tax	(1,889)		(1,244)		10		3		(3,120)
AOCI as of December 31, 2021	297		118		(21)		(20)		374
Other comprehensive income (loss) before reclassifications	(7,980)		(2,404)		1		(17)		(10,400)
Amounts reclassified from AOCI into earnings	7		104		0		(1)		110
Other comprehensive income (loss), net of tax	(7,973)		(2,300)		1		(18)		(10,290)
AOCI as of December 31, 2022	$	(7,676)	$	(2,182)	$	(20)	$	(38)	$	(9,916)

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

(2)Includes other comprehensive gains of $305 million and $22 million, and loss of $65 million for the years ended December 31, 2022, 2021 and 2020, respectively, from hedging instruments designated as net investment hedges.

Reclassifications from AOCI

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the years ended December 31, 2022, 2021 and 2020.

Table 10.3: Reclassifications from AOCI

(Dollars in millions)		Year Ended December 31,
AOCI Components	Affected Income Statement Line Item	2022		2021		2020
Securities available for sale:
	Non-interest income (loss)	$	(9)	$	2	$	25
	Income tax provision (benefit)	(2)		0		6
	Net income (loss)	(7)		2		19
Hedging relationships:
Interest rate contracts:	Interest income (loss)	(121)		957		566
Foreign exchange contracts:	Interest income	3		1		10
	Interest expense	(3)		(3)		(3)
	Non-interest income (loss)	(17)		163		(57)
	Income (loss) from continuing operations before income taxes	(138)		1,118		516
	Income tax provision (benefit)	(34)		270		123
	Net income (loss)	(104)		848		393
Other:
	Non-interest income and non-interest expense	1		5		2
	Income tax provision (benefit)	0		1		0
	Net income	1		4		2
Total reclassifications		$	(110)	$	854	$	414

Components of Other Comprehensive Income (Loss) and Related Tax Impact

The table below summarizes other comprehensive income (loss) activity and the related tax impact for the years ended December 31, 2022 and 2021 and 2020.

Table 10.4: Other Comprehensive Income (Loss)

	Year Ended December 31,
	2022						2021						2020
(Dollars in millions)	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	$	(10,516)	$	(2,543)	$	(7,973)	$	(2,486)	$	(597)	$	(1,889)	$	1,659	$	400	$	1,259
Net unrealized gains (losses) on hedging relationships	(3,032)		(732)		(2,300)		(1,640)		(396)		(1,244)		1,329		321		1,008
Foreign currency translation adjustments(1)	98		97		1		17		7		10		56		(20)		76
Other	(24)		(6)		(18)		4		1		3		4		1		3
Other comprehensive loss	$	(13,474)	$	(3,184)	$	(10,290)	$	(4,105)	$	(985)	$	(3,120)	$	3,048	$	702	$	2,346

__________

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