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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of December 31, 2022:

Preferred Stock(1):

Issuance Date

Depositary Shares Issued

Ownership Interest Per Depositary Share

Liquidation Preference Per Share

Liquidation Preference Per Depositary Share

Per Annum Dividend Rate

Dividend Payment Frequency

Carrying Value as of December 31, 2022
(In millions)

Redemption Date(2)

Series D(3)

February 2014

30,000,000

1/4,000th

100,000

5.9% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108%

Quarterly

742

March 15, 2024

Series F(4)(5)

May 2015

250,000

1/100th

100,000

1,000

5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 8.366% effective December 15, 2022

Quarterly

247

September 15, 2020

Series G(6)

April 2016

20,000,000

1/4,000th

100,000

5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709%

Quarterly

493

March 15, 2026

Series H(7)

September 2018

500,000

1/100th

100,000

1,000

5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539%

Semi-annually

494

December 15, 2023

(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

(3) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.

(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.

(5) In accordance with the LIBOR Act, the benchmark interest rate used to calculate the dividend rate of the Series F preferred stock issued and outstanding will transition from LIBOR to CME Term SOFR, plus 0.26161%, beginning with the September 15, 2023 dividend period.

(6) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.

(7) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from LIBOR to CME Term SOFR, plus 0.26161%.

Dividends Declared

The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:















	Years Ended December 31,
	2022						2021
(Dollars in millions, except per share amounts)	Dividends Declared per Share		Dividends Declared per Depositary Share		Total		Dividends Declared per Share		Dividends Declared per Depositary Share		Total
Preferred Stock:

Series D	$	5,900	$	1.48	$	44	$	5,900	$	1.48	$	44

Series F	5,208		52.08		13		3,808		38.08		15
Series G	5,352		1.32		27		5,352		1.32		27
Series H	5,625		56.25		28		5,625		56.25		28
Total					$	112					$	114

The table below presents the dividends declared on common stock for the periods indicated:


	Years Ended December 31,
		2022	2021
			Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock			$	2.40	$	871	$	2.18	$	779

Stock Repurchase Program

The table below presents the activity under our common share repurchase program for the period indicated:


	Years Ended December 31,
	2022
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)
2021 Program	19.5	$	76.81	$	1,500

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:



(In millions)	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Investment Securities(1)		Net Unrealized Losses on Retirement Plans		Foreign Currency Translation		Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries		Total
Balance as of December 31, 2019	$	(70)	$	407	$	(187)	$	(1,072)	$	46	$	(876)
Other comprehensive income (loss) before reclassifications	179		439		—		738		(250)		1,106
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	(52)		—		9		—		—		(43)
Other comprehensive income (loss)	127		439		9		738		(250)		1,063
Balance as of December 31, 2020	$	57	$	846	$	(178)	$	(334)	$	(204)	$	187
Other comprehensive income (loss) before reclassifications	11		(854)		1		(685)		272		(1,255)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	(70)		(42)		47		—		—		(65)
Other comprehensive income (loss)	(59)		(896)		48		(685)		272		(1,320)
Balance as of December 31, 2021	$	(2)	$	(50)	$	(130)	$	(1,019)	$	68	$	(1,133)
Other comprehensive income (loss) before reclassifications	(321)		(1,937)		(1)		(732)		291		(2,700)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	(36)		170		(12)		—		—		122
Other comprehensive income (loss)	(357)		(1,767)		(13)		(732)		291		(2,578)
Balance as of December 31, 2022	$	(359)	$	(1,817)	$	(143)	$	(1,751)	$	359	$	(3,711)

(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($749) million, $31 million and $55 million as of December 31, 2022, 2021 and 2020, respectively.

Schedule of Reclassifications Out of AOCI

The following table presents after-tax reclassifications into earnings for the periods indicated:




















	Years Ended December 31,
	2022		2021		2020
(In millions)	Amounts Reclassified into Earnings						Affected Line Item in Consolidated Statement of Income



Investment securities:
Net realized (gains) losses from sales of available-for-sale securities, net of related taxes of $1, ($15) and $0 respectively	$	1	$	(42)	$	—	Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $96 in 2022	169		—		—		Net interest income


Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of ($13), ($25) and ($20) respectively	(36)		(70)		(52)		Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $($1), $16 and $3 respectively	(12)		47		9		Compensation and employee benefits expenses



Total amounts reclassified from accumulated other comprehensive income	$	122	$	(65)	$	(43)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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