Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of September 30, 2023:


Preferred Stock(1):	Issuance Date	Depositary Shares Issued	Amount outstanding (in millions)		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 September 30, 2023 (In millions)		Redemption Date(2)

Series D	February 2014	30,000,000	$	750	1/4,000th	$	100,000	$	25	5.9% to but excluding March 15, 2024, then 9.008%(3)	Quarterly	$	742	March 15, 2024
Series F(4)	May 2015	250,000	250		1/100th	100,000		1,000		Floating rate equal to the three-month CME term SOFR plus 3.859%, or 9.268% effective September 15, 2023	Quarterly	247		September 15, 2020
Series G	April 2016	20,000,000	500		1/4,000th	100,000		25		5.35%(5)	Quarterly	493		March 15, 2026
Series H	September 2018	500,000	500		1/100th	100,000		1,000		5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month CME term SOFR plus 2.801%(6)	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) 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.

(6) 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 USD LIBOR to CME Term SOFR, plus 0.26161%.

Dividends Declared

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



	Three Months Ended September 30,
	2023						2022
(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	$	1,475	$	0.37	$	11	$	1,475	$	0.37	$	11

Series F	2,338		23.38		6		1,387		13.87		3
Series G	1,338		0.33		7		1,338		0.33		7

Total					$	24					$	21

	Nine Months Ended September 30,
	2023						2022
(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	$	4,425	$	1.11	$	33	$	4,425	$	1.11	$	33

Series F	6,592		65.92		17		3,467		34.67		9
Series G	4,013		1.00		20		4,014		0.99		20
Series H	2,813		28.13		14		2,813		28.13		14
Total					$	84					$	76

The tables below present the dividends declared on common stock for the periods indicated:


	Three Months Ended September 30,
	2023				2022
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	0.69	$	213	$	0.63	$	232

	Nine Months Ended September 30,
	2023				2022
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	1.95	$	628	$	1.77	$	651

Stock Repurchase Program

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


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)
2023 Program		13.8	$	72.23	$	1,000	42.3	$	78.08	$	3,300

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, 2022	$	(359)	$	(1,817)	$	(143)	$	(1,751)	$	359	$	(3,711)
Other comprehensive income (loss) before reclassifications	83		49		—		(145)		176		163
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	113		378		12		—		—		503
Other comprehensive income (loss)	196		427		12		(145)		176		666
Balance as of September 30, 2023	$	(163)	$	(1,390)	$	(131)	$	(1,896)	$	535	$	(3,045)


	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, 2021	$	(2)	$	(50)	$	(130)	$	(1,019)	$	68	$	(1,133)
Other comprehensive income (loss) before reclassifications	(344)		(2,041)		(1)		(1,569)		723		(3,232)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income	(6)		84		19		—		—		97
Other comprehensive income (loss)	(350)		(1,957)		18		(1,569)		723		(3,135)
Balance as of September 30, 2022	$	(352)	$	(2,007)	$	(112)	$	(2,588)	$	791	$	(4,268)

(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($578) million and ($749) million as of September 30, 2023 and December 31, 2022, respectively.

Schedule of Reclassifications Out of AOCI

The following tables present after-tax reclassifications into earnings for the periods indicated:


	Three Months Ended September 30,
	2023		2022
(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 $81, and $0, respectively	$	213	$	—	Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $22 and $22, respectively	59		60		Net interest income


Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $6, respectively	39		16		Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $0 and $1, respectively	—		2		Compensation and employee benefits expenses



Total amounts reclassified from accumulated other comprehensive income	$	311	$	78

	Nine Months Ended September 30,
	2023		2022
(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 $81 and $1, respectively	$	213	$	1	Net gains (losses) from sales of available-for-sale securities
Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $61 and $31, respectively	165		83		Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $42 and $(3), respectively	113		(6)		Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $5 and $8, respectively	12		19		Compensation and employee benefits expenses



Total amounts reclassified from accumulated other comprehensive income	$	503	$	97

- 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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