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v3.20.1

Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2020
Equity [Abstract] |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of March 31, 2020 and December 31, 2019. Table 9.1: Preferred Stock Outstanding(1)
|  |  |  |  |  | Redeemable by Issuer Beginning |  | Per Annum Dividend Rate |  | Dividend Frequency |  | Liquidation Preference per Share |  | Total Shares Outstanding as of March 31, 2020 |  | Carrying Value (in millions)
Series |  | Description |  | Issuance Date |  |  |  |  |  |  | March 31, 2020 |  | December 31, 2019
Series B(2) |  | 6.00% Non-Cumulative |  | August 20, 2012 |  | September 1, 2017 |  | 6.00% |  | Quarterly |  | $ | 1,000 |  |  | 0 |  |  | $ | 0 |  |  | $ | 853 |
Series E |  | Fixed-to-Floating Rate Non-Cumulative |  | May 14, 2015 |  | June 1, 2020 |  | 5.55% through 5/31/2020; 3-mo. LIBOR+ 380 bps thereafter |  | Semi-Annually through 5/31/2020; Quarterly thereafter |  | 1,000 |  |  | 1,000,000 |  |  | 988 |  |  | 988 |
Series F |  | 6.20% Non-Cumulative |  | August 24, 2015 |  | December 1, 2020 |  | 6.20 |  | Quarterly |  | 1,000 |  |  | 500,000 |  |  | 484 |  |  | 484 |
Series G |  | 5.20% Non-Cumulative |  | July 29, 2016 |  | December 1, 2021 |  | 5.20 |  | Quarterly |  | 1,000 |  |  | 600,000 |  |  | 583 |  |  | 583 |
Series H |  | 6.00% Non-Cumulative |  | November 29, 2016 |  | December 1, 2021 |  | 6.00 |  | Quarterly |  | 1,000 |  |  | 500,000 |  |  | 483 |  |  | 483 |
Series I |  | 5.00% Non-Cumulative |  | September 11, 2019 |  | December 1, 2024 |  | 5.00 |  | Quarterly |  | 1,000 |  |  | 1,500,000 |  |  | 1,462 |  |  | 1,462 |
Series J |  | 4.80% Non-Cumulative |  | January 31, 2020 |  | June 1, 2025 |  | 4.80 |  | Quarterly |  | 1,000 |  |  | 1,250,000 |  |  | 1,209 |  |  | 0 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,209 |  |  | $ | 4,853 |
__________
(1) | Except for Series E, 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.
(2) On March 2, 2020, we redeemed all outstanding shares of our preferred stock Series B.
Change in AOCI Gain (Loss) by Component (Net of Tax) | The following table includes the AOCI impacts from the adoption of the CECL standard and the changes in AOCI by component for the three months ended March 31, 2020 and 2019. Table 9.2: Accumulated Other Comprehensive Income (Loss)
(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 (loss) before reclassifications |  | 1,224 |  |  | 1,695 |  |  | (67 | ) |  | 0 |  |  | 2,852 |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | (321 | ) |  | 0 |  |  | 0 |  |  | (321 | )
Other comprehensive income (loss), net of tax |  | 1,224 |  |  | 1,374 |  |  | (67 | ) |  | 0 |  |  | 2,531 |
AOCI as of March 31, 2020 |  | $ | 2,151 |  |  | $ | 1,728 |  |  | $ | (174 | ) |  | $ | (26 | ) |  | $ | 3,679 |
(Dollars in millions) |  | Securities Available for Sale |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustments(2) |  | Securities Held to Maturity |  | Other |  | Total
AOCI as of December 31, 2018 |  | $ | (439 | ) |  | $ | (418 | ) |  | $ | (177 | ) |  | $ | (190 | ) |  | $ | (39 | ) |  | $ | (1,263 | )
Other comprehensive income (loss) before reclassifications |  | 310 |  |  | 111 |  |  | 30 |  |  | 0 |  |  | (1 | ) |  | 450 |
Amounts reclassified from AOCI into earnings |  | (18 | ) |  | 166 |  |  | 0 |  |  | 6 |  |  | (1 | ) |  | 153 |
Other comprehensive income (loss), net of tax |  | 292 |  |  | 277 |  |  | 30 |  |  | 6 |  |  | (2 | ) |  | 603 |
AOCI as of March 31, 2019 |  | $ | (147 | ) |  | $ | (141 | ) |  | $ | (147 | ) |  | $ | (184 | ) |  | $ | (41 | ) |  | $ | (660 | )
_________
(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 gain of $142 million and loss of $34 million for the three months ended March 31, 2020 and 2019, 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 three months ended March 31, 2020 and 2019. Table 9.3: Reclassifications from AOCI
(Dollars in millions) |  |  |  | Three Months Ended March 31,
AOCI Components |  | Affected Income Statement Line Item |  | 2020 |  | 2019
Securities available for sale: |  |  |  |  |  |
|  | Non-interest income |  | $ | 0 |  |  | $ | 24 |
|  | Income tax provision (benefit) |  | 0 |  |  | 6 |
|  | Net income (loss) |  | 0 |  |  | 18 |
Hedging relationships: |  |  |  |  |  |
Interest rate contracts: |  | Interest income |  | 26 |  |  | (60 | )
Foreign exchange contracts: |  | Interest income |  | 7 |  |  | 12 |
|  | Interest expense |  | (1 | ) |  | 0 |
|  | Non-interest income |  | 392 |  |  | (172 | )
|  | Income (loss) from continuing operations before income taxes |  | 424 |  |  | (220 | )
|  | Income tax provision (benefit) |  | 103 |  |  | (54 | )
|  | Net income (loss) |  | 321 |  |  | (166 | )
Securities held to maturity:(1) |  |  |  |  |  |
|  | Interest income |  | 0 |  |  | (8 | )
|  | Income tax provision (benefit) |  | 0 |  |  | (2 | )
|  | Net income (loss) |  | 0 |  |  | (6 | )
Other: |  |  |  |  |  |
|  | Non-interest income and non-interest expense |  | 0 |  |  | 1 |
|  | Income tax provision (benefit) |  | 0 |  |  | 0 |
|  | Net income (loss) |  | 0 |  |  | 1 |
Total reclassifications |  | $ | 321 |  |  | $ | (153 | )
__________ (1) On December 31, 2019, we transferred our entire portfolio of held to maturity securities to available for sale.
Components of Other Comprehensive Income (Loss) and Related Tax Impact | The table below summarizes other comprehensive income activity and the related tax impact for the three months ended March 31, 2020 and 2019. Table 9.4: Other Comprehensive Income
|  | Three Months Ended March 31,
|  | 2020 |  | 2019
(Dollars in millions) |  | Before Tax |  | Provision (Benefit) |  | After Tax |  | Before Tax |  | Provision (Benefit) |  | After Tax
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities available for sale |  | $ | 1,610 |  |  | $ | 386 |  |  | $ | 1,224 |  |  | $ | 384 |  |  | $ | 92 |  |  | $ | 292 |
Net unrealized gains on hedging relationships |  | 1,808 |  |  | 434 |  |  | 1,374 |  |  | 365 |  |  | 88 |  |  | 277 |
Foreign currency translation adjustments(1) |  | (21 | ) |  | 46 |  |  | (67 | ) |  | 19 |  |  | (11 | ) |  | 30 |
Net changes in securities held to maturity |  | 0 |  |  | 0 |  |  | 0 |  |  | 7 |  |  | 1 |  |  | 6 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  | (2 | ) |  | 0 |  |  | (2 | )
Other comprehensive income |  | $ | 3,397 |  |  | $ | 866 |  |  | $ | 2,531 |  |  | $ | 773 |  |  | $ | 170 |  |  | $ | 603 |
__________ (1) Includes the impact of hedging instruments designated as net investment hedges.

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