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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of December 31, 2023 and 2022. 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, 2023 |  | Carrying Value (in millions)
Series |  | Description |  | Issuance Date |  |  |  |  |  |  | December 31, 2023 |  | December 31, 2022
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, 2023, 2022 and 2021. 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, 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) |
Other comprehensive income (loss) before reclassifications |  | 881 |  |  | (268) |  |  | 46 |  |  |  |  | 7 |  |  | 666 |
Amounts reclassified from AOCI into earnings |  | 26 |  |  | 957 |  |  | 0 |  |  |  |  | (1) |  |  | 982 |
Other comprehensive income, net of tax |  | 907 |  |  | 689 |  |  | 46 |  |  |  |  | 6 |  |  | 1,648 |
AOCI as of December 31, 2023 |  | $ | (6,769) |  |  | $ | (1,493) |  |  | $ | 26 |  |  |  |  | $ | (32) |  |  | $ | (8,268) |
__________ (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 losses of $126 million and gains of $305 million and $22 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021. Table 10.3: Reclassifications from AOCI
(Dollars in millions) |  |  |  |  |  | Year Ended December 31,
AOCI Components |  | Affected Income Statement Line Item |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income (loss) |  |  |  |  |  | $ | (34) |  |  | $ | (9) |  |  | $ | 2 |
|  | Income tax provision (benefit) |  |  |  |  |  | (8) |  |  | (2) |  |  | 0 |
|  | Net income (loss) |  |  |  |  |  | (26) |  |  | (7) |  |  | 2 |
Hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  | Interest income (loss) |  |  |  |  |  | (1,205) |  |  | (121) |  |  | 957 |
Foreign exchange contracts: |  | Interest income |  |  |  |  |  | 11 |  |  | 3 |  |  | 1 |
|  | Interest expense |  |  |  |  |  | (3) |  |  | (3) |  |  | (3) |
|  | Non-interest income (loss) |  |  |  |  |  | (66) |  |  | (17) |  |  | 163 |
|  | Income (loss) from continuing operations before income taxes |  |  |  |  |  | (1,263) |  |  | (138) |  |  | 1,118 |
|  | Income tax provision (benefit) |  |  |  |  |  | (306) |  |  | (34) |  |  | 270 |
|  | Net income (loss) |  |  |  |  |  | (957) |  |  | (104) |  |  | 848 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income and non-interest expense |  |  |  |  |  | 1 |  |  | 1 |  |  | 5 |
|  | Income tax provision (benefit) |  |  |  |  |  | 0 |  |  | 0 |  |  | 1 |
|  | Net income |  |  |  |  |  | 1 |  |  | 1 |  |  | 4 |
Total reclassifications |  |  |  |  |  | $ | (982) |  |  | $ | (110) |  |  | $ | 854 |
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, 2023, 2022 and 2021. Table 10.4: Other Comprehensive Income (Loss)
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
(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 |  | $ | 1,183 |  |  | $ | 276 |  |  | $ | 907 |  |  | $ | (10,516) |  |  | $ | (2,543) |  |  | $ | (7,973) |  |  | $ | (2,486) |  |  | $ | (597) |  |  | $ | (1,889) |
Net unrealized gains (losses) on hedging relationships |  | 906 |  |  | 217 |  |  | 689 |  |  | (3,032) |  |  | (732) |  |  | (2,300) |  |  | (1,640) |  |  | (396) |  |  | (1,244) |
Foreign currency translation adjustments(1) |  | 6 |  |  | (40) |  |  | 46 |  |  | 98 |  |  | 97 |  |  | 1 |  |  | 17 |  |  | 7 |  |  | 10 |
Other |  | 8 |  |  | 2 |  |  | 6 |  |  | (24) |  |  | (6) |  |  | (18) |  |  | 4 |  |  | 1 |  |  | 3 |
Other comprehensive income (loss) |  | $ | 2,103 |  |  | $ | 455 |  |  | $ | 1,648 |  |  | $ | (13,474) |  |  | $ | (3,184) |  |  | $ | (10,290) |  |  | $ | (4,105) |  |  | $ | (985) |  |  | $ | (3,120) |
__________ (1)Includes the impact of hedging instruments designated as net investment hedges.

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