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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity |
NOTE 10—STOCKHOLDERS’ EQUITY
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. Accumulated Other Comprehensive Income AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments. 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. 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 |
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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