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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of March 31, 2024 and December 31, 2023. 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 March 31, 2024 |  | Carrying Value (in millions)
Series |  | Description |  | Issuance Date |  |  |  |  |  |  | March 31, 2024 |  | December 31, 2023
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 three months ended March 31, 2024 and 2023. 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, 2023 |  | $ | (6,769) |  |  | $ | (1,493) |  |  | $ | 26 |  |  |  |  | $ | (32) |  |  | $ | (8,268) |
Other comprehensive income (loss) before reclassifications |  | (844) |  |  | (587) |  |  | (13) |  |  |  |  | 1 |  |  | (1,443) |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 177 |  |  | 0 |  |  |  |  | 0 |  |  | 177 |
Other comprehensive income (loss), net of tax |  | (844) |  |  | (410) |  |  | (13) |  |  |  |  | 1 |  |  | (1,266) |
AOCI as of March 31, 2024 |  | $ | (7,613) |  |  | $ | (1,903) |  |  | $ | 13 |  |  |  |  | $ | (31) |  |  | $ | (9,534) |
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of December 31, 2022 |  | $ | (7,676) |  |  | $ | (2,182) |  |  | $ | (20) |  |  |  |  | $ | (38) |  |  | $ | (9,916) |
Other comprehensive income (loss) before reclassifications |  | 962 |  |  | 198 |  |  | 13 |  |  |  |  | 0 |  |  | 1,173 |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 203 |  |  | 0 |  |  |  |  | 0 |  |  | 203 |
Other comprehensive income (loss), net of tax |  | 962 |  |  | 401 |  |  | 13 |  |  |  |  | 0 |  |  | 1,376 |
AOCI as of March 31, 2023 |  | $ | (6,714) |  |  | $ | (1,781) |  |  | $ | (7) |  |  |  |  | $ | (38) |  |  | $ | (8,540) |
__________ (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 gains of $49 million and losses of $38 million for the three months ended March 31, 2024 and 2023, 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, 2024 and 2023. Table 10.3: Reclassifications from AOCI
(Dollars in millions) |  |  |  |  |  | Three Months Ended March 31,
AOCI Components |  | Affected Income Statement Line Item |  |  |  |  |  | 2024 |  | 2023 |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income (loss) |  |  |  |  |  | $ | 0 |  |  | $ | 0 |  |  |
|  | Income tax provision (benefit) |  |  |  |  |  | 0 |  |  | 0 |  |  |
|  | Net income (loss) |  |  |  |  |  | 0 |  |  | 0 |  |  |
Hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  | Interest income (loss) |  |  |  |  |  | (309) |  |  | (262) |  |  |
Foreign exchange contracts: |  | Interest income |  |  |  |  |  | 2 |  |  | 3 |  |  |
|  | Interest expense |  |  |  |  |  | (1) |  |  | (1) |  |  |
|  | Non-interest income (loss) |  |  |  |  |  | 74 |  |  | (8) |  |  |
|  | Income (loss) from continuing operations before income taxes |  |  |  |  |  | (234) |  |  | (268) |  |  |
|  | Income tax provision (benefit) |  |  |  |  |  | (57) |  |  | (65) |  |  |
|  | Net income (loss) |  |  |  |  |  | (177) |  |  | (203) |  |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income and non-interest expense |  |  |  |  |  | 0 |  |  | 0 |  |  |
|  | Income tax provision (benefit) |  |  |  |  |  | 0 |  |  | 0 |  |  |
|  | Net income |  |  |  |  |  | 0 |  |  | 0 |  |  |
Total reclassifications |  |  |  |  |  | $ | (177) |  |  | $ | (203) |  |  |
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 three months ended March 31, 2024 and 2023. Table 10.4: Other Comprehensive Income (Loss)
|  | Three Months Ended March 31,
|  | 2024 |  | 2023 |  |
(Dollars in millions) |  | 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 |  | $ | (1,115) |  |  | $ | (271) |  |  | $ | (844) |  |  | $ | 1,267 |  |  | $ | 305 |  |  | $ | 962 |  |  |  |  |  |  |
Net unrealized gains (losses) on hedging relationships |  | (542) |  |  | (132) |  |  | (410) |  |  | 528 |  |  | 127 |  |  | 401 |  |  |  |  |  |  |
Foreign currency translation adjustments(1) |  | 3 |  |  | 16 |  |  | (13) |  |  | 1 |  |  | (12) |  |  | 13 |  |  |  |  |  |  |
Other |  | 1 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | $ | (1,653) |  |  | $ | (387) |  |  | $ | (1,266) |  |  | $ | 1,796 |  |  | $ | 420 |  |  | $ | 1,376 |  |  |  |  |  |  |
__________ (1)Includes the impact of hedging instruments designated as net investment hedges.

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