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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of September 30, 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 September 30, 2024 |  | Carrying Value (in millions)
Series |  | Description |  | Issuance Date |  |  |  |  |  |  | September 30, 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 and nine months ended September 30, 2024 and 2023. Table 10.2: AOCI
|  | Three Months Ended September 30, 2024
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of June 30, 2024 |  | $ | (7,797) |  |  | $ | (1,885) |  |  | $ | 12 |  |  |  |  | $ | (31) |  |  | $ | (9,701) |
Other comprehensive income before reclassifications |  | 2,274 |  |  | 791 |  |  | 45 |  |  |  |  | 0 |  |  | 3,110 |
Amounts reclassified from AOCI into earnings |  | 26 |  |  | 278 |  |  | 0 |  |  |  |  | 0 |  |  | 304 |
Other comprehensive income, net of tax |  | 2,300 |  |  | 1,069 |  |  | 45 |  |  |  |  | 0 |  |  | 3,414 |
AOCI as of September 30, 2024 |  | $ | (5,497) |  |  | $ | (816) |  |  | $ | 57 |  |  |  |  | $ | (31) |  |  | $ | (6,287) |
|  | Nine Months Ended September 30, 2024
(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 |  | 1,246 |  |  | (21) |  |  | 31 |  |  |  |  | 1 |  |  | 1,257 |
Amounts reclassified from AOCI into earnings |  | 26 |  |  | 698 |  |  | 0 |  |  |  |  | 0 |  |  | 724 |
Other comprehensive income, net of tax |  | 1,272 |  |  | 677 |  |  | 31 |  |  |  |  | 1 |  |  | 1,981 |
AOCI as of September 30, 2024 |  | $ | (5,497) |  |  | $ | (816) |  |  | $ | 57 |  |  |  |  | $ | (31) |  |  | $ | (6,287) |
|  | Three Months Ended September 30, 2023
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of June 30, 2023 |  | $ | (7,602) |  |  | $ | (2,205) |  |  | $ | 27 |  |  |  |  | $ | (38) |  |  | $ | (9,818) |
Other comprehensive income (loss) before reclassifications |  | (2,108) |  |  | (424) |  |  | (39) |  |  |  |  | 0 |  |  | (2,571) |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 165 |  |  | 0 |  |  |  |  | 0 |  |  | 165 |
Other comprehensive income (loss), net of tax |  | (2,108) |  |  | (259) |  |  | (39) |  |  |  |  | 0 |  |  | (2,406) |
AOCI as of September 30, 2023 |  | $ | (9,710) |  |  | $ | (2,464) |  |  | $ | (12) |  |  |  |  | $ | (38) |  |  | $ | (12,224) |
|  | Nine Months Ended September 30, 2023
(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 |  | (2,034) |  |  | (890) |  |  | 8 |  |  |  |  | 0 |  |  | (2,916) |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 608 |  |  | 0 |  |  |  |  | 0 |  |  | 608 |
Other comprehensive income (loss), net of tax |  | (2,034) |  |  | (282) |  |  | 8 |  |  |  |  | 0 |  |  | (2,308) |
AOCI as of September 30, 2023 |  | $ | (9,710) |  |  | $ | (2,464) |  |  | $ | (12) |  |  |  |  | $ | (38) |  |  | $ | (12,224) |
__________ (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 $134 million and $72 million for the three and nine months ended September 30, 2024, respectively, and other comprehensive gains of $115 million and losses of $1 million for the three and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023. Table 10.3: Reclassifications from AOCI
(Dollars in millions) |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
AOCI Components |  | Affected Income Statement Line Item |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income (expense) |  | $ | (34) |  |  | $ | 0 |  |  | $ | (34) |  |  | $ | 0 |  |  |
|  | Income tax provision (benefit) |  | (8) |  |  | 0 |  |  | (8) |  |  | 0 |  |  |
|  | Net income (loss) |  | (26) |  |  | 0 |  |  | (26) |  |  | 0 |  |  |
Hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  | Interest income (expense) |  | (314) |  |  | (320) |  |  | (936) |  |  | (879) |  |  |
Foreign exchange contracts: |  | Interest income |  | 2 |  |  | 3 |  |  | 7 |  |  | 9 |  |  |
|  | Interest income (expense) |  | 0 |  |  | (1) |  |  | 7 |  |  | (2) |  |  |
|  | Non-interest income (expense) |  | (56) |  |  | 100 |  |  | (1) |  |  | 70 |  |  |
|  | Income (loss) from continuing operations before income taxes |  | (368) |  |  | (218) |  |  | (923) |  |  | (802) |  |  |
|  | Income tax provision (benefit) |  | (90) |  |  | (53) |  |  | (225) |  |  | (194) |  |  |
|  | Net income (loss) |  | (278) |  |  | (165) |  |  | (698) |  |  | (608) |  |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income and non-interest expense |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
|  | Income tax provision (benefit) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
|  | Net income (loss) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
Total reclassifications |  | $ | (304) |  |  | $ | (165) |  |  | $ | (724) |  |  | $ | (608) |  |  |
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 and nine months ended September 30, 2024 and 2023. Table 10.4: Other Comprehensive Income (Loss)
|  | Three Months Ended September 30, |  |  |  |  |  |
|  | 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 |  | $ | 3,033 |  |  | $ | 733 |  |  | $ | 2,300 |  |  | $ | (2,780) |  |  | $ | (672) |  |  | $ | (2,108) |  |  |  |  |  |  |
Net unrealized gains (losses) on hedging relationships |  | 1,412 |  |  | 343 |  |  | 1,069 |  |  | (342) |  |  | (83) |  |  | (259) |  |  |  |  |  |  |
Foreign currency translation adjustments(1) |  | 2 |  |  | (43) |  |  | 45 |  |  | (2) |  |  | 37 |  |  | (39) |  |  |  |  |  |  |
Other comprehensive income (loss) |  | $ | 4,447 |  |  | $ | 1,033 |  |  | $ | 3,414 |  |  | $ | (3,124) |  |  | $ | (718) |  |  | $ | (2,406) |  |  |  |  |  |  |
|  | Nine Months Ended September 30,
|  | 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 |  | $ | 1,674 |  |  | $ | 402 |  |  | $ | 1,272 |  |  | $ | (2,684) |  |  | $ | (650) |  |  | $ | (2,034) |  |  |  |  |  |  |
Net unrealized gains (losses) on hedging relationships |  | 894 |  |  | 217 |  |  | 677 |  |  | (372) |  |  | (90) |  |  | (282) |  |  |  |  |  |  |
Foreign currency translation adjustments(1) |  | 8 |  |  | (23) |  |  | 31 |  |  | 8 |  |  | 0 |  |  | 8 |  |  |  |  |  |  |
Other |  | 1 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | $ | 2,577 |  |  | $ | 596 |  |  | $ | 1,981 |  |  | $ | (3,048) |  |  | $ | (740) |  |  | $ | (2,308) |  |  |  |  |  |  |
__________ (1)Includes the impact of hedging instruments designated as net investment hedges.

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