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Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity
NOTE 10—STOCKHOLDERS’ EQUITY
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 BeginningPer Annum Dividend RateDividend FrequencyLiquidation Preference per ShareTotal Shares Outstanding
as of September 30, 2024		Carrying Value
(in millions)
SeriesDescriptionIssuance DateSeptember 30, 2024December 31, 2023
Series I5.000%
Non-Cumulative		September 11,
2019		December 1, 20245.000%Quarterly$1,000 1,500,000 $1,462 $1,462 
Series J4.800%
Non-Cumulative		January 31,
 2020		June 1, 20254.800Quarterly1,000 1,250,000 1,209 1,209 
Series K4.625%
Non-Cumulative		September 17,
2020		December 1, 20254.625Quarterly1,000 125,000 122 122 
Series L4.375%
Non-Cumulative		May 4,
2021		September 1, 20264.375Quarterly1,000 675,000 652 652 
Series M3.950% 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%
Quarterly1,000 1,000,000 988 988 
Series N4.250%
Non-Cumulative		July 29,
2021		September 1, 20264.250%Quarterly1,000 425,000 412 412 
Total$4,845 $4,845 
__________
(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.
Accumulated Other Comprehensive Income
AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.
The following table presents the changes in AOCI by component for the three and nine months ended September 30, 2024 and 2023.
Table 10.2: AOCI
Three Months Ended September 30, 2024
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of June 30, 2024$(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 earnings26 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)
OtherTotal
AOCI as of December 31, 2023$(6,769)$(1,493)$26 $(32)$(8,268)
Other comprehensive income (loss) before reclassifications1,246 (21)31 1 1,257 
Amounts reclassified from AOCI into earnings26 698 0 0 724 
Other comprehensive income, net of tax1,272 677 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)
OtherTotal
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 earnings0 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)$(12,224)
Nine Months Ended September 30, 2023
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2022$(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 earnings0 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.
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 ComponentsAffected Income Statement Line Item2024202320242023
Securities available for sale:
Non-interest income (expense)
$(34)$0 $(34)$0 
Income tax provision (benefit)(8)0 (8)0 
Net income (loss)(26)0 (26)0 
Hedging relationships:
Interest rate contracts:
Interest income (expense)
(314)(320)(936)(879)
Foreign exchange contracts:
Interest income
2 3 7 9 
Interest income (expense)0 (1)7 (2)
Non-interest income (expense)
(56)100 (1)70 
Income (loss) from continuing operations before income taxes(368)(218)(923)(802)
Income tax provision (benefit)
(90)(53)(225)(194)
Net income (loss)
(278)(165)(698)(608)
Other:
Non-interest income and non-interest expense0 0 0 0 
Income tax provision (benefit)0 0 0 0 
Net income (loss)
0 0 0 0 
Total reclassifications$(304)$(165)$(724)$(608)
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,
 20242023
(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 relationships1,412 343 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,
 20242023
(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 relationships894 217 677 (372)(90)(282)
Foreign currency translation adjustments(1)
8 (23)31 8 0 8 
Other1 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.