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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022     4,975,000 690,334,422          
Beginning balance at Dec. 31, 2022 $ 52,582 $ 48 [1] $ 0 $ 7 $ 34,725 $ 57,184 $ 48 [1] $ (9,916) $ (29,418)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 2,336         960   1,376  
Dividends—common stock (in shares) [2]       26,635          
Dividends—common stock [2] (234)     $ 0 3 (237)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (246)               (246)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       2,972,149          
Issuances of common stock and restricted stock, net of forfeitures 76     $ 0 76        
Compensation expense for restricted stock units 148       148        
Ending balance (in shares) at Mar. 31, 2023     4,975,000 693,333,206          
Ending balance at Mar. 31, 2023 54,653 (11) [3] $ 0 $ 7 34,952 57,898 (11) [3] (8,540) (29,664)
Beginning balance (in shares) at Dec. 31, 2022     4,975,000 690,334,422          
Beginning balance at Dec. 31, 2022 52,582 48 [1] $ 0 $ 7 34,725 57,184 48 [1] (9,916) (29,418)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 1,873                
Ending balance (in shares) at Sep. 30, 2023     4,975,000 695,336,698          
Ending balance at Sep. 30, 2023 53,668   $ 0 $ 7 35,334 60,529   (12,224) (29,978)
Beginning balance (in shares) at Mar. 31, 2023     4,975,000 693,333,206          
Beginning balance at Mar. 31, 2023 54,653 (11) [3] $ 0 $ 7 34,952 57,898 (11) [3] (8,540) (29,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 153         1,431   (1,278)  
Dividends—common stock (in shares) [2]       4,745          
Dividends—common stock [2] (232)     $ 0 1 (233)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (157)               (157)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       989,004          
Issuances of common stock and restricted stock, net of forfeitures 88     $ 0 88        
Compensation expense for restricted stock units 122       122        
Ending balance (in shares) at Jun. 30, 2023     4,975,000 694,326,955          
Ending balance at Jun. 30, 2023 54,559   $ 0 $ 7 35,163 59,028   (9,818) (29,821)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) (616)         1,790   (2,406)  
Dividends—common stock (in shares) [2]       4,078          
Dividends—common stock [2] (232)     $ 0 0 (232)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (157)               (157)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       943,409          
Issuances of common stock and restricted stock, net of forfeitures 71     $ 0 71        
Exercises of stock options (in shares)       62,256          
Exercises of stock options 4     $ 0 4        
Compensation expense for restricted stock units 96       96        
Ending balance (in shares) at Sep. 30, 2023     4,975,000 695,336,698          
Ending balance at Sep. 30, 2023 53,668   $ 0 $ 7 35,334 60,529   (12,224) (29,978)
Beginning balance (in shares) at Dec. 31, 2023     4,975,000 696,242,668          
Beginning balance at Dec. 31, 2023 58,089 (25) [4] $ 0 $ 7 35,541 60,945 (25) [4] (8,268) (30,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 14         1,280   (1,266)  
Dividends—common stock (in shares) [2]       24,969          
Dividends—common stock [2] (235)     $ 0 3 (238)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (249)               (249)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       3,470,983          
Issuances of common stock and restricted stock, net of forfeitures 80     $ 0 80        
Exercises of stock options (in shares)       15,000          
Exercises of stock options 1     $ 0 1        
Compensation expense for restricted stock units 183       183        
Ending balance (in shares) at Mar. 31, 2024     4,975,000 699,753,620          
Ending balance at Mar. 31, 2024 57,801   $ 0 $ 7 35,808 61,905   (9,534) (30,385)
Beginning balance (in shares) at Dec. 31, 2023     4,975,000 696,242,668          
Beginning balance at Dec. 31, 2023 58,089 $ (25) [4] $ 0 $ 7 35,541 60,945 $ (25) [4] (8,268) (30,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 5,635                
Ending balance (in shares) at Sep. 30, 2024     4,975,000 701,557,753          
Ending balance at Sep. 30, 2024 62,925   $ 0 $ 7 36,216 63,698   (6,287) (30,709)
Beginning balance (in shares) at Mar. 31, 2024     4,975,000 699,753,620          
Beginning balance at Mar. 31, 2024 57,801   $ 0 $ 7 35,808 61,905   (9,534) (30,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 430         597   (167)  
Dividends—common stock (in shares) [2]       8,354          
Dividends—common stock [2] (232)     $ 0 2 (234)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (163)               (163)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       941,120          
Issuances of common stock and restricted stock, net of forfeitures 95     $ 0 95        
Compensation expense for restricted stock units 107       107        
Ending balance (in shares) at Jun. 30, 2024     4,975,000 700,703,094          
Ending balance at Jun. 30, 2024 57,981   $ 0 $ 7 36,012 62,211   (9,701) (30,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 5,191         1,777   3,414  
Dividends—common stock (in shares) [2]       2,846          
Dividends—common stock [2] (233)     $ 0 0 (233)      
Dividends—preferred stock (57)         (57)      
Purchases of treasury stock (161)               (161)
Issuances of common stock and restricted stock, net of forfeitures (in shares)       691,072          
Issuances of common stock and restricted stock, net of forfeitures 76     $ 0 76        
Exercises of stock options (in shares)       160,741          
Exercises of stock options 3     $ 0 3        
Compensation expense for restricted stock units 125       125        
Ending balance (in shares) at Sep. 30, 2024     4,975,000 701,557,753          
Ending balance at Sep. 30, 2024 $ 62,925   $ 0 $ 7 $ 36,216 $ 63,698   $ (6,287) $ (30,709)
[1] Impact from the adoption of ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures as of January 1, 2023.
[2] We declared dividends per share on our common stock of $0.60 in the third quarter of 2024 and 2023, and $1.80 in the first nine months of 2024 and 2023.
[3] We have equity method investments in certain non-public entities which adopted ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) as of January 1, 2023. The impact to retained earnings was recorded in the second quarter of 2023, on a one quarter lag consistent with our standard operating procedures for equity method investments.
[4] Impact from the adoption of Accounting Standards Update (“ASU”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method as of January 1, 2024.