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Total Equity and Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2020
Other Comprehensive Income [Abstract] |
Rollforward of Total Equity | Table 64: Rollforward of Total Equity
|  |  | Shareholders’ Equity |  |  |  |
In millions | Shares Outstanding Common Stock |  |  | Common Stock |  | Capital Surplus - Preferred Stock |  | Capital Surplus - Common Stock and Other |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock |  |  | Non- controlling Interests |  | Total Equity |  |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2019 (a) | 452 |  |  | $ | 2,711 |  | $ | 3,990 |  | $ | 12,183 |  | $ | 39,742 |  | $ | (5 | ) | $ | (10,085 | ) |  | $ | 39 |  | $ | 48,575 |  |
Net income |  |  |  |  |  | 1,362 |  |  |  |  | 12 |  | 1,374 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | 636 |  |  |  |  | 636 |  |
Cash dividends declared - Common |  |  |  |  |  | (432 | ) |  |  |  |  | (432 | ) |
Cash dividends declared - Preferred |  |  |  |  |  | (55 | ) |  |  |  |  | (55 | ) |
Preferred stock discount accretion |  |  |  | 1 |  |  | (1 | ) |  |  |  |  |  |  |
Common stock activity |  |  |  |  | 10 |  |  |  |  |  |  | 10 |  |
Treasury stock activity | (5 | ) |  |  |  | (1 | ) |  |  | (781 | ) |  |  | (782 | ) |
Other |  |  |  |  | 65 |  |  |  |  |  | (10 | ) | 55 |  |
Balance at June 30, 2019 (a) | 447 |  |  | $ | 2,711 |  | $ | 3,991 |  | $ | 12,257 |  | $ | 40,616 |  | $ | 631 |  | $ | (10,866 | ) |  | $ | 41 |  | $ | 49,381 |  |
Balance at March 31, 2020 (a) | 424 |  |  | $ | 2,712 |  | $ | 3,994 |  | $ | 12,294 |  | $ | 41,885 |  | $ | 2,518 |  | $ | (14,140 | ) |  | $ | 27 |  | $ | 49,290 |  |
Net income |  |  |  |  |  | 3,648 |  |  |  |  | 7 |  | 3,655 |  |
Other comprehensive income, net of tax |  |  |  |  |  |  | 551 |  |  |  |  | 551 |  |
Cash dividends declared - Common |  |  |  |  |  | (491 | ) |  |  |  |  | (491 | ) |
Cash dividends declared - Preferred |  |  |  |  |  | (55 | ) |  |  |  |  | (55 | ) |
Preferred stock discount accretion |  |  |  | 1 |  |  | (1 | ) |  |  |  |  |  |
Common stock activity |  |  |  |  | 11 |  |  |  |  |  |  | 11 |  |
Treasury stock activity | 1 |  |  |  |  | 2 |  |  |  | 12 |  |  |  | 14 |  |
Other |  |  |  |  | (18 | ) |  |  |  |  | (9 | ) | (27 | ) |
Balance at June 30, 2020 (a) | 425 |  |  | $ | 2,712 |  | $ | 3,995 |  | $ | 12,289 |  | $ | 44,986 |  | $ | 3,069 |  | $ | (14,128 | ) |  | $ | 25 |  | $ | 52,948 |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018 (a) | 457 |  |  | $ | 2,711 |  | $ | 3,986 |  | $ | 12,291 |  | $ | 38,919 |  | $ | (725 | ) | $ | (9,454 | ) |  | $ | 42 |  | $ | 47,770 |  |
Cumulative effect of ASU 2016-02 adoption (b) |  |  |  |  |  | 62 |  |  |  |  |  | 62 |  |
Balance at January 1, 2019 (a) | 457 |  |  | $ | 2,711 |  | $ | 3,986 |  | $ | 12,291 |  | $ | 38,981 |  | $ | (725 | ) | $ | (9,454 | ) |  | $ | 42 |  | $ | 47,832 |  |
Net income |  |  |  |  |  | 2,623 |  |  |  |  | 22 |  | 2,645 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | 1,356 |  |  |  |  | 1,356 |  |
Cash dividends declared - Common |  |  |  |  |  | (868 | ) |  |  |  |  | (868 | ) |
Cash dividends declared - Preferred |  |  |  |  |  | (118 | ) |  |  |  |  | (118 | ) |
Preferred stock discount accretion |  |  |  | 2 |  |  | (2 | ) |  |  |  |  |  |  |
Common stock activity |  |  |  |  | 10 |  |  |  |  |  |  | 10 |  |
Treasury stock activity | (10 | ) |  |  |  | 9 |  |  |  | (1,412 | ) |  |  | (1,403 | ) |
Other |  |  |  | 3 |  | (53 | ) |  |  |  |  | (23 | ) | (73 | ) |
Balance at June 30, 2019 (a) | 447 |  |  | $ | 2,711 |  | $ | 3,991 |  | $ | 12,257 |  | $ | 40,616 |  | $ | 631 |  | $ | (10,866 | ) |  | $ | 41 |  | $ | 49,381 |  |
Balance at December 31, 2019 (a) | 433 |  |  | $ | 2,712 |  | $ | 3,993 |  | $ | 12,376 |  | $ | 42,215 |  | $ | 799 |  | $ | (12,781 | ) |  | $ | 29 |  | $ | 49,343 |  |
Cumulative effect of ASU 2016-13 adoption (c) |  |  |  |  |  | (671 | ) |  |  |  |  | (671 | ) |
Balance at January 1, 2020 (a) | 433 |  |  | $ | 2,712 |  | $ | 3,993 |  | $ | 12,376 |  | $ | 41,544 |  | $ | 799 |  | $ | (12,781 | ) |  | $ | 29 |  | $ | 48,672 |  |
Net income |  |  |  |  |  | 4,556 |  |  |  |  | 14 |  | 4,570 |  |
Other comprehensive income, net of tax |  |  |  |  |  |  | 2,270 |  |  |  |  | 2,270 |  |
Cash dividends declared - Common |  |  |  |  |  | (994 | ) |  |  |  |  | (994 | ) |
Cash dividends declared - Preferred |  |  |  |  |  | (118 | ) |  |  |  |  | (118 | ) |
Preferred stock discount accretion |  |  |  | 2 |  |  | (2 | ) |  |  |  |  |  |  |
Common stock activity |  |  |  |  | 11 |  |  |  |  |  |  | 11 |  |
Treasury stock activity | (8 | ) |  |  |  | 51 |  |  |  | (1,347 | ) |  |  | (1,296 | ) |
Other |  |  |  |  | (149 | ) |  |  |  |  | (18 | ) | (167 | ) |
Balance at June 30, 2020 (a) | 425 |  |  | $ | 2,712 |  | $ | 3,995 |  | $ | 12,289 |  | $ | 44,986 |  | $ | 3,069 |  | $ | (14,128 | ) |  | $ | 25 |  | $ | 52,948 |  |
(a) | The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation.
(b) | Represents the cumulative effect of adopting ASU 2016-02 - Leases related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2019 Form 10-K for additional detail.
(c) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this report for additional detail on this adoption
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 65: Other Comprehensive Income (Loss)
| Three months ended June 30 |  |  | Six months ended June 30 |
In millions | 2020 |  | 2019 |  |  |  | 2020 |  | 2019 |  |
Net unrealized gains (losses) on securities without an allowance for credit losses |  |  |  |  |  |  |
Increase in net unrealized gains (losses) on securities | $ | 661 |  |  |  |  | $ | 2,330 |  |  |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income | 1 |  |  |  |  | 2 |  |  |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | 40 |  |  |  |  | 221 |  |  |
Net increase (decrease), pre-tax | 620 |  |  |  |  | 2,107 |  |  |
Effect of income taxes | (143 | ) |  |  |  | (484 | ) |  |
Net increase (decrease), after-tax | 477 |  |  |  |  | 1,623 |  |  |
Net unrealized gains (losses) on securities with an allowance for credit losses |  |  |  |  |  |  |
Increase in net unrealized gains (losses) on securities | (82 | ) |  |  |  | (89 | ) |  |
Net increase (decrease), pre-tax | (82 | ) |  |  |  | (89 | ) |  |
Effect of income taxes | 18 |  |  |  |  | 20 |  |  |
Net increase (decrease), after-tax | (64 | ) |  |  |  | (69 | ) |  |
Net unrealized gains (losses) on non-OTTI securities |  |  |  |  |  |  |
Increase in net unrealized gains (losses) on non-OTTI securities |  | $ | 713 |  |  |  |  | $ | 1,353 |  |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income |  | 3 |  |  |  |  | 6 |  |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income |  | 16 |  |  |  |  | 14 |  |
Net increase (decrease), pre-tax |  | 694 |  |  |  |  | 1,333 |  |
Effect of income taxes |  | (159 | ) |  |  |  | (306 | ) |
Net increase (decrease), after-tax |  | 535 |  |  |  |  | 1,027 |  |
Net unrealized gains (losses) on OTTI securities |  |  |  |  |  |  |
Increase in net unrealized gains (losses) on OTTI securities |  |  |  |  |  |  | 9 |  |
Net increase (decrease), pre-tax |  | — |  |  |  |  | 9 |  |
Effect of income taxes |  |  |  |  |  |  | (2 | ) |
Net increase (decrease), after-tax |  |  | — |  |  |  |  | 7 |  |
Net unrealized gains (losses) on cash flow hedge derivatives |  |  |  |  |  |  |
Increase in net unrealized gains (losses) on cash flow hedge derivatives | 115 |  | 246 |  |  |  | 945 |  | 354 |  |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income | 102 |  | (12 | ) |  |  | 144 |  | (20 | ) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income | 1 |  | 1 |  |  |  | 3 |  | 2 |  |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income | — |  | 3 |  |  |  | 1 |  | 18 |  |
Net increase (decrease), pre-tax | 12 |  | 254 |  |  |  | 797 |  | 354 |  |
Effect of income taxes | (3 | ) | (58 | ) |  |  | (183 | ) | (81 | ) |
Net increase (decrease), after-tax | 9 |  | 196 |  |  |  | 614 |  | 273 |  |
Pension and other postretirement benefit plan adjustments |  |  |  |  |  |  |
Net pension and other postretirement benefit activity | (20 | ) | (89 | ) |  |  | (10 | ) | 54 |  |
Amortization of actuarial loss (gain) reclassified to other noninterest expense | 2 |  | 4 |  |  |  | 3 |  | 5 |  |
Amortization of prior service cost (credit) reclassified to other noninterest expense | 1 |  | 1 |  |  |  | 2 |  | 2 |  |
Net increase (decrease), pre-tax | (17 | ) | (84 | ) |  |  | (5 | ) | 61 |  |
Effect of income taxes | 4 |  | 19 |  |  |  | 1 |  | (14 | ) |
Net increase (decrease), after-tax | (13 | ) | (65 | ) |  |  | (4 | ) | 47 |  |
Other |  |  |  |  |  |  |
Net investment hedge derivatives | 5 |  | 32 |  |  |  | 80 |  | 14 |  |
Foreign currency translation adjustments and other | (3 | ) | (27 | ) |  |  | (70 | ) | (4 | ) |
Net increase (decrease), pre-tax | 2 |  | 5 |  |  |  | 10 |  | 10 |  |
Effect of income taxes | (1 | ) | (7 | ) |  |  | (19 | ) | (4 | ) |
Net increase (decrease), after-tax | 1 |  | (2 | ) |  |  | (9 | ) | 6 |  |
Total other comprehensive income (loss) from continuing operations, pre-tax | 535 |  | 869 |  |  |  | 2,820 |  | 1,767 |  |
Total other comprehensive income (loss) from continuing operations, tax effect | (125 | ) | (205 | ) |  |  | (665 | ) | (407 | ) |
Total other comprehensive income (loss) from continuing operations, after-tax | $ | 410 |  | $ | 664 |  |  |  | $ | 2,155 |  | $ | 1,360 |  |
Total other comprehensive income (loss) from discontinued operations, after-tax | 141 |  | (28 | ) |  |  | 115 |  | (4 | ) |
Total other comprehensive income (loss), after-tax | $ | 551 |  | $ | 636 |  |  |  | $ | 2,270 |  | $ | 1,356 |  |
Accumulated Other Comprehensive Income (Loss) Components | Table 66: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax | Net unrealized gains (losses) on non-OTTI securities |  |  | Net unrealized gains (losses) on OTTI securities |  |  | Net unrealized gains (losses) on cash flow hedge derivatives |  |  | Pension and other postretirement benefit plan adjustments |  |  | Other |  |  | Accumulated other Comprehensive Income from Continuing Operations |  |  | Accumulated other Comprehensive Income from Discontinued Operations |  | Total |  |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2019 | $ | 208 |  |  | $ | 211 |  |  | $ | 124 |  |  | $ | (418 | ) |  | $ | (35 | ) |  | $ | 90 |  |  | $ | (95 | ) | $ | (5 | ) |
Net activity | 535 |  |  |  |  |  | 196 |  |  | (65 | ) |  | (2 | ) |  | 664 |  |  | (28 | ) | 636 |  |
Balance at June 30, 2019 | $ | 743 |  |  | $ | 211 |  |  | $ | 320 |  |  | $ | (483 | ) |  | $ | (37 | ) |  | $ | 754 |  |  | $ | (123 | ) | $ | 631 |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018 | $ | (284 | ) |  | $ | 204 |  |  | $ | 47 |  |  | $ | (530 | ) |  | $ | (43 | ) |  | $ | (606 | ) |  | $ | (119 | ) | $ | (725 | ) |
Net activity | 1,027 |  |  | 7 |  |  | 273 |  |  | 47 |  |  | 6 |  |  | 1,360 |  |  | (4 | ) | 1,356 |  |
Balance at June 30, 2019 | $ | 743 |  |  | $ | 211 |  |  | $ | 320 |  |  | $ | (483 | ) |  | $ | (37 | ) |  | $ | 754 |  |  | $ | (123 | ) | $ | 631 |  |
In millions, after-tax | Net unrealized gains (losses) on securities without an Allowance |  |  | Net unrealized gains (losses) on securities with an Allowance |  |  | Net unrealized gains (losses) on cash flow hedge derivatives |  |  | Pension and other postretirement benefit plan adjustments |  |  | Other |  |  | Accumulated other Comprehensive Income from Continuing Operations |  |  | Accumulated other Comprehensive Income from Discontinued Operations |  | Total |  |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2020 | $ | 2,213 |  |  | $ | (5 | ) |  | $ | 881 |  |  | $ | (399 | ) |  | $ | (31 | ) |  | $ | 2,659 |  |  | $ | (141 | ) | $ | 2,518 |  |
Net activity | 477 |  |  | (64 | ) |  | 9 |  |  | (13 | ) |  | 1 |  |  | 410 |  |  | 141 |  | 551 |  |
Balance at June 30, 2020 | $ | 2,690 |  |  | $ | (69 | ) |  | $ | 890 |  |  | $ | (412 | ) |  | $ | (30 | ) |  | $ | 3,069 |  |  |  |  | $ | 3,069 |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 844 |  |  | $ | 223 |  |  | $ | 276 |  |  | $ | (408 | ) |  | $ | (21 | ) |  | $ | 914 |  |  | $ | (115 | ) | $ | 799 |  |
Cumulative effect of ASU 2016-03 adoption (a) | 223 |  |  | (223 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 | $ | 1,067 |  |  |  |  | $ | 276 |  |  | $ | (408 | ) |  | $ | (21 | ) |  | $ | 914 |  |  | $ | (115 | ) | $ | 799 |  |
Net activity | 1,623 |  |  | $ | (69 | ) |  | 614 |  |  | (4 | ) |  | (9 | ) |  | 2,155 |  |  | 115 |  | 2,270 |  |
Balance at June 30, 2020 | $ | 2,690 |  |  | $ | (69 | ) |  | $ | 890 |  |  | $ | (412 | ) |  | $ | (30 | ) |  | $ | 3,069 |  |  |  |  | $ | 3,069 |  |
(a) Represents the cumulative effect of adopting ASU 2016-13 - Credit Losses reflecting the change from OTTI to ACL for debt securities. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this report for additional detail on this adoption.
Dividends Declared | Table 67: Dividends Per Share (a)
| Three months ended June 30 | Six months ended June 30
| 2020 | 2019 | 2020 | 2019
Common Stock | $ | 1.15 |  | $ | .95 |  | $ | 2.30 |  | $ | 1.90 |
Preferred Stock |  |  |  |
Series B | $ | .45 |  | $ | .45 |  | $ | .90 |  | $ | .90 |
Series O |  |  | $ | 3,375 |  | $ | 3,375 |
Series P | $ | 1,532 |  | $ | 1,532 |  | $ | 3,063 |  | $ | 3,063 |
Series Q | $ | 1,344 |  | $ | 1,344 |  | $ | 2,688 |  | $ | 2,688 |
Series R | $ | 2,425 |  | $ | 2,425 |  | $ | 2,425 |  | $ | 2,425 |
Series S | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |
(a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters from the Series R and Series S preferred stock

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