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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Equity [Abstract] |  |  |  |
Summary of the non-cumulative perpetual preferred stock |  |  | The following table presents a summary of the non-cumulative perpetual preferred stock:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | June 30, 2021 |  | December 31, 2020
| Issuance Date |  | Earliest Redemption Date |  | Dividend Rate (1) |  | Liquidation Amount |  | Liquidation Preference per Share |  | Liquidation preference per Depositary Share |  | Ownership Interest per Depositary Share |  | Carrying Amount |  | Carrying Amount
| (Dollars in millions, except per share data)
Series A (2) | 11/1/2012 |  | 12/15/2017 |  | 6.375 | % |  |  | $ | — |  |  | $ | 1,000 |  |  | $ | 25 |  |  | 1/40th |  | $ | — |  |  | $ | 387 |
Series B | 4/29/2014 |  | 9/15/2024 |  | 6.375 | % | (3) |  | 500 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 433 |  |  | 433 |
Series C | 4/30/2019 |  | 5/15/2029 |  | 5.700 | % | (4) |  | 500 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 490 |  |  | 490 |
Series D | 6/5/2020 |  | 9/15/2025 |  | 5.750 | % | (5) |  | 350 |  |  | 100,000 |  |  | 1,000 |  |  | 1/100th |  | 346 |  |  | 346 |
Series E | 5/4/2021 |  | 6/15/2026 |  | 4.450 | % |  |  | 400 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 390 |  |  | — |
|  |  |  |  |  |  |  | $ | 1,750 |  |  |  |  |  |  |  |  | $ | 1,659 |  |  | $ | 1,656 |
_________ (1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears. (2)The shares were fully redeemed on June 15, 2021. (3)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%. (4)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%. (5)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year treasury rate as of the most recent reset dividend determination date plus 5.426%. |
Schedule of Accumulated Other Comprehensive Income (Loss) |  |  | The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the three and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, 2021
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income, beginning of period | $ | 793 |  |  | $ | (201) |  |  | $ | 592 |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (18) |  |  | $ | 4 |  |  | $ | (14) |
Reclassification adjustments for amortization of unrealized losses (2) | 1 |  |  | — |  |  | 1 |
Ending balance | $ | (17) |  |  | $ | 4 |  |  | $ | (13) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | 513 |  |  | $ | (130) |  |  | $ | 383 |
Unrealized gains (losses) arising during the period | 94 |  |  | (23) |  |  | 71 |
Reclassification adjustments for securities (gains) losses realized in net income (loss) (3) | (1) |  |  | — |  |  | (1) |
Change in AOCI from securities available for sale activity in the period | 93 |  |  | (23) |  |  | 70 |
Ending balance | $ | 606 |  |  | $ | (153) |  |  | $ | 453 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | 1,177 |  |  | $ | (297) |  |  | $ | 880 |
Unrealized holding gains (losses) on derivatives arising during the period | 74 |  |  | (18) |  |  | 56 |
Reclassification adjustments for (gains) losses realized in net income (2) | (104) |  |  | 26 |  |  | (78) |
Change in AOCI from derivative activity in the period | (30) |  |  | 8 |  |  | (22) |
Ending balance | $ | 1,147 |  |  | $ | (289) |  |  | $ | 858 |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (879) |  |  | $ | 222 |  |  | $ | (657) |
Reclassification adjustments for amortization of actuarial gains (losses) and settlements realized in net income (4) | 14 |  |  | (4) |  |  | 10 |
Ending balance | $ | (865) |  |  | $ | 218 |  |  | $ | (647) |
Total other comprehensive income | 78 |  |  | (19) |  |  | 59 |
Total accumulated other comprehensive income, end of period | $ | 871 |  |  | $ | (220) |  |  | $ | 651 |
| Three Months Ended June 30, 2020
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | 1,771 |  |  | $ | (447) |  |  | $ | 1,324 |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (28) |  |  | $ | 7 |  |  | $ | (21) |
Reclassification adjustments for amortization of unrealized losses (2) | 1 |  |  | — |  |  | 1 |
Ending balance | $ | (27) |  |  | $ | 7 |  |  | $ | (20) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | 871 |  |  | $ | (220) |  |  | $ | 651 |
Unrealized gains (losses) arising during the period | 246 |  |  | (61) |  |  | 185 |
Reclassification adjustments for securities (gains) losses realized in net income (loss) (3) | (1) |  |  | — |  |  | (1) |
Change in AOCI from securities available for sale activity in the period | 245 |  |  | (61) |  |  | 184 |
Ending balance | $ | 1,116 |  |  | $ | (281) |  |  | $ | 835 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | 1,712 |  |  | $ | (431) |  |  | $ | 1,281 |
Unrealized holding gains (losses) on derivatives arising during the period | 205 |  |  | (52) |  |  | 153 |
Reclassification adjustments for (gains) losses realized in income (2) | (60) |  |  | 15 |  |  | (45) |
Change in AOCI from derivative activity in the period | 145 |  |  | (37) |  |  | 108 |
Ending balance | $ | 1,857 |  |  | $ | (468) |  |  | $ | 1,389 |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (784) |  |  | $ | 197 |  |  | $ | (587) |
Reclassification adjustments for amortization of actuarial gains (losses) and settlements realized in net income (4) | 12 |  |  | (3) |  |  | 9 |
Ending balance | $ | (772) |  |  | $ | 194 |  |  | $ | (578) |
Total other comprehensive income | 403 |  |  | (101) |  |  | 302 |
Total accumulated other comprehensive income, end of period | $ | 2,174 |  |  | $ | (548) |  |  | $ | 1,626 |
| Six Months Ended June 30, 2021
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | 1,759 |  |  | $ | (444) |  |  | $ | 1,315 |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (21) |  |  | $ | 5 |  |  | $ | (16) |
Reclassification adjustments for amortization of unrealized losses (2) | 4 |  |  | (1) |  |  | 3 |
Ending Balance | $ | (17) |  |  | $ | 4 |  |  | $ | (13) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | 1,062 |  |  | $ | (268) |  |  | $ | 794 |
Unrealized gains (losses) arising during the period | (454) |  |  | 115 |  |  | (339) |
Reclassification adjustments for securities (gains) losses realized in net income (loss) (3) | (2) |  |  | — |  |  | (2) |
Change in AOCI from securities available for sale activity in the period | (456) |  |  | 115 |  |  | (341) |
Ending Balance | $ | 606 |  |  | $ | (153) |  |  | $ | 453 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | 1,610 |  |  | $ | (406) |  |  | $ | 1,204 |
Unrealized holding gains (losses) on active hedges arising during the period | (257) |  |  | 65 |  |  | (192) |
Reclassification adjustments for (gains) losses realized in net income (2) | (206) |  |  | 52 |  |  | (154) |
Change in AOCI from derivative activity in the period | (463) |  |  | 117 |  |  | (346) |
Ending balance | $ | 1,147 |  |  | $ | (289) |  |  | $ | 858 |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (892) |  |  | $ | 225 |  |  | $ | (667) |
Reclassification adjustments for amortization of actuarial gains (losses) and settlements realized in net income (4) | 27 |  |  | (7) |  |  | 20 |
Ending Balance | $ | (865) |  |  | $ | 218 |  |  | $ | (647) |
Total other comprehensive income | (888) |  |  | 224 |  |  | (664) |
Total accumulated other comprehensive income (loss), end of period | $ | 871 |  |  | $ | (220) |  |  | $ | 651 |
| Six Months Ended June 30, 2020
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (120) |  |  | $ | 30 |  |  | $ | (90) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (29) |  |  | $ | 7 |  |  | $ | (22) |
Reclassification adjustments for amortization of unrealized losses (2) | 2 |  |  | — |  |  | 2 |
Ending Balance | $ | (27) |  |  | $ | 7 |  |  | $ | (20) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | 274 |  |  | $ | (69) |  |  | $ | 205 |
Unrealized gains (losses) arising during the period | 843 |  |  | (212) |  |  | 631 |
Reclassification adjustments for securities (gains) losses realized in net income (loss) (3) | (1) |  |  | — |  |  | (1) |
Change in AOCI from securities available for sale activity in the period | 842 |  |  | (212) |  |  | 630 |
Ending Balance | $ | 1,116 |  |  | $ | (281) |  |  | $ | 835 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | 430 |  |  | $ | (108) |  |  | $ | 322 |
Unrealized holding gains (losses) on derivatives arising during the period | 1,496 |  |  | (377) |  |  | 1,119 |
Reclassification adjustments for (gains) losses realized in net income (2) | (69) |  |  | 17 |  |  | (52) |
Change in AOCI from derivative activity in the period | 1,427 |  |  | (360) |  |  | 1,067 |
Ending balance | $ | 1,857 |  |  | $ | (468) |  |  | $ | 1,389 |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (795) |  |  | $ | 200 |  |  | $ | (595) |
Amounts reclassified for amortization of actuarial gains (losses) and settlements realized in net income (4) | 23 |  |  | (6) |  |  | 17 |
Ending Balance | $ | (772) |  |  | $ | 194 |  |  | $ | (578) |
Total other comprehensive income | 2,294 |  |  | (578) |  |  | 1,716 |
Total accumulated other comprehensive income, end of period | $ | 2,174 |  |  | $ | (548) |  |  | $ | 1,626 |
_________ (1)The impact of all AOCI activity is shown net of the related tax impact, calculated using an effective tax rate of approximately 25%. (2)Reclassification amount is recognized in net interest income in the consolidated statements of income. (3)Reclassification amount is recognized in securities gains (losses), net in the consolidated statements of income. (4)Reclassification amount is recognized in other non-interest expense in the consolidated statements of income. Additionally, these accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 7 for additional details). |
Unrealized holding gains (losses) arising during the period on securities available for sale (net of tax) | $ 71 | $ 185 | $ (339) | $ 631
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 56 | 153 | (192) | 1,119
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ (22) | $ 108 | $ (346) | $ 1,067

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