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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Summary of the non-cumulative perpetual preferred stock | The following table presents a summary of the non-cumulative perpetual preferred stock:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
| Issuance Date |  | Earliest Redemption Date |  | Dividend Rate (1) |  | Liquidation Amount |  | Liquidation preference per Share |  | Liquidation preference per Depositary Share |  | Ownership Interest per Depositary Share |  | Shares Issued and Outstanding |  | Carrying Amount |  | Carrying Amount
| (Dollars in millions, except for share and per share amounts)
Series B(2) | 4/29/2014 |  | 9/15/2024 |  | 6.375 | % |  |  | $ | — |  |  | $ | 1,000 |  |  | $ | 25 |  |  | 1/40th |  | — |  |  | $ | — |  |  | $ | 433 |
Series C | 4/30/2019 |  | 5/15/2029 |  | 5.700 | % | (3) |  | 500 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 500,000 |  | 490 |  |  | 490 |
Series D | 6/5/2020 |  | 9/15/2025 |  | 5.750 | % | (4) |  | 350 |  |  | 100,000 |  |  | 1,000 |  |  | 1/100th |  | 3,500 |  | 346 |  |  | 346 |
Series E | 5/4/2021 |  | 6/15/2026 |  | 4.450 | % |  |  | 400 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 400,000 |  | 390 |  |  | 390 |
Series F | 7/29/2024 |  | 9/15/2029 |  | 6.950 | % | (5) |  | 500 |  |  | 1,000 |  |  | 25 |  |  | 1/40th |  | 500,000 |  |  | 489 |  |  | — |
|  |  |  |  |  |  |  | $ | 1,750 |  |  |  |  |  |  |  |  | 1,403,500 |  |  | $ | 1,715 |  |  | $ | 1,659 |
_________ (1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears. (2)The shares were fully redeemed on September 16, 2024. (3)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 CME Term SOFR plus 3.410% which includes a 0.262% spread adjustment for the transition to SOFR in accordance with ISDA protocols. (4)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%. (5)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.950% and (ii) for each period beginning on or after September 15, 2029, the five-year Treasury rate as of the most recent reset dividend determination date plus 2.771%
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 nine months ended September 30, 2024 and 2023 :
| Three Months Ended September 30, 2024
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (4,379) |  |  | $ | 1,114 |  |  | $ | (3,265) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (8) |  |  | $ | 1 |  |  | $ | (7) |
Unrealized gains (losses) on securities transferred from available for sale during the period | (436) |  |  | 111 |  |  | (325) |
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2) | 1 |  |  | — |  |  | 1 |
Change in AOCI from securities held to maturity activity in the period | (435) |  |  | 111 |  |  | (324) |
Ending balance | $ | (443) |  |  | $ | 112 |  |  | $ | (331) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,074) |  |  | $ | 783 |  |  | $ | (2,291) |
Unrealized (gains) losses on securities transferred to held to maturity during the period | 436 |  |  | (111) |  |  | 325 |
Unrealized gains (losses) arising during the period | 1,168 |  |  | (298) |  |  | 870 |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 78 |  |  | (20) |  |  | 58 |
Change in AOCI from securities available for sale activity in the period | 1,682 |  |  | (429) |  |  | 1,253 |
Ending balance | $ | (1,392) |  |  | $ | 354 |  |  | $ | (1,038) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | (703) |  |  | $ | 179 |  |  | $ | (524) |
Unrealized gains (losses) on derivatives arising during the period | 475 |  |  | (121) |  |  | 354 |
Reclassification adjustments for (gains) losses realized in net income (2) | 110 |  |  | (28) |  |  | 82 |
Change in AOCI from derivative activity in the period | 585 |  |  | (149) |  |  | 436 |
Ending balance | $ | (118) |  |  | $ | 30 |  |  | $ | (88) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (594) |  |  | $ | 151 |  |  | $ | (443) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 7 |  |  | (1) |  |  | 6 |
Ending balance | $ | (587) |  |  | $ | 150 |  |  | $ | (437) |
Total other comprehensive income (loss) | 1,839 |  |  | (468) |  |  | 1,371 |
Total accumulated other comprehensive income (loss), end of period | $ | (2,540) |  |  | $ | 646 |  |  | $ | (1,894) |
| Three Months Ended September 30, 2023
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (4,613) |  |  | $ | 1,173 |  |  | $ | (3,440) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |
Reclassification adjustments for amortization on unrealized losses (2) | — |  |  | — |  |  | — |
Ending balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (3,328) |  |  | $ | 846 |  |  | $ | (2,482) |
Unrealized gains (losses) arising during the period | (798) |  |  | 203 |  |  | (595) |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 1 |  |  | — |  |  | 1 |
Change in AOCI from securities available for sale activity in the period | (797) |  |  | 203 |  |  | (594) |
Ending balance | $ | (4,125) |  |  | $ | 1,049 |  |  | $ | (3,076) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | (719) |  |  | $ | 183 |  |  | $ | (536) |
Unrealized gains (losses) on derivatives arising during the period | (367) |  |  | 93 |  |  | (274) |
Reclassification adjustments for (gains) losses realized in net income (2) | 82 |  |  | (21) |  |  | 61 |
Change in AOCI from derivative activity in the period | (285) |  |  | 72 |  |  | (213) |
Ending balance | $ | (1,004) |  |  | $ | 255 |  |  | $ | (749) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (556) |  |  | $ | 142 |  |  | $ | (414) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 14 |  |  | (3) |  |  | 11 |
Ending balance | $ | (542) |  |  | $ | 139 |  |  | $ | (403) |
Total other comprehensive income (loss) | (1,068) |  |  | 272 |  |  | (796) |
Total accumulated other comprehensive income (loss), end of period | $ | (5,681) |  |  | $ | 1,445 |  |  | $ | (4,236) |
| Nine Months Ended September 30, 2024
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity
| (In millions)
Total accumulated other comprehensive income (loss), beginning of period | $ | (3,773) |  |  | $ | 961 |  |  | $ | (2,812) |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |
Beginning balance | $ | (9) |  |  | $ | 1 |  |  | $ | (8) |
Unrealized gains (losses) on securities transferred from available for sale during the period | (436) |  |  | 111 |  |  | (325) |
Reclassification adjustments for amortization on unrealized losses on securities transferred to held for maturity (2) | 2 |  |  | — |  |  | 2 |
Change in AOCI from securities held to maturity activity in the period | (434) |  |  | 111 |  |  | (323) |
Ending balance | $ | (443) |  |  | $ | 112 |  |  | $ | (331) |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |
Beginning balance | $ | (2,759) |  |  | $ | 703 |  |  | $ | (2,056) |
Unrealized (gains) losses on securities transferred to held to maturity during the period | 436 |  |  | (111) |  |  | 325 |
Unrealized gains (losses) arising during the period | 753 |  |  | (193) |  |  | 560 |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 178 |  |  | (45) |  |  | 133 |
Change in AOCI from securities available for sale activity in the period | 1,367 |  |  | (349) |  |  | 1,018 |
Ending balance | $ | (1,392) |  |  | $ | 354 |  |  | $ | (1,038) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |
Beginning balance | $ | (399) |  |  | $ | 102 |  |  | $ | (297) |
Unrealized gains (losses) on derivatives arising during the period | (62) |  |  | 16 |  |  | (46) |
Reclassification adjustments for (gains) losses realized in net income (2) | 343 |  |  | (88) |  |  | 255 |
Change in AOCI from derivative activity in the period | 281 |  |  | (72) |  |  | 209 |
Ending balance | $ | (118) |  |  | $ | 30 |  |  | $ | (88) |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |
Beginning balance | $ | (606) |  |  | $ | 155 |  |  | $ | (451) |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 19 |  |  | (5) |  |  | 14 |
Ending balance | $ | (587) |  |  | $ | 150 |  |  | $ | (437) |
Total other comprehensive income (loss) | 1,233 |  |  | (315) |  |  | 918 |
Total accumulated other comprehensive income (loss), end of period | $ | (2,540) |  |  | $ | 646 |  |  | $ | (1,894) |
| Nine Months Ended September 30, 2023
| Pre-tax AOCI Activity |  | Tax Effect (1) |  | Net AOCI Activity |  |  |  |
| (In millions) |  |  |  |
Total accumulated other comprehensive income (loss), beginning of period | $ | (4,481) |  |  | $ | 1,138 |  |  | $ | (3,343) |  |  |  |  |
Unrealized losses on securities transferred to held to maturity: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (11) |  |  | $ | 2 |  |  | $ | (9) |  |  |  |  |
Reclassification adjustments for amortization on unrealized losses (2) | 1 |  |  | — |  |  | 1 |  |  |  |  |
Ending balance | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |  |  |  |  |
Unrealized gains (losses) on securities available for sale: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (3,433) |  |  | $ | 872 |  |  | $ | (2,561) |  |  |  |  |
Unrealized gains (losses) arising during the period | (695) |  |  | 177 |  |  | (518) |  |  |  |  |
Reclassification adjustments for securities (gains) losses realized in net income (3) | 3 |  |  | — |  |  | 3 |  |  |  |  |
Change in AOCI from securities available for sale activity in the period | (692) |  |  | 177 |  |  | (515) |  |  |  |  |
Ending balance | $ | (4,125) |  |  | $ | 1,049 |  |  | $ | (3,076) |  |  |  |  |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (468) |  |  | $ | 119 |  |  | $ | (349) |  |  |  |  |
Unrealized gains (losses) on derivatives arising during the period | (665) |  |  | 169 |  |  | (496) |  |  |  |  |
Reclassification adjustments for (gains) losses realized in net income (2) | 129 |  |  | (33) |  |  | 96 |  |  |  |  |
Change in AOCI from derivative activity in the period | (536) |  |  | 136 |  |  | (400) |  |  |  |  |
Ending balance | $ | (1,004) |  |  | $ | 255 |  |  | $ | (749) |  |  |  |  |
Defined benefit pension plans and other post employment benefit plans: |  |  |  |  |  |  |  |  |
Beginning balance | $ | (569) |  |  | $ | 145 |  |  | $ | (424) |  |  |  |  |
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 27 |  |  | (6) |  |  | 21 |  |  |  |  |
Ending balance | $ | (542) |  |  | $ | 139 |  |  | $ | (403) |  |  |  |  |
Total other comprehensive income (loss) | (1,200) |  |  | 307 |  |  | (893) |  |  |  |  |
Total accumulated other comprehensive income (loss), end of period | $ | (5,681) |  |  | $ | 1,445 |  |  | $ | (4,236) |  |  |  |  |
____ (1)The impact of all AOCI activity is shown net of the related tax impact, calculated using an effective tax rate of approximately 25 percent. (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 8 for additional details).

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