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Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Accumulated Other Comprehensive Loss

The following table presents after-tax changes in each component of accumulated other comprehensive loss (dollars in millions):



	2020		2019
Accumulated other comprehensive loss, beginning of period⁽¹⁾	$	(28)	$	(275)
Other comprehensive (loss) income before reclassifications	(126)		112
Amounts reclassified from accumulated other comprehensive loss	(14)		(7)
Net change	(140)		105
Balance, March 31,	$	(168)	$	(170)
Other comprehensive income before reclassifications	142		64
Amounts reclassified from accumulated other comprehensive loss	(16)		48
Net change	126		112
Accumulated other comprehensive loss, end of period⁽¹⁾	$	(42)	$	(58)

(1)The accumulated other comprehensive loss balances and activities were related to available-for-sale securities in both periods.

Components of Other Comprehensive Income (Loss)

The following table presents other comprehensive income (loss) activity and the related tax effect (dollars in millions):


	Three Months Ended June 30,
	2020										2019
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
Other comprehensive income
Available-for-sale securities:
Unrealized gains, net	$	193	$	(51)	$	142	$	86	$	(22)	$	64
Reclassification into earnings, net	(22)		6		(16)		65		(17)		48
Net change from available-for-sale securities	171		(45)		126		151		(39)		112
Other comprehensive income	$	171	$	(45)	$	126	$	151	$	(39)	$	112

	Six Months Ended June 30,
	2020										2019
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
Other comprehensive (loss) income
Available-for-sale securities:
Unrealized gains, net	$	21	$	(5)	$	16	$	236	$	(60)	$	176
Reclassification into earnings, net	(41)		11		(30)		55		(14)		41
Net change from available-for-sale securities	(20)		6		(14)		291		(74)		217
Other comprehensive (loss) income	$	(20)	$	6	$	(14)	$	291	$	(74)	$	217

Reclassification out of Accumulated Other Comprehensive Loss

The following table presents the consolidated statements of income line items impacted by reclassifications out of accumulated other comprehensive loss (dollars in millions):


Accumulated Other Comprehensive Loss Components	Amounts Reclassified from Accumulated Other Comprehensive Loss									Affected Line Items in the Consolidated Statements of Income
	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Available-for-sale securities:	$	22	$	(65)	$	42	$	(54)	Gains (losses) on securities and other, net
	—		—		(1)		(1)		Interest income
	22		(65)		41		(55)		Reclassification into earnings, before tax
	(6)		17		(11)		14		Income tax (expense) benefit
	$	16	$	(48)	$	30	$	(41)	Reclassification into earnings, net

Preferred Stock

Schedule of Stock by Class

The following table presents the preferred stock outstanding (in millions except total shares outstanding and per share data):


						Carrying Value at
Description	Issuance Date	Per Annum Dividend Rate	Total Shares Outstanding	Liquidation Preference per Share		June 30, 2020		December 31, 2019
Series A
Fixed-to-Floating Rate Non-Cumulative	8/25/2016	5.875% to, but excluding, 9/15/2026; 3-mo LIBOR + 4.435% thereafter	400,000	$	1,000	$	394	$	394
Series B
Fixed-to-Floating Rate Non-Cumulative	12/6/2017	5.30% to, but excluding, 3/15/2023; 3-mo LIBOR + 3.16% thereafter	3,000	$	100,000	295		295
Total			403,000			$	689	$	689

Dividends Declared and Paid

The following table presents the cash dividends paid on preferred stock (in millions except per share data):

Six Months Ended June 30, 2020

Declaration Date

Record Date

Payment Date

Dividend per Share

Dividend Paid

Series A ⁽¹⁾

2/6/2020

3/2/2020

3/16/2020

29.38

Series B ⁽¹⁾

2/6/2020

3/2/2020

3/16/2020

2,650.00

Total

Six Months Ended June 30, 2019

Declaration Date

Record Date

Payment Date

Dividend per Share

Dividend Paid

Series A ⁽¹⁾

2/7/2019

2/28/2019

3/15/2019

29.38

Series B ⁽¹⁾

2/7/2019

2/28/2019

3/15/2019

2,650.00

Total

(1)Dividends are non-cumulative and payable semi-annually, if declared.

Common Stock

Dividends Declared and Paid

The following table presents the cash dividends paid on common stock (in millions except per share data):


Six Months Ended June 30, 2020
Declaration Date	Record Date	Payment Date	Dividend per Share		Dividend Paid
1/22/2020	2/25/2020	3/2/2020	$	0.14	$	31
4/22/2020	5/13/2020	5/19/2020	$	0.14	31
Total					$	62

Six Months Ended June 30, 2019
Declaration Date	Record Date	Payment Date	Dividend per Share		Dividend Paid
1/23/2019	2/1/2019	2/15/2019	$	0.14	$	35
4/16/2019	5/13/2019	5/20/2019	$	0.14	34
Total					$	69

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details