Stockholders' Equity and EPS (Tables)

12 Months Ended

Dec. 31, 2022

Equity and Earnings Per Share [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The following table summarizes the items reclassified out of AOCI into the Consolidated Statements of Income for 2022, 2021 and 2020:

		Year ended December 31,
(Dollars in millions)	Income Statement Location	2022		2021		2020
Reclassification adjustment for (gains) losses on AFS securities included in net income	Gains (losses) on investment securities, net	$	(21)	$	(31)	$	(61)
Related tax expense (benefit)	Income tax expense	6		9		17
Reclassification adjustment for (gains) losses on cash flow hedges included in net income	Net interest income	(56)		(63)		(50)
Related tax expense (benefit)	Income tax expense	16		17		14
Total reclassification adjustment for (gains) losses included in net income, net of tax		$	(55)	$	(68)	$	(80)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income

The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in AOCI for 2022, 2021 and 2020. Refer to Note 16—“Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $41 million in AOCI at December 31, 2022, related to unrealized gains will be reclassified out of AOCI and recognized in net income.

	Year ended December 31,
(Dollars in millions)	2022		2021		2020
Balance, beginning of period, net of tax	$	83	$	130	$	(2)
Net (decrease) increase in fair value, net of tax	—		(1)		168
Net realized (gain) loss reclassified to net income, net of tax	(40)		(46)		(36)
Balance, end of period, net of tax	$	43	$	83	$	130

Reconciliation of Basic EPS to Diluted EPS

The following is a reconciliation of basic EPS to diluted EPS for 2022, 2021 and 2020:

	Year ended December 31,
(Dollars in millions except per share amounts, shares in thousands)	2022		2021		2020
Numerator:
Net income available to common stockholders	$	1,509	$	1,770	$	1,191
Denominator:
Weighted average common shares outstanding—basic	58,987		55,763		51,685
Weighted average effect of dilutive securities:
Stock options and ESPP	168		283		151
Restricted stock units	361		592		248
Weighted average common shares outstanding—diluted	59,516		56,638		52,084
Earnings per common share:
Basic	$	25.58	$	31.74	$	23.05
Diluted	$	25.35	$	31.25	$	22.87

Weighted Average Common Shares Excluded from Diluted EPS Calculation

The following table summarizes the weighted average common shares excluded from the diluted EPS calculation due to the antidilutive effect for 2022, 2021 and 2020:

	Year ended December 31,
(Shares in thousands)	2022	2021	2020
Stock options	117	37	279
Restricted stock units	390	2	10
Total	507	39	289

Schedule of Preferred Stock

The following table summarizes our preferred stock at December 31, 2022:

Series	Description	Amount outstanding (in millions)		Carrying value (in millions)		Shares issued and outstanding	Par Value		Ownership interest per depositary share	Liquidation preference per depositary share		2022 dividends paid per depositary share
Series A	5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	$	350	$	340	350,000	$	0.001	1/40th	$	25	$	1.31
Series B	4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	750		739		7,500	0.001		1/100th	1,000		41.00
Series C	4.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	1,000		985		10,000	0.001		1/100th	1,000		40.00
Series D	4.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	1,000		989		10,000	0.001		1/100th	1,000		44.51
Series E	4.700% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	600		593		6,000	0.001		1/100th	1,000		49.22