XML 123 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Total Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Total Equity Total Equity
Share Repurchases
 
Three Months Ended September 30,
Nine Months Ended September 30,
$ in millions
2019
2018
2019
2018
Repurchases of common stock under our Share Repurchase Program
$
1,500

$
1,180

$
3,860

$
3,680


The Firm’s 2019 Capital Plan (“Capital Plan”) includes the share repurchase of up to $6.0 billion of outstanding common stock for the period beginning July 1, 2019 through June 30, 2020. Additionally, the Capital Plan includes quarterly common stock dividends of up to $0.35 per share, beginning with the common stock dividend announced on July 18, 2019. For information about the Firm's 2018 Capital Plan, see Note 15 to the financial statements in the 2018 Form 10-K.
A portion of common stock repurchases was conducted under a sales plan with MUFG, whereby MUFG sold shares of the Firm’s common stock to the Firm, as part of the Firm’s Share Repurchase Program. The sales plan is only intended to maintain MUFG’s ownership percentage below 24.9% in order to comply with MUFG’s passivity commitments to the Board of Governors of the Federal Reserve System and has no impact on the strategic alliance between MUFG and the Firm, including the joint ventures in Japan.
Common Stock Dividends Per Share
 
Three Months Ended September 30,
Nine Months Ended September 30,
 
2019
2018
2019
2018
Dividends declared per common share
$
0.35

$
0.30

$
0.95

$
0.80


Preferred Stock
 
Shares
Outstanding
 
Carrying Value
$ in millions, except
per share data
At
September 30,
2019
Liquidation
Preference
per Share
At
September 30,
2019
At
December 31,
2018
Series
 
 
 
A
44,000

$
25,000

$
1,100

$
1,100

C1
519,882

1,000

408

408

E
34,500

25,000

862

862

F
34,000

25,000

850

850

G
20,000

25,000

500

500

H
52,000

25,000

1,300

1,300

I
40,000

25,000

1,000

1,000

J
60,000

25,000

1,500

1,500

K
40,000

25,000

1,000

1,000

Total
$
8,520

$
8,520

Shares authorized
30,000,000
 
 
1.
Series C is composed of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $911 million, less the redemption of 640,909 shares of Series C Preferred Stock of $503 million, which were converted to common shares of approximately $705 million.
For a description of Series A through Series K preferred stock issuances, see Note 15 to the financial statements in the 2018 Form 10-K. Preferred stock has a preference over common stock upon liquidation. The Firm’s preferred stock qualifies as Tier 1 capital in accordance with regulatory capital requirements (see Note 13).
Preferred Stock Dividends
$ in millions, except per
share data
Three Months Ended
September 30, 2019
Three Months Ended
September 30, 2018
Per Share1
Total
Per Share1
Total
Series
 
 
 
 
A
$
256

$
11

$
256

$
11

C
25

13

25

13

E
445

15

445

15

F
430

15

430

15

G
414

8

414

8

H
378

20

—

—

I
398

16

398

16

J
—

—

—

—

K
366

15

366

15

Total
 
$
113

 
$
93

  
$ in millions, except per
share data
Nine Months Ended
September 30, 2019
Nine Months Ended
September 30, 2018
Per Share1
Total
Per Share1
Total
Series
 
 
 
 
A
$
758

$
33

$
758

$
33

C
75

39

75

39

E
1,336

45

1,336

45

F
1,289

45

1,289

45

G
1,242

24

1,242

24

H
1,059

55

681

35

I
1,195

48

1,195

48

J
694

42

694

42

K
1,097

45

1,097

45

Total
 
$
376

 
$
356

 
1.
Dividends on preferred stock are payable quarterly, except for Series H, which was payable semiannually until July 15, 2019 and is now payable quarterly, and Series J, which is payable semiannually until July 15, 2020, and quarterly thereafter.
Accumulated Other Comprehensive Income (Loss)1 
$ in millions
Foreign
Currency
Translation
Adjustments
AFS
Securities
Pension,
Postretirement
and Other
DVA
Total
June 30, 2019
$
(865
)
$
108

$
(574
)
$
(720
)
$
(2,051
)
OCI during the period
(96
)
214

3

332

453

September 30, 2019
$
(961
)
$
322

$
(571
)
$
(388
)
$
(1,598
)
June 30, 2018
$
(864
)
$
(1,194
)
$
(704
)
$
(308
)
$
(3,070
)
OCI during the period
(54
)
(171
)
5

(709
)
(929
)
September 30, 2018
$
(918
)
$
(1,365
)
$
(699
)
$
(1,017
)
$
(3,999
)
December 31, 2018
$
(889
)
$
(930
)
$
(578
)
$
105

$
(2,292
)
OCI during the period
(72
)
1,252

7

(493
)
694

September 30, 2019
$
(961
)
$
322

$
(571
)
$
(388
)
$
(1,598
)
December 31, 2017
$
(767
)
$
(547
)
$
(591
)
$
(1,155
)
$
(3,060
)
Cumulative adjustment for accounting changes2
(8
)
(111
)
(124
)
(194
)
(437
)
OCI during the period
(143
)
(707
)
16

332

(502
)
September 30, 2018
$
(918
)
$
(1,365
)
$
(699
)
$
(1,017
)
$
(3,999
)
 
1.
Amounts are net of tax and exclude noncontrolling interests.
2.
The cumulative adjustment for accounting changes is primarily the effect of the adoption of the accounting update Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This adjustment was recorded as of January 1, 2018 to reclassify certain income tax effects related to enactment of the Tax Act from AOCI to Retained earnings, primarily related to the remeasurement of deferred tax assets and liabilities resulting from the reduction in the corporate income tax rate to 21%. See Note 2 for further information.

Components of Period Changes in OCI
 
Three Months Ended
September 30, 2019
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
Foreign currency translation adjustments
OCI activity
$
(26
)
$
(73
)
$
(99
)
$
(3
)
$
(96
)
Reclassified to earnings
—

—

—

—

—

Net OCI
$
(26
)
$
(73
)
$
(99
)
$
(3
)
$
(96
)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$
307

$
(73
)
$
234

$
—

$
234

Reclassified to earnings
(26
)
6

(20
)
—

(20
)
Net OCI
$
281

$
(67
)
$
214

$
—

$
214

Pension, postretirement and other
OCI activity
$
—

$
—

$
—

$
—

$
—

Reclassified to earnings
4

(1
)
3

—

3

Net OCI
$
4

$
(1
)
$
3

$
—

$
3

Change in net DVA
OCI activity
$
441

$
(106
)
$
335

$
5

$
330

Reclassified to earnings
2

—

2

—

2

Net OCI
$
443

$
(106
)
$
337

$
5

$
332

 
Three Months Ended
September 30, 2018
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
Foreign currency translation adjustments
OCI activity
$
(44
)
$
(35
)
$
(79
)
$
(25
)
$
(54
)
Reclassified to earnings
—

—

—

—

—

Net OCI
$
(44
)
$
(35
)
$
(79
)
$
(25
)
$
(54
)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$
(219
)
$
51

$
(168
)
$
—

$
(168
)
Reclassified to earnings
(5
)
2

(3
)
—

(3
)
Net OCI
$
(224
)
$
53

$
(171
)
$
—

$
(171
)
Pension, postretirement and other
OCI activity
$
—

$
—

$
—

$
—

$
—

Reclassified to earnings
7

(2
)
5

—

5

Net OCI
$
7

$
(2
)
$
5

$
—

$
5

Change in net DVA
OCI activity
$
(1,018
)
$
248

$
(770
)
$
(34
)
$
(736
)
Reclassified to earnings
36

(9
)
27

—

27

Net OCI
$
(982
)
$
239

$
(743
)
$
(34
)
$
(709
)

 
Nine Months Ended
September 30, 20191
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
Foreign currency translation adjustments
OCI activity
$
2

$
(58
)
$
(56
)
$
16

$
(72
)
Reclassified to earnings
—

—

—

—

—

Net OCI
$
2

$
(58
)
$
(56
)
$
16

$
(72
)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$
1,726

$
(406
)
$
1,320

$
—

$
1,320

Reclassified to earnings
(89
)
21

(68
)
—

(68
)
Net OCI
$
1,637

$
(385
)
$
1,252

$
—

$
1,252

Pension, postretirement and other
OCI activity
$
—

$
(1
)
$
(1
)
$
—

$
(1
)
Reclassified to earnings
10

(2
)
8

—

8

Net OCI
$
10

$
(3
)
$
7

$
—

$
7

Change in net DVA
OCI activity
$
(713
)
$
177

$
(536
)
$
(36
)
$
(500
)
Reclassified to earnings
9

(2
)
7

—

7

Net OCI
$
(704
)
$
175

$
(529
)
$
(36
)
$
(493
)
   
 
Nine Months Ended
September 30, 20181
$ in millions
Pre-tax
Gain
(Loss)
Income
Tax Benefit
(Provision)
After-tax
Gain
(Loss)
Non-
controlling
Interests
Net
Foreign currency translation adjustments
OCI activity
$
(52
)
$
(102
)
$
(154
)
$
(11
)
$
(143
)
Reclassified to earnings
—

—

—

—

—

Net OCI
$
(52
)
$
(102
)
$
(154
)
$
(11
)
$
(143
)
Change in net unrealized gains (losses) on AFS securities
OCI activity
$
(916
)
$
215

$
(701
)
$
—

$
(701
)
Reclassified to earnings
(8
)
2

(6
)
—

(6
)
Net OCI
$
(924
)
$
217

$
(707
)
$
—

$
(707
)
Pension, postretirement and other
OCI activity
$
2

$
—

$
2

$
—

$
2

Reclassified to earnings
19

(5
)
14

—

14

Net OCI
$
21

$
(5
)
$
16

$
—

$
16

Change in net DVA
OCI activity
$
403

$
(97
)
$
306

$
15

$
291

Reclassified to earnings
54

(13
)
41

—

41

Net OCI
$
457

$
(110
)
$
347

$
15

$
332

 
1.
Exclusive of cumulative adjustments related to the adoption of certain accounting updates. Refer to the following table and Note 2 for further information.

Cumulative Adjustments to Retained Earnings Related to the Adoption of Accounting Updates1 
 
Nine Months Ended
$ in millions
September 30, 2019
Leases
$
63

 
Nine Months Ended
$ in millions
September 30, 2018
Revenues from contracts with customers2
$
(32
)
Derivatives and hedging—targeted improvements to accounting for hedging activities2
(99
)
Reclassification of certain tax effects from AOCI2
443

Other3
(6
)
Total
$
306


1.
There were no cumulative adjustments to retained earnings related to the adoption of accounting updates for the three months ended September 30, 2019 and 2018.
2.
See Note 2 to the financial statements in the 2018 Form 10-K for further information.
3.
Other includes the adoption of accounting updates related to Recognition and Measurement of Financial Assets and Financial Liabilities (other than the provision around presenting unrealized DVA in OCI, which the Firm early adopted in 2016) and Derecognition of Nonfinancial Assets. The impact of these adoptions on Retained earnings was not significant.