Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

NOTE 10—STOCKHOLDERS' EQUITY

Preferred Stock

The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2016 and December 31, 2015.

Table 10.1: Preferred Stock Issued and Outstanding

			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share			Carrying Value (in millions)
Series	Description	Issuance Date						Total Shares Outstanding	March 31, 2016		December 31, 2015
Series B(1)	6.00% Non-Cumulative	August 20, 2012	September 1, 2017	6.00%	Quarterly	$	1,000	875,000	$	853	$	853
Series C(1)	6.25% Non-Cumulative	June 12, 2014	September 1, 2019	6.25	Quarterly	1,000		500,000	484		484
Series D(1)	6.70% Non-Cumulative	October 31, 2014	December 1, 2019	6.70	Quarterly	1,000		500,000	485		485
Series E	Fixed-to-Floating Rate Non-Cumulative	May 14, 2015	June 1, 2020	5.55% through 5/31/2020; 3-mo. LIBOR+ 380 bps thereafter	Semi-Annually through 5/31/2020; Quarterly thereafter	1,000		1,000,000	988		988
Series F(1)	6.20% Non-Cumulative	August 24, 2015	December 1, 2020	6.20	Quarterly	1,000		500,000	484		484
Total									$	3,294	$	3,294

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⁽¹⁾Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.

Accumulated Other Comprehensive Income

The following table presents the changes in AOCI by component for the three months ended March 31, 2016 and 2015.

Table 10.2: Accumulated Other Comprehensive Income

(Dollars in millions)	Securities Available for Sale		Securities Held to Maturity(1)			Cash Flow Hedges			Foreign Currency Translation Adjustments(2)			Other			Total
AOCI as of December 31, 2015	$	162	$	(725	)	$	120		$	(143	)	$	(30	)	$	(616	)
Other comprehensive income (loss) before reclassifications	182		0			426			1			(13		)	596
Amounts reclassified from AOCI into earnings	5		21			(49		)	0			2			(21		)
Net other comprehensive income (loss)	187		21			377			1			(11		)	575
AOCI as of March 31, 2016	$	349	$	(704	)	$	497		$	(142	)	$	(41	)	$	(41	)

(Dollars in millions)	Securities Available for Sale		Securities Held to Maturity(1)			Cash Flow Hedges			Foreign Currency Translation Adjustments(2)			Other			Total
AOCI as of December 31, 2014	$	410	$	(821	)	$	10		$	(8	)	$	(21	)	$	(430	)
Other comprehensive income (loss) before reclassifications	114		0			205			(84		)	(1		)	234
Amounts reclassified from AOCI into earnings	8		20			(43		)	0			(1		)	(16		)
Net other comprehensive income (loss)	122		20			162			(84		)	(2		)	218
AOCI as of March 31, 2015	$	532	$	(801	)	$	172		$	(92	)	$	(23	)	$	(212	)

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⁽¹⁾  The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount present at the date of transfer from securities available for sale to securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income.

⁽²⁾  Includes the impact from hedging instruments designated as net investment hedges.

The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the three months ended March 31, 2016 and 2015.

Table 10.3: Reclassifications from AOCI

		Amount Reclassified from AOCI
(Dollars in millions)		Three Months Ended March 31,
AOCI Components	Affected Income Statement Line Item	2016			2015
Securities available for sale:
	Non-interest income	$	0		$	2
	Non-interest income - OTTI	(8		)	(15		)
	Income (loss) from continuing operations before income taxes	(8		)	(13		)
	Income tax provision (benefit)	(3		)	(5		)
	Net income (loss)	(5		)	(8		)
Securities held to maturity:(1)
	Interest income	(33		)	(33		)
	Income tax provision (benefit)	(12		)	(13		)
	Net income (loss)	(21		)	(20		)
Cash flow hedges:
Interest rate contracts:	Interest income	79			75
Foreign exchange contracts:	Interest income	(1		)	0
	Non-interest income	(1		)	(7		)
	Income (loss) from continuing operations before income taxes	77			68
	Income tax provision (benefit)	28			25
	Net income (loss)	49			43
Other:
	Various (pension and other)	(2		)	1
	Income tax provision (benefit)	0			0
	Net income (loss)	(2		)	1
Total reclassifications		$	21		$	16

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⁽¹⁾  The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount created from the transfer into securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income.

The table below summarizes other comprehensive income activity and the related tax impact for the three months ended March 31, 2016 and 2015.

Table 10.4: Other Comprehensive Income (Loss)

	Three Months Ended March 31,
	2016									2015
(Dollars in millions)	Before Tax			Provision (Benefit)			After Tax			Before Tax			Provision (Benefit)			After Tax
Other comprehensive income (loss):
Net unrealized gains on securities available for sale	$	296		$	109		$	187		$	190		$	68		$	122
Net changes in securities held to maturity	33			12			21			33			13			20
Net unrealized gains on cash flow hedges	600			223			377			258			96			162
Foreign currency translation adjustments(1)	26			25			1			(41		)	43			(84		)
Other	(17		)	(6		)	(11		)	(4		)	(2		)	(2		)
Other comprehensive income (loss)	$	938		$	363		$	575		$	436		$	218		$	218

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⁽¹⁾  Includes the impact from hedging instruments designated as net investment hedges.