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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity
NOTE 11—STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock issued and outstanding as of December 31, 2016 and 2015.
Table 11.1: Preferred Stock Issued and Outstanding(1)
 
 
 
 
 
 
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
 
December 31, 2016
 
December 31, 2015
Series B
 
6.00%
Non-Cumulative
 
August 20, 2012
 
September 1, 2017
 
6.00%
 
Quarterly
 
$
1,000

 
875,000

 
$
853

 
$
853

Series C
 
6.25%
Non-Cumulative
 
June 12, 2014
 
September 1, 2019
 
6.25
 
Quarterly
 
1,000

 
500,000

 
484

 
484

Series D
 
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
 
6.20%
Non-Cumulative
 
August 24, 2015
 
December 1, 2020
 
6.20
 
Quarterly
 
1,000

 
500,000

 
484

 
484

Series G
 
5.20%
Non-Cumulative
 
July 29, 2016
 
December 1, 2021
 
5.20
 
Quarterly
 
1,000

 
600,000

 
583

 
N/A

Series H
 
6.00%
Non-Cumulative
 
November 29, 2016
 
December 1, 2021
 
6.00
 
Quarterly
 
1,000

 
500,000

 
483

 
N/A

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
4,360

 
$
3,294

__________
(1) 
With the exception of Series E, 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 years ended December 31, 2016, 2015 and 2014.
Table 11.2: 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, 2013
 
$
106

 
$
(897
)
 
$
(110
)
 
$
40

 
$
(11
)
 
$
(872
)
Other comprehensive income (loss) before reclassifications
 
302

 
0

 
228

 
(48
)
 
(5
)
 
477

Amounts reclassified from AOCI into earnings
 
2

 
76

 
(108
)
 
0

 
(5
)
 
(35
)
Net other comprehensive income (loss)
 
304

 
76

 
120

 
(48
)
 
(10
)
 
442

AOCI as of December 31, 2014
 
410

 
(821
)
 
10

 
(8
)
 
(21
)
 
(430
)
Other comprehensive income (loss) before reclassifications
 
(268
)
 
0

 
284

 
(135
)
 
(5
)
 
(124
)
Amounts reclassified from AOCI into earnings
 
20

 
96

 
(174
)
 
0

 
(4
)
 
(62
)
Net other comprehensive income (loss)
 
(248
)
 
96

 
110

 
(135
)
 
(9
)
 
(186
)
AOCI as of December 31, 2015
 
162

 
(725
)
 
120

 
(143
)
 
(30
)
 
(616
)
Other comprehensive income (loss) before reclassifications
 
(172
)
 
0

 
(3
)
 
(79
)
 
7

 
(247
)
Amounts reclassified from AOCI into earnings
 
6

 
104

 
(195
)
 
0

 
(1
)
 
(86
)
Net other comprehensive income (loss)
 
(166
)
 
104

 
(198
)
 
(79
)
 
6

 
(333
)
AOCI as of December 31, 2016
 
$
(4
)
 
$
(621
)
 
$
(78
)
 
$
(222
)
 
$
(24
)
 
$
(949
)
__________
(1) 
The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to 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 years ended December 31, 2016, 2015 and 2014.
Table 11.3: Reclassifications from AOCI
 
 
 
 
Amount Reclassified from AOCI
(Dollars in millions)
 
 
 
Year Ended December 31,
AOCI Components
 
Affected Income Statement Line Item
 
2016
 
2015
 
2014
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
Non-interest income
 
$
(10
)
 
$
(32
)
 
$
(3
)
 
 
Income tax provision (benefit)
 
(4
)
 
(12
)
 
(1
)
 
 
Net income (loss)
 
(6
)
 
(20
)
 
(2
)
Securities held to maturity:(1)
 
 
 
 
 
 
 
 
 
 
Interest income
 
(164
)
 
(151
)
 
(131
)
 
 
Income tax provision (benefit)
 
(60
)
 
(55
)
 
(55
)
 
 
Net income (loss)
 
(104
)
 
(96
)
 
(76
)
Cash flow hedges:
 
 
 
 
 
 
 
 
Interest rate contracts:
 
Interest income
 
306

 
303

 
209

Foreign exchange contracts:
 
Interest income
 
6

 
(5
)
 
0

 
 
Non-interest income
 
(2
)
 
(21
)
 
(36
)
 
 
Income from continuing operations before income taxes
 
310

 
277

 
173

 
 
Income tax provision
 
115

 
103

 
65

 
 
Net income
 
195

 
174

 
108

 
 
 
 
Amount Reclassified from AOCI
(Dollars in millions)
 
 
 
Year Ended December 31,
AOCI Components
 
Affected Income Statement Line Item
 
2016
 
2015
 
2014
Other:
 
 
 
 
 
 
 
 
 
 
Various (pension and other)
 
2

 
5

 
11

 
 
Income tax provision
 
1

 
1

 
6

 
 
Net income
 
1

 
4

 
5

Total reclassifications
 
$
86

 
$
62

 
$
35

__________
(1) 
The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to 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 years ended December 31, 2016, 2015 and 2014.
Table 11.4: Other Comprehensive Income (Loss)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
(Dollars in millions)
 
Before
Tax
 
Provision
(Benefit)
 
After
Tax
 
Before
Tax
 
Provision
(Benefit)
 
After
Tax
 
Before
Tax
 
Provision
(Benefit)
 
After
Tax
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities available for sale
 
$
(254
)
 
$
(88
)
 
$
(166
)
 
$
(393
)
 
$
(145
)
 
$
(248
)
 
$
482

 
$
178

 
$
304

Net changes in securities held to maturity
 
164

 
60

 
104

 
151

 
55

 
96

 
131

 
55

 
76

Net unrealized gains (losses) on cash flow hedges
 
(315
)
 
(117
)
 
(198
)
 
175

 
65

 
110

 
192

 
72

 
120

Foreign currency translation adjustments(1)
 
86

 
165

 
(79
)
 
(86
)
 
49

 
(135
)
 
29

 
77

 
(48
)
Other
 
10

 
4

 
6

 
(14
)
 
(5
)
 
(9
)
 
(18
)
 
(8
)
 
(10
)
Other comprehensive income (loss)
 
$
(309
)
 
$
24

 
$
(333
)
 
$
(167
)
 
$
19

 
$
(186
)
 
$
816

 
$
374

 
$
442

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