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Stockholders' Equity
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016.
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, 2017
 
December 31, 2016
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

 
583

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

 
500,000

 
483

 
483

Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
4,360

 
$
4,360

__________
(1) 
Except for 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
Accumulated other comprehensive income primarily consists of accumulated net unrealized gains or losses associated with available for sale securities, the effective portion of the changes in fair value of derivatives designated as cash flow hedges, unrealized gains and losses on securities held to maturity on the transfer date from the available for sale category and foreign currency translation adjustments. Unrealized gains and losses for securities held to maturity are amortized over the remaining life of the security with no expected impact on future net income as amortization of these gains or losses will be offset by the amortization of premium or discount created from the transfer of securities from available to sale to held to maturity. The amount of foreign currency translation adjustments below includes the impact from hedging instruments designated as net investment hedges.
The following table presents the changes in AOCI by component for the years ended December 31, 2017, 2016 and 2015.
Table 11.2: Accumulated Other Comprehensive Income
(Dollars in millions)
 
Securities
Available
for Sale
 
Securities Held to Maturity
 
Cash Flow
Hedges
 
Foreign
Currency
Translation Adjustments
 
Other
 
Total
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
)
Other comprehensive income (loss) before reclassifications
 
62

 
0

 
(95
)
 
84

 
30

 
81

Amounts reclassified from AOCI into earnings
 
(41
)
 
97

 
(108
)
 
0

 
(6
)
 
(58
)
Net other comprehensive income (loss)
 
21

 
97

 
(203
)
 
84

 
24

 
23

AOCI as of December 31, 2017
 
$
17

 
$
(524
)
 
$
(281
)
 
$
(138
)
 
$
0

 
$
(926
)

The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the years ended December 31, 2017, 2016 and 2015.
Table 11.3: Reclassifications from AOCI
 
 
 
 
Amount Reclassified from AOCI
(Dollars in millions)
 
 
 
Year Ended December 31,
AOCI Components
 
Affected Income Statement Line Item
 
2017
 
2016
 
2015
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
Non-interest income
 
$
65

 
$
(10
)
 
$
(32
)
 
 
Income tax provision (benefit)
 
24

 
(4
)
 
(12
)
 
 
Net income (loss)
 
41

 
(6
)
 
(20
)
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
Interest income
 
(150
)
 
(164
)
 
(151
)
 
 
Income tax benefit
 
(53
)
 
(60
)
 
(55
)
 
 
Net income loss
 
(97
)
 
(104
)
 
(96
)
Cash flow hedges:
 
 
 
 
 
 
 
 
Interest rate contracts:
 
Interest income
 
145

 
306

 
303

Foreign exchange contracts:
 
Interest income
 
27

 
6

 
(5
)
 
 
Non-interest income
 
1

 
(2
)
 
(21
)
 
 
Income from continuing operations before income taxes
 
173

 
310

 
277

 
 
Income tax provision
 
65

 
115

 
103

 
 
Net income
 
108

 
195

 
174

Other:
 
 
 
 
 
 
 
 
 
 
Non-interest income and non-interest expense
 
9

 
2

 
5

 
 
Income tax provision
 
3

 
1

 
1

 
 
Net income
 
6

 
1

 
4

Total reclassifications
 
$
58

 
$
86

 
$
62


The table below summarizes other comprehensive income activity and the related tax impact for the years ended December 31, 2017, 2016 and 2015.
Table 11.4: Other Comprehensive Income (Loss)
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
(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
 
$
23

 
$
2

 
$
21

 
$
(254
)
 
$
(88
)
 
$
(166
)
 
$
(393
)
 
$
(145
)
 
$
(248
)
Net changes in securities held to maturity
 
150

 
53

 
97

 
164

 
60

 
104

 
151

 
55

 
96

Net unrealized gains (losses) on cash flow hedges
 
(325
)
 
(122
)
 
(203
)
 
(315
)
 
(117
)
 
(198
)
 
175

 
65

 
110

Foreign currency translation adjustments
 
3

 
(81
)
 
84

 
86

 
165

 
(79
)
 
(86
)
 
49

 
(135
)
Other
 
38

 
14

 
24

 
10

 
4

 
6

 
(14
)
 
(5
)
 
(9
)
Other comprehensive income (loss)
 
$
(111
)
 
$
(134
)
 
$
23

 
$
(309
)
 
$
24

 
$
(333
)
 
$
(167
)
 
$
19

 
$
(186
)