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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Schedule of Preferred Stock The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2019 and December 31, 2018.
Table 10.1: 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
 
March 31, 2019
 
December 31, 2018
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.
Change in AOCI Gain (Loss) by Component (Net of Tax) The following table includes the AOCI impacts from the adoption of accounting standards and the changes in AOCI by component for the three months ended March 31, 2019 and 2018.
Table 10.2: Accumulated Other Comprehensive Income (Loss)
(Dollars in millions)
 
Securities
Available
for Sale
 
Securities Held to Maturity
 
Cash Flow
Hedges
 
Foreign
Currency
Translation Adjustments(1)
 
Other
 
Total
AOCI as of December 31, 2018
 
$
(439
)
 
$
(190
)
 
$
(418
)
 
$
(177
)
 
$
(39
)
 
$
(1,263
)
Other comprehensive income (loss) before reclassifications
 
310

 
0

 
111

 
30

 
(1
)
 
450

Amounts reclassified from AOCI into earnings
 
(18
)
 
6

 
166

 
0

 
(1
)
 
153

Other comprehensive income (loss), net of tax
 
292

 
6

 
277

 
30

 
(2
)
 
603

AOCI as of March 31, 2019
 
$
(147
)
 
$
(184
)

$
(141
)

$
(147
)

$
(41
)

$
(660
)

(Dollars in millions)
 
Securities
Available
for Sale
 
Securities Held to Maturity
 
Cash Flow
Hedges
 
Foreign
Currency
Translation Adjustments(1)
 
Other
 
Total
AOCI as of December 31, 2017
 
$
17

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

 
$
(926
)
Cumulative effects from adoption of new accounting standards
 
3

 
(113
)
 
(63
)
 
0

 
(28
)
 
(201
)
Transfer of securities held to maturity to available for sale(2)
 
(325
)
 
407

 
0

 
0

 
0

 
82

Other comprehensive income (loss) before reclassifications
 
(254
)
 
0

 
(251
)
 
7

 
0

 
(498
)
Amounts reclassified from AOCI into earnings
 
(6
)
 
18

 
(67
)
 
0

 
(1
)
 
(56
)
Other comprehensive income (loss), net of tax
 
(585
)
 
425

 
(318
)
 
7

 
(1
)
 
(472
)
AOCI as of March 31, 2018
 
$
(565
)
 
$
(212
)
 
$
(662
)
 
$
(131
)
 
$
(29
)
 
$
(1,599
)
__________
(1) 
Includes other comprehensive losses of $34 million and $60 million for the three months ended March 31, 2019 and 2018, respectively, from hedging instruments designated as net investment hedges.
(2) 
In the first quarter of 2018, we made a one-time transfer of held to maturity securities with a carrying value of $9.0 billion to available for sale as a result of our adoption of ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This transfer resulted in an after-tax gain of $82 million ($107 million pre-tax) to AOCI.
Reclassifications from AOCI The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the three months ended March 31, 2019 and 2018.
Table 10.3: Reclassifications from AOCI
(Dollars in millions)
 
 
 
Three Months Ended March 31,
AOCI Components
 
Affected Income Statement Line Item
 
2019
 
2018
Securities available for sale:
 
 
 
 
 
 
 
 
Non-interest income
 
$
24

 
$
8

 
 
Income tax provision
 
6

 
2

 
 
Net income
 
18

 
6

Securities held to maturity:(1)
 
 
 
 
 
 
 
 
Interest income
 
(8
)
 
(24
)
 
 
Income tax provision
 
(2
)
 
(6
)
 
 
Net income
 
(6
)
 
(18
)
Cash flow hedges:
 
 
 
 
 
 
Interest rate contracts:
 
Interest income
 
(60
)
 
6

Foreign exchange contracts:
 
Interest income
 
12

 
8

 
 
Non-interest income
 
(172
)
 
75

 
 
Income from continuing operations before income taxes
 
(220
)
 
89

 
 
Income tax provision
 
(54
)
 
22

 
 
Net income
 
(166
)
 
67

Other:
 
 
 
 
 
 
 
 
Non-interest income and non-interest expense
 
1

 
1

 
 
Income tax provision
 
0

 
0

 
 
Net income
 
1

 
1

Total reclassifications
 
$
(153
)
 
$
56

__________
(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.
Components of Other Comprehensive Income (Loss) and Related Tax Impact The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three months ended March 31, 2019 and 2018.
Table 10.4: Other Comprehensive Income (Loss)
 
 
Three Months Ended March 31,
 
 
2019
 
2018
(Dollars in millions)
 
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
 
$
384

 
$
92

 
$
292

 
$
(771
)
 
$
(186
)
 
$
(585
)
Net changes in securities held to maturity
 
7

 
1

 
6

 
559

 
134

 
425

Net unrealized gains (losses) on cash flow hedges
 
365

 
88

 
277

 
(418
)
 
(100
)
 
(318
)
Foreign currency translation adjustments(1)
 
19

 
(11
)
 
30

 
(12
)
 
(19
)
 
7

Other
 
(2
)
 
0

 
(2
)
 
(1
)
 
0

 
(1
)
Other comprehensive income (loss)
 
$
773

 
$
170

 
$
603

 
$
(643
)
 
$
(171
)
 
$
(472
)
__________
(1) 
Includes the impact of hedging instruments designated as net investment hedges.