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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

The following table summarizes our preferred stock outstanding as of June 30, 2021 and December 31, 2020.

Table 9.1: Preferred Stock Outstanding(1)


			Redeemable by Issuer Beginning	Per Annum Dividend Rate	Dividend Frequency	Liquidation Preference per Share		Total Shares Outstanding as of June 30, 2021	Carrying Value (in millions)
Series	Description	Issuance Date							June 30, 2021		December 31, 2020
Series E	Fixed-to-Floating Rate Non-Cumulative	May 14, 2015	June 1, 2020	5.550% 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 G	5.200% Non-Cumulative	July 29, 2016	December 1, 2021	5.200	Quarterly	1,000		600,000	583		583
Series H	6.000% Non-Cumulative	November 29, 2016	December 1, 2021	6.000	Quarterly	1,000		500,000	483		483
Series I	5.000% Non-Cumulative	September 11, 2019	December 1, 2024	5.000	Quarterly	1,000		1,500,000	1,462		1,462
Series J	4.800% Non-Cumulative	January 31, 2020	June 1, 2025	4.800	Quarterly	1,000		1,250,000	1,209		1,209
Series K	4.625% Non-Cumulative	September 17, 2020	December 1, 2025	4.625	Quarterly	1,000		125,000	122		122
Series L	4.375% Non-Cumulative	May 4, 2021	September 1, 2026	4.375	Quarterly	1,000		675,000	653		0
Series M	3.950% Fixed Rate Reset Non-Cumulative	June 10, 2021	September 1, 2026	3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury +3.157%	Quarterly	1,000		1,000,000	988		0
Total									$	6,488	$	4,847

__________

(1)Except for Series E and Series M, 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 the CECL standard and the changes in AOCI by component for the three and six months ended June 30, 2021 and 2020.

Table 9.2: AOCI



	Three Months Ended June 30, 2021
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of March 31, 2021	$	1,038	$	781	$	(12)	$	(24)	$	1,783
Other comprehensive income (loss) before reclassifications	51		193		9		0		253
Amounts reclassified from AOCI into earnings	0		(244)		0		0		(244)
Other comprehensive income (loss), net of tax	51		(51)		9		0		9
AOCI as of June 30, 2021	$	1,089	$	730	$	(3)	$	(24)	$	1,792


	Six Months Ended June 30, 2021
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total











AOCI as of December 31, 2020	$	2,186	$	1,362	$	(31)	$	(23)	$	3,494
Other comprehensive income (loss) before reclassifications	(1,094)		(145)		28		0		(1,211)
Amounts reclassified from AOCI into earnings	(3)		(487)		0		(1)		(491)
Other comprehensive income (loss), net of tax	(1,097)		(632)		28		(1)		(1,702)
AOCI as of June 30, 2021	$	1,089	$	730	$	(3)	$	(24)	$	1,792


	Three Months Ended June 30, 2020
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of March 31, 2020	$	2,151	$	1,728	$	(174)	$	(26)	$	3,679
Other comprehensive income (loss) before reclassifications	222		(60)		23		0		185
Amounts reclassified from AOCI into earnings	0		117		0		0		117
Other comprehensive income, net of tax	222		57		23		0		302
AOCI as of June 30, 2020	$	2,373	$	1,785	$	(151)	$	(26)	$	3,981


	Six Months Ended June 30, 2020
(Dollars in millions)	Securities Available for Sale		Hedging Relationships(1)		Foreign Currency Translation Adjustments(2)		Other		Total
AOCI as of December 31, 2019	$	935	$	354	$	(107)	$	(26)	$	1,156
Cumulative effects from the adoption of the CECL standard	(8)		0		0		0		(8)
Other comprehensive income (loss) before reclassifications	1,446		1,635		(44)		0		3,037
Amounts reclassified from AOCI into earnings	0		(204)		0		0		(204)
Other comprehensive income (loss), net of tax	1,446		1,431		(44)		0		2,833
AOCI as of June 30, 2020	$	2,373	$	1,785	$	(151)	$	(26)	$	3,981

__________

(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.

(2)Includes other comprehensive loss of $13 million and $34 million for the three and six months ended June 30, 2021, respectively, and other comprehensive loss of $8 million and gain of $134 million for the three and six months ended June 30, 2020, respectively, from hedging instruments designated as net investment hedges.

Reclassifications from AOCI

The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2021 and 2020.

Table 9.3: Reclassifications from AOCI


(Dollars in millions)		Three Months Ended June 30,				Six Months Ended June 30,
AOCI Components	Affected Income Statement Line Item	2021		2020		2021		2020
Securities available for sale:
	Non-interest income	$	0	$	0	$	4	$	0
	Income tax provision	0		0		1		0
	Net income	0		0		3		0
Hedging relationships:
Interest rate contracts:	Interest income	245		142		480		168
Foreign exchange contracts:	Interest income	0		2		1		9
	Interest expense	(1)		(1)		(2)		(2)
	Non-interest income	77		(299)		162		93
	Income (loss) from continuing operations before income taxes	321		(156)		641		268
	Income tax provision (benefit)	77		(39)		154		64
	Net income (loss)	244		(117)		487		204
Other:
	Non-interest income and non-interest expense	0		0		1		0
	Income tax provision	0		0		0		0
	Net income	0		0		1		0
Total reclassifications		$	244	$	(117)	$	491	$	204

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 and six months ended June 30, 2021 and 2020.

Table 9.4: Other Comprehensive Income (Loss)



	Three Months Ended June 30,
	2021						2020
(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	$	66	$	15	$	51	$	292	$	70	$	222
Net unrealized gains (losses) on hedging relationships	(68)		(17)		(51)		76		19		57
Foreign currency translation adjustments(1)	4		(5)		9		20		(3)		23
Other	0		0		0		0		0		0
Other comprehensive income (loss)	$	2	$	(7)	$	9	$	388	$	86	$	302


	Six Months Ended June 30,
	2021						2020
(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	$	(1,446)	$	(349)	$	(1,097)	$	1,902	$	456	$	1,446
Net unrealized gains (losses) on hedging relationships	(834)		(202)		(632)		1,884		453		1,431
Foreign currency translation adjustments(1)	17		(11)		28		(1)		43		(44)
Other	(1)		0		(1)		0		0		0
Other comprehensive income (loss)	$	(2,264)	$	(562)	$	(1,702)	$	3,785	$	952	$	2,833

__________

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

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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