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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity
NOTE 10—STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes our preferred stock outstanding as of December 31, 2021 and 2020.
Table 10.1: Preferred Stock Outstanding(1)
Redeemable by Issuer BeginningPer Annum Dividend RateDividend FrequencyLiquidation Preference per ShareTotal Shares Outstanding
as of
December 31, 2021		Carrying Value
(in millions)
SeriesDescriptionIssuance DateDecember 31, 2021December 31, 2020
Series E(2)
Fixed-to-Floating Rate
Non-Cumulative		May 14, 2015June 1, 2020
5.550% through 5/31/2020;
3-mo. LIBOR + 380 bps thereafter
Semi-Annually through 5/31/2020;
Quarterly thereafter		$1,000 0$0 $988 
Series G(3)
5.200%
Non-Cumulative		July 29, 2016December 1, 20215.200%Quarterly1,000 00 583 
Series H(3)
6.000%
Non-Cumulative		November 29, 2016December 1, 20216.000Quarterly1,000 00 483 
Series I5.000%
Non-Cumulative		September 11, 2019December 1, 20245.000Quarterly1,000 1,500,000 1,462 1,462 
Series J4.800%
Non-Cumulative		January 31, 2020June 1, 20254.800Quarterly1,000 1,250,000 1,209 1,209 
Series K4.625%
Non-Cumulative		September 17, 2020December 1, 20254.625Quarterly1,000 125,000 122 122 
Series L4.375%
Non-Cumulative		May 4, 2021September 1, 20264.375Quarterly1,000 675,000 652 0 
Series M3.950% Fixed Rate Reset
Non-Cumulative		June 10, 2021September 1, 2026
3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%
Quarterly1,000 1,000,000 988 0 
Series N4.250%
Non-Cumulative		July 29, 2021September 1, 20264.250%Quarterly1,000 425,000 412 0 
Total$4,845 $4,847 
__________
(1)Except for Series M, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock.
(2)On September 1, 2021, we redeemed all outstanding shares of our preferred stock Series E.
(3)On December 1, 2021, we redeemed all outstanding shares of our preferred stock Series G and H.
Accumulated Other Comprehensive Income
AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships, and foreign currency translation adjustments.
The following table includes the AOCI impacts from the adoption of the CECL standard and the changes in AOCI by component for the years ended December 31, 2021, 2020 and 2019.
Table 10.2: AOCI
Year Ended December 31, 2021
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments (2)
Securities Held to MaturityOtherTotal
AOCI as of December 31, 2018$(439)$(418)$(177)$(190)$(39)$(1,263)
Other comprehensive income before reclassifications670 414 70 0 17 1,171 
Amounts reclassified from AOCI into earnings(20)358 0 26 (4)360 
Other comprehensive income, net of tax650 772 70 26 13 1,531 
Transfer of securities held to maturity to available for sale, net of tax(3)
724001640888
AOCI as of December 31, 2019935 354 (107)0 (26)1,156 
Cumulative effects from the adoption of the CECL standard(8)0 0 0 0 (8)
Other comprehensive income before reclassifications1,278 1,401 76 0 5 2,760 
Amounts reclassified from AOCI into earnings(19)(393)0 0 (2)(414)
Other comprehensive income, net of tax1,259 1,008 76 0 3 2,346 
AOCI as of December 31, 20202,186 1,362 (31)0 (23)3,494 
Other comprehensive income (loss) before reclassifications(1,887)(396)10 0 7 (2,266)
Amounts reclassified from AOCI into earnings(2)(848)0 0 (4)(854)
Other comprehensive income (loss), net of tax(1,889)(1,244)10 0 3 (3,120)
AOCI as of December 31, 2021$297 $118 $(21)$0 $(20)$374 
__________
(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 gains of $22 million, loss of $65 million and $49 million for the years ended December 31, 2021, 2020 and 2019 respectively, from hedging instruments designated as net investment hedges.
(3)On December 31, 2019, we transferred our entire portfolio of held to maturity securities to available for sale in consideration of changes to regulatory capital requirements under the Tailoring Rules.
The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the years ended December 31, 2021, 2020 and 2019.
Table 10.3: Reclassifications from AOCI
(Dollars in millions)Year Ended December 31,
AOCI ComponentsAffected Income Statement Line Item202120202019
Securities available for sale:
Non-interest income$2 $25 $26 
Income tax provision0 6 6 
Net income2 19 20 
Hedging relationships:
Interest rate contracts:Interest income957 566 (171)
Foreign exchange contracts:Interest income1 10 44 
Interest expense(3)(3)(2)
Non-interest income163 (57)(341)
Income (loss) from continuing operations before income taxes1,118 516 (470)
Income tax provision (benefit)270 123 (112)
Net income (loss)848 393 (358)
Securities held to maturity:(1)
Interest income0 0 (35)
Income tax benefit0 0 (9)
Net income (loss)0 0 (26)
Other:
Non-interest income and non-interest expense5 2 5 
Income tax provision1 0 1 
Net income4 2 4 
Total reclassifications$854 $414 $(360)
    __________
(1)On December 31, 2019, we transferred our entire portfolio of held to maturity securities to available for sale.
The table below summarizes other comprehensive income (loss) activity and the related tax impact for the years ended December 31, 2021, 2020 and 2019.
Table 10.4: Other Comprehensive Income (Loss)
 Year Ended December 31,
 202120202019
(Dollars in millions)Before
Tax		Provision
(Benefit)		After
Tax		Before
Tax		Provision
(Benefit)		After
Tax		Before
Tax		Provision
(Benefit)		After
Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale$(2,486)$(597)$(1,889)$1,659 $400 $1,259 $855 $205 $650 
Net unrealized gains (losses) on hedging relationships(1,640)(396)(1,244)1,329 321 1,008 1,016244772
Foreign currency translation adjustments(1)
17 7 10 56 (20)76 54(16)70
Net changes in securities held to maturity0 0 0 0 0 0 361026
Other4 1 3 4 1 3 17 4 13 
Other comprehensive income (loss)$(4,105)$(985)$(3,120)$3,048 $702 $2,346 $1,978 $447 $1,531 
__________
(1)Includes the impact of hedging instruments designated as net investment hedges.