Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Schedule of Preferred Shares

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of March 31, 2017:

	Issuance Date	Depositary Shares Issued	Ownership Interest per Depositary Share	Liquidation Preference Per Share		Liquidation Preference Per Depositary Share		Net Proceeds of Offering (In millions)		Redemption Date(1)
Preferred Stock(2):
Series C	August 2012	20,000,000	1/4,000th	$	100,000	$	25	$	488	September 15, 2017
Series D	February 2014	30,000,000	1/4,000th	100,000		25		742		March 15, 2024
Series E	November 2014	30,000,000	1/4,000th	100,000		25		728		December 15, 2019
Series F	May 2015	750,000	1/100th	100,000		1,000		742		September 15, 2020
Series G	April 2016	20,000,000	1/4,000th	100,000		25		493		March 15, 2026

⁽¹⁾ On the redemption date, or any dividend declaration date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

⁽²⁾ The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

Dividends Declared

The table below presents the dividends declared on common stock for the periods indicated:

	Three Months Ended March 31,
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
	2017				2016
Common Stock	$	0.38	$	144	$	0.34	$	135

The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:

	Three Months Ended March 31,
	2017						2016
	Dividends Declared per Share		Dividends Declared per Depositary Share		Total (In millions)(1)		Dividends Declared per Share		Dividends Declared per Depositary Share		Total (In millions)
Preferred Stock:
Series C	$	1,313	$	0.33	$	6	$	1,313	$	0.33	$	7
Series D	1,475		0.37		11		1,475		0.37		11
Series E	1,500		0.38		11		1,500		0.38		11
Series F	2,625		26.25		20		2,625		26.25		20
Series G	1,338		0.33		7		—		—		—
Total					$	55					$	49

⁽¹⁾ Dividends were paid in March 2017.

Stock Repurchase Program

The table below presents the activity under the 2016 Program during the period indicated:

	Three Months Ended March 31, 2017
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)
2016 Program(1)	6.7	$	78.34	$	523

⁽¹⁾ Includes $158 million relating to shares acquired in exchange for BFDS stock. Additional information about the exchange is provided in Note 1 to the consolidated financial statements included in this Form 10-Q.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the after-tax components of AOCI as of the dates indicated:

(In millions)	March 31, 2017			December 31, 2016
Net unrealized gains on cash flow hedges	$	159		$	229
Net unrealized gains (losses) on available-for-sale securities portfolio	(21		)	(225		)
Net unrealized gains (losses) related to reclassified available-for-sale securities	21			25
Net unrealized gains (losses) on available-for-sale securities	—			(200		)
Net unrealized losses on available-for-sale securities designated in fair value hedges	(79		)	(86		)
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries	81			95
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit	(8		)	(9		)
Net unrealized losses on retirement plans	(188		)	(194		)
Foreign currency translation	(1,770		)	(1,875		)
Total	$	(1,805	)	$	(2,040	)

The following table presents changes in AOCI by component, net of related taxes, for the periods indicated:

	Three Months Ended March 31, 2017
(In millions)	Net Unrealized Gains (Losses) on Cash Flow Hedges			Net Unrealized Gains (Losses) on Available-for-Sale Securities			Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries			Other-Than-Temporary Impairment on Held-to-Maturity Securities			Net Unrealized Losses on Retirement Plans			Foreign Currency Translation			Total
Balance as of December 31, 2016	$	229		$	(286	)	$	95		$	(9	)	$	(194	)	$	(1,875	)	$	(2,040	)
Other comprehensive income (loss) before reclassifications	(70		)	231			(14		)	1			—			105			253
Amounts reclassified into (out of) earnings	—			(24		)	—			—			6			—			(18		)
Other comprehensive income (loss)	(70		)	207			(14		)	1			6			105			235
Balance as of March 31, 2017	$	159		$	(79	)	$	81		$	(8	)	$	(188	)	$	(1,770	)	$	(1,805	)

	Three Months Ended March 31, 2016
(In millions)	Net Unrealized Gains (Losses) on Cash Flow Hedges			Net Unrealized Gains (Losses) on Available-for-Sale Securities			Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries			Other-Than-Temporary Impairment on Held-to-Maturity Securities			Net Unrealized Losses on Retirement Plans			Foreign Currency Translation			Total
Balance as of December 31, 2015	$	293		$	(128	)	$	(14	)	$	(16	)	$	(183	)	$	(1,394	)	$	(1,442	)
Other comprehensive income (loss) before reclassifications	(68		)	238			—			1			(3		)	306			474
Amounts reclassified into (out of) earnings	—			3			—			—			1			—			4
Other comprehensive income (loss)	(68		)	241			—			1			(2		)	306			478
Balance as of March 31, 2016	$	225		$	113		$	(14	)	$	(15	)	$	(185	)	$	(1,088	)	$	(964	)

Schedule of Reclassifications Out of AOCI

The following table presents after-tax reclassifications into earnings for the periods indicated:

	Three Months Ended March 31,
	2017			2016
(In millions)	Amounts Reclassified into (out of) Earnings					Affected Line Item in Consolidated Statement of Income
Available-for-sale securities:
Net realized gains (losses) from sales of available-for-sale securities, net of related taxes of $16 and ($1), respectively	$	(24	)	$	3	Net gains (losses) from sales of available-for-sale securities
Retirement plans:
Amortization of actuarial losses, net of related taxes of ($3) and ($2), respectively	6			1		Compensation and employee benefits expenses
Total reclassifications (out of) into AOCI	$	(18	)	$	4