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Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30,
 
Six Months Ended June 30,
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
 
2017
 
2016
 
2017
 
2016
Common Stock
$
0.38

 
$
142

 
$
0.34

 
$
133

 
$
0.76

 
$
286

 
$
0.68

 
$
268

The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
 
Three Months Ended June 30,
 
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

 
$
7

 
$
1,313

 
$
0.33

 
$
6

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
—

 
—

 
—

 
—

 
—

 
—

Series G
1,338

 
0.33

 
7

 
951

 
0.24

 
5

Total
 
 
 
 
$
36

 
 
 
 
 
$
33

 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2017
 
2016
 
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total
(In millions)
Preferred Stock:
 
 
 
 
 
 
 
 
 
 
 
Series C
$
2,626

 
$
0.66

 
$
13

 
$
2,626

 
$
0.66

 
$
13

Series D
2,950

 
0.74

 
22

 
2,950

 
0.74

 
22

Series E
3,000

 
0.76

 
22

 
3,000

 
0.76

 
22

Series F
2,625

 
26.25

 
20

 
2,625

 
26.25

 
20

Series G
2,676

 
0.66

 
14

 
951

 
0.24

 
5

Total
 
 
 
 
$
91

 
 
 
 
 
$
82


 
 
 
 
(1) Dividends were paid in June 2017.
Stock Repurchase Program
The table below presents the activity under the 2016 Program during the periods indicated:
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
2016 Program(1)
2.7

 
$
83.84

 
$
227

 
9.4

 
$
79.93

 
$
750


 
 
 
 
(1) Includes $158 million relating to shares acquired in exchange for BFDS stock during the first quarter of 2017. 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)
June 30, 2017
 
December 31, 2016
Net unrealized gains (losses) on cash flow hedges
$
(18
)
 
$
229

Net unrealized gains (losses) on available-for-sale securities portfolio
254

 
(225
)
Net unrealized gains (losses) related to reclassified available-for-sale securities
18

 
25

Net unrealized gains (losses) on available-for-sale securities
272

 
(200
)
Net unrealized losses on available-for-sale securities designated in fair value hedges
(77
)
 
(86
)
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries
(6
)
 
95

Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(7
)
 
(9
)
Net unrealized losses on retirement plans
(186
)
 
(194
)
Foreign currency translation
(1,248
)
 
(1,875
)
Total
$
(1,270
)
 
$
(2,040
)

The following table presents changes in AOCI by component, net of related taxes, for the periods indicated:
 
Six Months Ended June 30, 2017
(In millions)
Net Unrealized Gains (Losses) on Cash Flow Hedges
 
Net Unrealized Gains (Losses) on Available-for-Sale Securities
 
Net Unrealized Gains (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
(247
)
 
505

 
(101
)
 
2

 
(1
)
 
627

 
785

Amounts reclassified into (out of) earnings
—

 
(24
)
 
—

 
—

 
9

 
—

 
(15
)
Other comprehensive income (loss)
(247
)
 
481

 
(101
)
 
2

 
8

 
627

 
770

Balance as of June 30, 2017
$
(18
)
 
$
195

 
$
(6
)
 
$
(7
)
 
$
(186
)
 
$
(1,248
)
 
$
(1,270
)

 
Six Months Ended June 30, 2016
(In millions)
Net Unrealized Gains (Losses) on Cash Flow Hedges
 
Net Unrealized Gains (Losses) on Available-for-Sale Securities
 
Net Unrealized Gain (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
(174
)
 
522

 
51

 
4

 
(4
)
 
43

 
442

Amounts reclassified into (out of) earnings
—

 
2

 
—

 
(1
)
 
2

 
—

 
3

Other comprehensive income (loss)
(174
)
 
524

 
51

 
3

 
(2
)
 
43

 
445

Balance as of June 30, 2016
$
119

 
$
396

 
$
37

 
$
(13
)
 
$
(185
)
 
$
(1,351
)
 
$
(997
)
Schedule of Reclassifications Out of AOCI
The following table presents after-tax reclassifications into earnings for the periods indicated:
 
Three Months Ended June 30,
 
 
 
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
$
—

 
$
(1
)
 
Net gains (losses) from sales of available-for-sale securities
Held-to-maturity securities:
 
 
 
 
 
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
—

 
(1
)
 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
 
 
Amortization of actuarial losses, net of related taxes of $1 and ($1), respectively
3

 
1

 
Compensation and employee benefits expenses
Total reclassifications (out of) into AOCI
$
3

 
$
(1
)
 
 

 
Six Months Ended June 30,
 
 
 
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
)
 
$
2

 
Net gains (losses) from sales of available-for-sale securities
Held-to-maturity securities:
 
 
 
 
 
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
—

 
(1
)
 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
 
 
Amortization of actuarial losses, net of related taxes of ($2) and ($3), respectively
9

 
2

 
Compensation and employee benefits expenses
Total reclassifications (out of) into AOCI
$
(15
)
 
$
3