XML 91 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 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 December 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:
 
Years Ended December 31,
 
2017
 
2016
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
Common Stock
$
1.60

 
$
596

 
$
1.44

 
$
559

The following table present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
 
Years Ended December 31,
 
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
$
5,250

 
$
1.32

 
$
26

 
$
5,250

 
$
1.32

 
$
26

Series D
5,900

 
1.48

 
44

 
5,900

 
1.48

 
44

Series E
6,000

 
1.52

 
45

 
6,000

 
1.52

 
45

Series F
5,250

 
52.50

 
40

 
5,250

 
52.50

 
40

Series G
5,352

 
1.32

 
27

 
3,626

 
0.90

 
18

Total
 
 
 
 
$
182

 
 
 
 
 
$
173
Stock Repurchase Program
The table below presents the activity under both the 2017 Program and 2016 Program during the year ended December 31, 2017:
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
2016 Program(1)
9.4

 
$
79.93

 
$
750

2017 Program
7.4

 
94.54

 
700

Total
16.8

 
$
86.37

 
$
1,450


 
 
 
 
(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-K.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI as of the dates indicated:
 
December 31
(In millions)
2017
 
2016
 
2015
Net unrealized gains (losses) on cash flow hedges
$
(56
)
 
$
229

 
$
293

Net unrealized gains (losses) on available-for-sale securities portfolio
148

 
(225
)
 
9

Net unrealized gains (losses) related to reclassified available-for-sale securities
19

 
25

 
(28
)
Net unrealized gains (losses) on available-for-sale securities
167

 
(200
)
 
(19
)
Net unrealized losses on available-for-sale securities designated in fair value hedges
(64
)
 
(86
)
 
(109
)
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries
(65
)
 
95

 
(14
)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(6
)
 
(9
)
 
(16
)
Net unrealized losses on retirement plans
(170
)
 
(194
)
 
(183
)
Foreign currency translation
(815
)
 
(1,875
)
 
(1,394
)
Total
$
(1,009
)
 
$
(2,040
)
 
$
(1,442
)

The following table presents changes in AOCI by component, net of related taxes, for the periods indicated:
(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, 2015
$
293

 
$
(128
)
 
$
(14
)
 
$
(16
)
 
$
(183
)
 
$
(1,394
)
 
$
(1,442
)
Other comprehensive income (loss) before reclassifications
(64
)
 
(164
)
 
109

 
8

 
—

 
(478
)
 
(589
)
Amounts reclassified into (out of) earnings
—

 
6

 
—

 
(1
)
 
(11
)
 
(3
)
 
(9
)
Other comprehensive income (loss)
(64
)
 
(158
)
 
109

 
7

 
(11
)
 
(481
)
 
(598
)
Balance as of December 31, 2016
$
229

 
$
(286
)
 
$
95

 
$
(9
)
 
$
(194
)
 
$
(1,875
)
 
$
(2,040
)
Other comprehensive income (loss) before reclassifications
(285
)
 
412

 
(160
)
 
3

 
—

 
1,059

 
1,029

Amounts reclassified into (out of) earnings
—

 
(23
)
 
—

 
—

 
24

 
1

 
2

Other comprehensive income (loss)
(285
)
 
389

 
(160
)
 
3

 
24

 
1,060

 
1,031

Balance as of December 31, 2017
$
(56
)
 
$
103

 
$
(65
)
 
$
(6
)
 
$
(170
)
 
$
(815
)
 
$
(1,009
)
Schedule of Reclassifications Out of AOCI
The following table presents after-tax reclassifications into earnings for the periods indicated:
 
Years Ended December 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 ($4), respectively
$
(23
)
 
$
6

 
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, net of related taxes of $0 and $1, respectively
—

 
(1
)
 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
 
 
Amortization of actuarial losses, net of related taxes of ($8) and ($1), respectively
24

 
(11
)
 
Compensation and employee benefits expenses
Foreign currency translation:
 
 
 
 
 
Sales of non-U.S. entities, net of related taxes of $0 and ($2), respectively
1

 
(3
)
 
Processing fees and other revenue
Total reclassifications (out of) into AOCI
$
2

 
$
(9
)