XML 321 R40.htm IDEA: XBRL DOCUMENT v3.19.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019:
 
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
Series H
September 2018
 
500,000

 
1/100th
 
100,000

 
1,000

 
494

 
December 15, 2023
 
 
 
 
(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,
 
2019
 
2018
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
Common Stock
$
0.47

 
$
177

 
$
0.42

 
$
154

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,
 
2019
 
2018
(Dollars in millions, except per share amounts)
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total(1)
 
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total
Preferred Stock:
 
 
 
 
 
 
 
 
 
 
 
Series C
$
1,313

 
$
0.33

 
$
6

 
$
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
2,625

 
26.25

 
20

 
2,625

 
26.25

 
20

Series G
1,338

 
0.33

 
7

 
1,338

 
0.33

 
7

Series H
—

 
—

 
—

 
—

 
—

 
—

Total
 
 
 
 
$
55

 
 
 
 
 
$
55

 
 
 
 
 
(1) Dividends were paid in March 2019
Stock Repurchase Program The table below presents the activity under our common stock purchase program during the period indicated:
 
Three Months Ended March 31, 2019
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
2018 Program
4.2

 
$
70.93

 
$
300
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, 2019
 
December 31, 2018
Net unrealized (losses) on cash flow hedges
$
(71
)
 
$
(89
)
Net unrealized gains (losses) on available-for-sale securities portfolio
114

 
(193
)
Net unrealized gains related to reclassified available-for-sale securities
58

 
58

Net unrealized gains (losses) on available-for-sale securities
172

 
(135
)
Net unrealized (losses) on available-for-sale securities designated in fair value hedges
(56
)
 
(40
)
Net unrealized gains on hedges of net investments in non-U.S. subsidiaries
36

 
16

Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(3
)
 
(2
)
Net unrealized (losses) on retirement plans
(179
)
 
(143
)
Foreign currency translation
(1,079
)
 
(963
)
Total
$
(1,180
)
 
$
(1,356
)

The following table presents changes in AOCI by component, net of related taxes, for the periods indicated:
 
Three Months Ended March 31, 2019
(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, 2018
$
(89
)
 
$
(175
)
 
$
16

 
$
(2
)
 
$
(143
)
 
$
(963
)
 
$
(1,356
)
Other comprehensive income (loss) before reclassifications
24

 
270

 
23

 
1

 
—

 
(49
)
 
269

Reclassification of certain tax effects(1)
(6
)

21


(3
)

(1
)

(28
)

(67
)

(84
)
Amounts reclassified into (out of) earnings
—

 
—

 
—

 
(1
)
 
(8
)
 
—

 
(9
)
Other comprehensive income (loss)
18

 
291

 
20

 
(1
)
 
(36
)
 
(116
)
 
176

Balance as of March 31, 2019
$
(71
)
 
$
116

 
$
36

 
$
(3
)
 
$
(179
)
 
$
(1,079
)
 
$
(1,180
)

 
Three Months Ended March 31, 2018
(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, 2017
$
(56
)
 
$
103

 
$
(65
)
 
$
(6
)
 
$
(170
)
 
$
(815
)
 
$
(1,009
)
Other comprehensive income (loss) before reclassifications
(97
)
 
(130
)
 
(36
)
 
1

 
—

 
187

 
(75
)
Amounts reclassified into (out of) earnings
—

 
(1
)
 
—

 
(1
)
 
12

 
—

 
10

Other comprehensive income (loss)
(97
)
 
(131
)
 
(36
)
 
—

 
12

 
187

 
(65
)
Balance as of March 31, 2018
$
(153
)
 
$
(28
)
 
$
(101
)
 
$
(6
)
 
$
(158
)
 
$
(628
)
 
$
(1,074
)
 
 
 
 
 

(1) Represents the reclassification from accumulated other comprehensive income into retained earnings as a result of our adoption of ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in the first quarter of 2019.
Schedule of Reclassifications Out of AOCI The following table presents after-tax reclassifications into earnings for the periods indicated:
 
Three Months Ended March 31,
 
 
 
2019
 
2018
 
 
(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 zero and ($1), respectively
$
—

 
$
(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, net of related taxes of zero and zero, respectively
(1
)
 
(1
)
 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
 
 
Amortization of actuarial losses, net of related taxes of ($4) and $3, respectively
(8
)
 
12

 
Compensation and employee benefits expenses
Total reclassifications out of Accumulated other comprehensive loss
$
(9
)
 
$
10