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Shareholders' Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of September 30, 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.
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 September 30,
 
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

 
Nine Months Ended September 30,
 
2019
 
2018
(Dollars in millions, except per share amounts)
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total
 
Dividends Declared per Share
 
Dividends Declared per Depositary Share
 
Total
Preferred Stock:
 
 
 
 
 
 
 
 
 
 
 
Series C
$
3,939

 
$
0.99

 
$
19

 
$
3,939

 
$
0.99

 
$
19

Series D
4,425

 
1.11

 
33

 
4,425

 
1.11

 
33

Series E
4,500

 
1.14

 
33

 
4,500

 
1.14

 
33

Series F
5,250

 
52.50

 
40

 
5,250

 
52.50

 
40

Series G
4,014

 
0.99

 
21

 
4,014

 
0.99

 
21

Series H
2,813

 
28.13

 
14

 
—

 
—

 
—

Total
 
 
 
 
$
160

 
 
 
 
 
$
146

 
 
(1) Dividends were paid in September 2019.

Common Stock
In June 2019, our Board approved a common stock purchase program authorizing the purchase of up to $2.0 billion of our common stock from July 1, 2019 through June 30, 2020 (the 2019 Program). We repurchased $500 million of our common stock in the third quarter of 2019 under the 2019 Program.
In June 2018, our Board approved a common stock purchase program authorizing the purchase of up to $1.2 billion of our common stock through June 30, 2019 (the 2018 Program). We repurchased $300 million of our common stock in each of the first and second quarters of 2019 under the 2018 Program.
The table below presents the activity under our common stock purchase program during the periods indicated:
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
 
Shares Acquired
(In millions)
 
Average Cost per Share
 
Total Acquired
(In millions)
2018 Program
—

 
$
—

 
$
—

 
8.8

 
$
67.97

 
$
600

2019 Program
9.4

 
$
53.15

 
$
500

 
9.4

 
$
53.15

 
$
500


The table below presents the dividends declared on common stock for the periods indicated:
 
Three Months Ended September 30,
 
2019

2018
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
Common Stock
$
0.52

 
$
189

 
$
0.47

 
$
179


 
Nine Months Ended September 30,
 
2019
 
2018
 
Dividends Declared per Share
 
Total
(In millions)
 
Dividends Declared per Share
 
Total
(In millions)
Common Stock
$
1.46

 
$
541

 
$
1.31

 
$
486


Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI as of the dates indicated:
(In millions)
September 30, 2019
 
December 31, 2018
Net unrealized (losses) on cash flow hedges
$
(63
)
 
$
(89
)
Net unrealized gains (losses) on available-for-sale securities portfolio
509

 
(193
)
Net unrealized gains related to reclassified available-for-sale securities
56

 
58

Net unrealized gains (losses) on available-for-sale securities
565

 
(135
)
Net unrealized (losses) on available-for-sale securities designated in fair value hedges
(41
)
 
(40
)
Net unrealized gains on hedges of net investments in non-U.S. subsidiaries
91

 
16

Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(1
)
 
(2
)
Net unrealized (losses) on retirement plans
(180
)
 
(143
)
Foreign currency translation
(1,356
)
 
(963
)
Total
$
(985
)
 
$
(1,356
)

The following table presents changes in AOCI by component, net of related taxes, for the periods indicated:
 
Nine Months Ended September 30, 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
22

 
678

 
78

 
3

 
—

 
(326
)
 
455

Reclassification of certain tax effects(1)
(6
)
 
21

 
(3
)
 
(1
)
 
(28
)
 
(67
)
 
(84
)
Amounts reclassified into (out of) earnings
10

 
—

 
—

 
(1
)
 
(9
)
 
—

 
—

Other comprehensive income (loss)
26

 
699

 
75

 
1

 
(37
)
 
(393
)
 
371

Balance as of September 30, 2019
$
(63
)
 
$
524

 
$
91

 
$
(1
)
 
$
(180
)
 
$
(1,356
)
 
$
(985
)

 
Nine Months Ended September 30, 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
(42
)
 
(452
)
 
54

 
4

 
—

 
(298
)
 
(734
)
Amounts reclassified into (out of) earnings
15

 
6

 
—

 
(3
)
 
14

 
—

 
32

Other comprehensive income (loss)
(27
)
 
(446
)
 
54

 
1

 
14

 
(298
)
 
(702
)
Balance as of September 30, 2018
$
(83
)
 
$
(343
)
 
$
(11
)
 
$
(5
)
 
$
(156
)
 
$
(1,113
)
 
$
(1,711
)
 
 
 
 
 

(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.

The following table presents after-tax reclassifications into earnings for the periods indicated:
 
Three Months Ended September 30,
 
 
 
2019
 
2018
 
 
(In millions)
Amounts Reclassified into
(out of) Earnings(1)
 
Affected Line Item in Consolidated Statement of Income
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
)
 
Losses reclassified (from) to other comprehensive income
Cash flow hedges:
 
 
 
 
 
Gain or (loss) reclassified from accumulated other comprehensive income into Income, net of related taxes of $1 and $2
3

 
$
4

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

 
Compensation and employee benefits expenses
Total reclassifications out of Accumulated other comprehensive loss
$
2

 
$
4

 
 
 
 
 
 
 
(1) We had no net realized gains or losses from sales of AFS securities that were reclassified into (out of) earnings in both the three months ended September 30, 2019 and 2018.
 
Nine Months Ended September 30,
 
 
 
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 ($2), respectively
$
—

 
$
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 zero and $1, respectively
(1
)
 
(3
)
 
Losses reclassified (from) to other comprehensive income
Cash flow hedges:
 
 
 
 
 
Gain reclassified from accumulated other comprehensive income into Income, net of related taxes of $4 and $6
10

 
15

 
Net interest income reclassified from other comprehensive income
Retirement plans:
 
 
 
 
 
Amortization of actuarial losses, net of related taxes of ($5) and $5, respectively
(9
)
 
14

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

 
$
32