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Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of June 30, 2021:

Preferred Stock(1):

Issuance Date

Depositary Shares Issued

Amount outstanding (in millions)

Ownership Interest Per Depositary Share

Liquidation Preference Per Share

Liquidation Preference Per Depositary Share

Per Annum Dividend Rate

Dividend Payment Frequency

Carrying Value as of June 30, 2021
(In millions)

Redemption Date(2)

Series D

February 2014

30,000,000

750

1/4,000th

100,000

5.90% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108%

Quarterly

742

March 15, 2024

Series F(3)

May 2015

250,000

250

1/100th

100,000

1,000

5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 3.71588% effective June 15, 2021

Quarterly

247

September 15, 2020

Series G

April 2016

20,000,000

500

1/4,000th

100,000

5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709%

Quarterly

493

March 15, 2026

Series H

September 2018

500,000

500

1/100th

100,000

1,000

5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539%

Semi-annually

494

December 15, 2023

(1) 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.

(2) On the redemption date, or any dividend payment 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.

(3) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date. We did not elect redemption on September 15, 2020 or December 15, 2020.

Dividends Declared

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 June 30,
	2021						2020
(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 D	$	1,475	$	0.37	$	11	$	1,475	$	0.37	$	11

Series F	966		9.66		2		—		—		—
Series G	1,338		0.33		7		1,338		0.33		7
Series H	2,813		28.13		14		2,813		28.13		14
Total					$	34					$	32

	Six Months Ended June 30,
	2021						2020
(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	$	—	$	—	$	—	$	1,313	$	0.33	$	6
Series D	2,950		0.74		22		2,950		0.74		22

Series F	1,919		19.19		9		2,625		26.25		20
Series G	2,676		0.66		14		2,676		0.66		14
Series H	2,813		28.13		14		2,813		28.13		14
Total					$	59					$	76

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


	Three Months Ended June 30,
	2021				2020
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	0.52	$	179	$	0.52	$	183

	Six Months Ended June 30,
	2021				2020
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	1.04	$	361	$	1.04	$	366

Stock Repurchase Program

The tables below present the activity under our common stock purchase program for the periods indicated:


Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)

	5.0	$	84.71	$	425	11.2	$	80.00	$	900


	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)		Shares Acquired (In millions)	Average Cost per Share		Total Acquired (In millions)

2019 Program		—	$	—	$	—	6.5	$	77.35	$	500

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the after-tax components of AOCI for the periods indicated:


	Six Months Ended June 30,
(In millions)	2021		2020
Net unrealized gains (losses) on cash flow hedges	$	53	$	53
Net unrealized gains (losses) on available-for-sale securities portfolio	467		899
Net unrealized gains (losses) related to reclassified available-for-sale securities	(46)		7
Net unrealized gains (losses) on available-for-sale securities	421		906
Net unrealized (losses) on available-for-sale securities designated in fair value hedges	(37)		(40)

Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries	(93)		68
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit	(2)		(2)
Net unrealized (losses) on retirement plans	(168)		(173)
Foreign currency translation	(596)		(1,242)
Total	$	(422)	$	(430)

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, 2020	$	57	$	848	$	(204)	$	(2)	$	(178)	$	(334)	$	187
Other comprehensive income (loss) before reclassifications	(37)		(464)		111		—		—		(262)		(652)

Amounts reclassified into earnings	33		—		—		—		10		—		43
Other comprehensive income (loss)	(4)		(464)		111		—		10		(262)		(609)
Balance as of June 30, 2021	$	53	$	384	$	(93)	$	(2)	$	(168)	$	(596)	$	(422)


(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, 2019	$	(70)	$	409	$	46	$	(2)	$	(187)	$	(1,072)	$	(876)
Other comprehensive income (loss) before reclassifications	103		456		22		—		—		(170)		411

Amounts reclassified into (out of) earnings	20		1		—		—		14		—		35
Other comprehensive income (loss)	123		457		22		—		14		(170)		446
Balance as of June 30, 2020	$	53	$	866	$	68	$	(2)	$	(173)	$	(1,242)	$	(430)

Schedule of Reclassifications Out of AOCI

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


	Three Months Ended June 30,
	2021		2020
(In millions)	Amounts Reclassified into (out of) Earnings				Affected Line Item in Consolidated Statement of Income







Cash flow hedges:
Gain reclassified from accumulated other comprehensive income into income, net of related taxes of $7 and $6, respectively	$	18	$	15	Losses reclassified (from) to other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $1 and $0, respectively	2		2		Compensation and employee benefits expenses



Total reclassifications into AOCI	$	20	$	17

	Six Months Ended June 30,
	2021		2020
(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 $0 and $1, respectively	$	—	$	1	Net gains (losses) from sales of available-for-sale securities



Cash flow hedges:
Gain reclassified from accumulated other comprehensive income into income, net of related taxes of $13 and $8	33		20		Net interest income reclassified from other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $4 and $4, respectively	10		14		Compensation and employee benefits expenses



Total reclassifications (into) out of Accumulated other comprehensive loss	$	43	$	35

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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