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Shareholders' Equity
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022:
Preferred Stock(1):
Issuance DateDepositary Shares IssuedAmount outstanding (in millions)
Ownership Interest Per Depositary Share
Liquidation Preference Per ShareLiquidation Preference Per Depositary Share
Per Annum Dividend Rate
Dividend Payment Frequency
Carrying Value as of March 31, 2022
(In millions)
Redemption Date(2)
Series DFebruary 201430,000,000 $750 1/4,000th$100,000 $25 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 2015250,000 250 1/100th100,000 1,000 5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 4.423% effective March 15, 2022Quarterly247 September 15, 2020
Series GApril 201620,000,000 500 1/4,000th100,000 25 5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709%Quarterly493 March 15, 2026
Series HSeptember 2018500,000 500 1/100th100,000 1,000 5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539%Semi-annually494 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.
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,
20222021
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$1,475 $0.37 $11 $1,475 $0.37 $11 
Series F950 9.50 2 953 9.53 7 
Series G1,338 0.33 7 1,338 0.33 7 
Total$20 $25 
In April 2022, we declared dividends on our series D, F, G and H preferred stock of approximately $1,475, $1,130, $1,338 and $2,813, respectively, per share, or approximately $0.37, $11.30, $0.33 and $28.13, respectively, per depositary share. These dividends total approximately $11 million, $3 million, $7 million and $14 million on our series D, F, G and H preferred stock, respectively, which will be paid in June 2022.
Common Stock
In September 2021, we completed a public offering of approximately 21.7 million shares of our common stock. The offering price was $87.60 per share and net proceeds totaled approximately $1.9 billion. We expect to use these net proceeds to finance our proposed acquisition of the BBH Investor Services business.
In December 2020, the Federal Reserve issued results of 2020 resubmission stress tests and authorized us to continue to pay common stock dividends at current levels and to resume repurchasing common shares in the first quarter of 2021. In January 2021, our Board authorized a share repurchase program for the repurchase of up to $475 million of our common stock through March 31, 2021. In April 2021, our Board authorized a share repurchase program for the repurchase of up to $425 million of our common stock through June 30, 2021, consistent with the limit set by the Federal Reserve. In July 2021, our Board authorized a share repurchase program for the repurchase of up to $3.0 billion of our common stock through the end of 2022.
In connection with our proposed acquisition of the BBH Investor Services business, we did not purchase any common stock during the third and fourth quarters of 2021 and during the first quarter of 2022 under the common share repurchase plan approved by our Board in July 2021.
The tables below present the activity under our common share repurchase program for the periods indicated:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
— $— $— 6.2 $76.21 $475 
The table below presents the dividends declared on common stock for the periods indicated:
Three Months Ended March 31,
20222021
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.57 $209 $0.52 $182 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI for the periods indicated:
Three Months Ended March 31,
(In millions)20222021
Net unrealized gains (losses) on cash flow hedges$(196)$57 
Net unrealized gains (losses) on available-for-sale securities portfolio(1,427)502 
Net unrealized gains (losses) related to reclassified available-for-sale securities(49)(46)
Net unrealized gains (losses) on available-for-sale securities(1,476)456 
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges140 (21)
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries132 (69)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit(2)(2)
Net unrealized (losses) on retirement plans(115)(170)
Foreign currency translation(1,181)(669)
Total$(2,698)$(418)
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated:
(In millions)Net Unrealized Gains (Losses) on Cash Flow HedgesNet Unrealized Gains (Losses) on Available-for-Sale SecuritiesNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesOther-Than-Temporary Impairment on Held-to-Maturity SecuritiesNet Unrealized Losses on Retirement PlansForeign Currency TranslationTotal
Balance as of December 31, 2021$(2)$(48)$68 $(2)$(130)$(1,019)$(1,133)
Other comprehensive income (loss) before reclassifications(178)(1,288)64 — — (162)(1,564)
Amounts reclassified into (out of) accumulated other comprehensive loss(16)— — — 15 — (1)
Other comprehensive income (loss)(194)(1,288)64 — 15 (162)(1,565)
Balance as of March 31, 2022$(196)$(1,336)$132 $(2)$(115)$(1,181)$(2,698)

(In millions)Net Unrealized Gains (Losses) on Cash Flow HedgesNet Unrealized Gains (Losses) on Available-for-Sale SecuritiesNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesOther-Than-Temporary Impairment on Held-to-Maturity SecuritiesNet Unrealized Losses on Retirement PlansForeign Currency TranslationTotal
Balance as of December 31, 2020$57 $848 $(204)$(2)$(178)$(334)$187 
Other comprehensive income (loss) before reclassifications15 (413)135 — — (335)(598)
Amounts reclassified into (out of) accumulated other comprehensive loss(15)— — — 8 — (7)
Other comprehensive income (loss)— (413)135 — 8 (335)(605)
Balance as of March 31, 2021$57 $435 $(69)$(2)$(170)$(669)$(418)
The following table presents after-tax reclassifications into earnings for the periods indicated:
Three Months Ended March 31,
20222021
(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 $6 and $6, respectively
$(16)$(15)Net interest income reclassified from other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $6 and $3, respectively
15 8 Compensation and employee benefits expenses
Total reclassifications into (out of) Accumulated other comprehensive loss$(1)$(7)