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Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

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 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 March 31, 2022 (In millions)		Redemption Date(2)

Series D	February 2014	30,000,000	$	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 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 4.423% effective March 15, 2022	Quarterly	247		September 15, 2020
Series G	April 2016	20,000,000	500		1/4,000th	100,000		25		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.

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 March 31,
	2022						2021
(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	950		9.50		2		953		9.53		7
Series G	1,338		0.33		7		1,338		0.33		7

Total					$	20					$	25

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


	Three Months Ended March 31,
	2022				2021
	Dividends Declared per Share		Total (In millions)		Dividends Declared per Share		Total (In millions)
Common Stock	$	0.57	$	209	$	0.52	$	182

Stock Repurchase Program

The tables below present the activity under our common share repurchase program for the periods indicated:


Three Months Ended March 31, 2022		Three Months Ended March 31, 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)

	—	$	—	$	—	6.2	$	76.21	$	475

Schedule of 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)	2022		2021
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 hedges	140		(21)

Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries	132		(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 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, 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 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	15		(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)

Schedule of Reclassifications Out of AOCI

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


	Three Months Ended March 31,
	2022		2021
(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)

- 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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