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Shareholders' Equity
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2022
(In millions)
Redemption Date(2)
Series DFebruary 201430,000,000 $750 1/4,000th$100,000 $25 
5.9% 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 5.426% effective June 15, 2022
Quarterly247 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 tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Three Months Ended June 30,
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 F1,130 11.30 3 966 9.66 2 
Series G1,338 0.33 7 1,338 0.33 7 
Series H2,813 28.13 14 2,813 28.13 14 
Total$35 $34 
Six Months Ended June 30,
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
$2,950 $0.74 $22 $2,950 $0.74 $22 
Series F
2,080 20.80 5 1,919 19.19 9 
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
$55 $59 
In July 2022, we declared dividends on our series D, F and G preferred stock of approximately $1,475, $1,387 and $1,338, respectively, per share, or approximately $0.37, $13.87 and $0.33, respectively, per depositary share. These dividends total approximately $11 million, $3 million and $7 million on our series D, F and G preferred stock, respectively, which will be paid in September 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 last half of 2021, as well as during the first half of 2022. In June 2022, we announced our intention to resume our common share repurchases during the fourth quarter of 2022 in an amount reflecting interest rate levels and market conditions at that time. Additionally, in July 2022, we declared third quarter common stock dividends of $0.63 per share, representing a 10% increase on a per share basis from both the third quarter 2021 and second quarter of 2022.
The table below presents the activity under our common share repurchase program for the periods indicated:
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
5.0 $84.71 $425 11.2 $80.00 $900 
The tables below present the dividends declared on common stock for the periods indicated:
Three Months Ended June 30,
20222021
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.57 $210 $0.52 $179 
Six Months Ended June 30,
20222021
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$1.14 $419 $1.04 $361 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI for the periods indicated:
Six Months Ended June 30,
(In millions)20222021
Net unrealized gains (losses) on cash flow hedges$(235)$53 
Net unrealized gains (losses) on available-for-sale securities portfolio(2,954)467 
Net unrealized gains (losses) related to reclassified available-for-sale securities860 (46)
Net unrealized gains (losses) on available-for-sale securities(2,094)421 
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges253 (37)
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries396 (93)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit(1)(2)
Net unrealized (losses) on retirement plans(115)(168)
Foreign currency translation(1,891)(596)
Total$(3,687)$(422)
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated:
(In millions)Net Unrealized Gains (Losses) on Cash Flow HedgesNet Unrealized Gains (Losses) on Available-for-Sale SecuritiesNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesOther-Than-Temporary Impairment on Held-to-Maturity SecuritiesNet Unrealized Losses on Retirement PlansForeign Currency TranslationTotal
Balance as of December 31, 2021$(2)$(48)$68 $(2)$(130)$(1,019)$(1,133)
Other comprehensive income (loss) before reclassifications(211)(1,793)328 1 (2)(872)(2,549)
Amounts reclassified into (out of) accumulated other comprehensive loss(22)— — — 17 — (5)
Other comprehensive income (loss)(233)(1,793)328 1 15 (872)(2,554)
Balance as of June 30, 2022$(235)$(1,841)$396 $(1)$(115)$(1,891)$(3,687)

(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 reclassifications29 (464)111 — — (262)(586)
Amounts reclassified into (out of) accumulated other comprehensive loss(33)— — — 10 — (23)
Other comprehensive income (loss)(4)(464)111 — 10 (262)(609)
Balance as of June 30, 2021$53 $384 $(93)$(2)$(168)$(596)$(422)
The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended June 30,
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 $3 and $7, respectively
$(6)$(18)Net interest income reclassified from other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $1 and $1, respectively
2 2 Compensation and employee benefits expenses
Total reclassifications into (out of) Accumulated other comprehensive loss$(4)$(16)
Six Months Ended June 30,
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 $9 and $13, respectively
$(22)$(33)Net interest income reclassified from other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $7 and $4, respectively
17 10 Compensation and employee benefits expenses
Total reclassifications into (out of) Accumulated other comprehensive loss$(5)$(23)