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Shareholders' Equity
 3 Months Ended
Mar. 31, 2023
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, 2023:
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, 2023
(In millions)
Redemption Date(2)
Series D(3)
February 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(4)(5)
May 2015250,000 250 1/100th100,000 1,000 
Floating rate equal to the three-month LIBOR plus 3.597%, or 8.463% effective March 15, 2023
Quarterly247 September 15, 2020
Series G(6)
April 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 H(7)
September 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) The dividend rate for the floating rate period of the Series D preferred stock that begins on March 15, 2024 and all subsequent floating rate periods will transition to a new, fixed rate in accordance with the LIBOR Act and the contractual terms of the Series D preferred stock.
(4) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date.
(5) In accordance with the LIBOR Act, the benchmark interest rate used to calculate the dividend rate of the Series F preferred stock issued and outstanding will transition from LIBOR to CME Term SOFR, plus 0.26161%, beginning with the September 15, 2023 dividend period.
(6) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
(7) In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from LIBOR to CME Term SOFR, plus 0.26161%.
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 March 31,
20232022
(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 F
2,092 20.92 5 950 9.50 2 
Series G
1,338 0.33 7 1,338 0.33 7 
Total
$23 $20 
Common Stock
In January 2023, our Board approved a share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023. We repurchased $1.25 billion of our common stock in the first quarter of 2023 under our 2023 share repurchase authorization.
The table below presents the activity under our common share repurchase program for the period indicated:
Three Months Ended March 31, 2023
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
2023 Program13.6 $91.57 $1,250 
The tables below present the dividends declared on common stock for the periods indicated:
Three Months Ended March 31,
20232022
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.63 $212 $0.57 $209 
Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2021$(2)$(50)$(130)$(1,019)$68 $(1,133)
Other comprehensive income (loss) before reclassifications(178)(1,288)— (162)64 (1,564)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(16)— 15 — — (1)
Other comprehensive income (loss)(194)(1,288)15 (162)64 (1,565)
Balance as of March 31, 2022$(196)$(1,338)$(115)$(1,181)$132 $(2,698)
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications14 194 — 172 (42)338 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income37 52 12 — — 101 
Other comprehensive income (loss)51 246 12 172 (42)439 
Balance as of March 31, 2023$(308)$(1,571)$(131)$(1,579)$317 $(3,272)
(1) Includes after-tax net unamortized unrealized gains (losses) related to AFS investment securities that have been transferred to HTM of ($697) million and ($749) million as of March 31, 2023 and December 31, 2022, respectively.

The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended March 31,
20232022
(In millions)
Amounts Reclassified into EarningsAffected Line Item in Consolidated Statement of Income
Investment securities:
Losses reclassified from accumulated other comprehensive
income into income, net of related taxes of $19 and $0, respectively
$52 $— Net interest income
Cash flow hedges:
(Gains) losses reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $(6), respectively
37 (16)Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $5 and $6, respectively
12 15 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$101 $(1)