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Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Preferred Shares
The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of June 30, 2024:
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, 2024
(In millions)
Redemption Date(2)
Series GApril 201620,000,000 $500 1/4,000th100,000 25 
5.35%(3)
Quarterly$493 March 15, 2026
Series HSeptember 2018500,000 500 1/100th100,000 1,000 
Floating rate equal to the three-month CME term SOFR plus 2.801%, or 8.185% effective December 15, 2023
Semi-annually494 December 15, 2023
Series IJanuary 20241,500,000 1,500 1/100th100,000 1,000 
6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five year anniversary at the five-year U.S. Treasury rate plus 2.613%
Quarterly1,481 March 15, 2029
(1) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(2) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
(3) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock.
Dividends Declared
The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated:
Three Months Ended June 30,
20242023
(Dollars in millions, except per share amounts)Dividends Declared per ShareDividends Declared per Depositary ShareTotalDividends Declared per ShareDividends Declared per Depositary ShareTotal
Preferred Stock:
Series D$— $— $— $1,475 $0.37 $11 
Series F— — — 2,163 21.63 5 
Series G1,338 0.33 6 1,338 0.33 7 
Series H2,145 21.45 11 2,813 28.13 14 
Series I2,513 25.13 38 — — — 
Total$55 $37 
Six Months Ended June 30,
20242023
(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 $2,950 $0.74 $22 
Series F
2,336 23.36 6 4,254 42.54 11 
Series G
2,675 0.67 13 2,675 0.66 13 
Series H
4,214 42.14 21 2,813 28.13 14 
Series I2,513 25.13 38 — — — 
Total
$89 $60 
The tables below present the dividends declared on common stock for the periods indicated:
Three Months Ended June 30,
20242023
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$0.69 $207 $0.63 $203 
Six Months Ended June 30,
20242023
Dividends Declared per ShareTotal (In millions)Dividends Declared per ShareTotal (In millions)
Common Stock$1.38 $415 $1.26 $415 
Stock Repurchase Program
The table below presents the activity under our common share repurchase program for the period indicated:
Three Months Ended June 30,
20242023
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program2.7 $74.52 $200 — $— $— 
2023 Program— — — 14.8 71.08 1,050 
Six Months Ended June 30,
20242023
Shares Acquired
(In millions)
Average Cost per Share
Total Acquired
(In millions)
Shares Acquired (In millions)Average Cost per ShareTotal Acquired (In millions)
2024 Program4.0 $74.09 $300 — $— $— 
2023 Program— — — 28.4 80.93 2,300 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes:
(In millions)Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities(1)
Net Unrealized Losses on Retirement PlansForeign Currency TranslationNet Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. SubsidiariesTotal
Balance as of December 31, 2022$(359)$(1,817)$(143)$(1,751)$359 $(3,711)
Other comprehensive income (loss) before reclassifications58 44 — 207 (49)260 
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income75 106 12 — — 193 
Other comprehensive income (loss)133 150 12 207 (49)453 
Balance as of June 30, 2023$(226)$(1,667)$(131)$(1,544)$310 $(3,258)
Balance as of December 31, 2023$(131)$(947)$(145)$(1,400)$269 $(2,354)
Other comprehensive income (loss) before reclassifications30 (45)6 (358)243 (124)
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income(107)270 1 — — 164 
Other comprehensive income (loss)(77)225 7 (358)243 40 
Balance as of June 30, 2024$(208)$(722)$(138)$(1,758)$512 $(2,314)
(1) Includes after-tax net unamortized unrealized gains (losses) of ($454) million and ($530) million as of June 30, 2024 and December 31, 2023, respectively, related to AFS investment securities previously transferred to HTM.
Schedule of Reclassifications Out of AOCI
The following tables present after-tax reclassifications into earnings for the periods indicated:
Three Months Ended June 30,
20242023
(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 $15 and $20, respectively
$42 $54 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $14, respectively
40 38 Net interest income
Total amounts reclassified from accumulated other comprehensive income$82 $92 
Six Months Ended June 30,
20242023
(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 $98 and $39, respectively
$270 $106 Net interest income
Cash flow hedges:
Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of ($38) and $27, respectively
(107)75 Net interest income
Retirement plans:
Amortization of actuarial losses, net of related taxes of $0 and $5, respectively
1 12 Compensation and employee benefits expenses
Total amounts reclassified from accumulated other comprehensive income$164 $193