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Total Equity
 3 Months Ended
Mar. 31, 2016
Redeemable Noncontrolling Interests and Total Equity  
Total Equity

14. Total Equity.

Dividends and Share Repurchases.

During the quarters ended March 31, 2016 and 2015, the Company repurchased approximately $625 million and $250 million, respectively, of the Company’s outstanding common stock as part of its share repurchase program.

For a description of the share repurchase program, see Note 15 to the consolidated financial statements in the 2015 Form 10-K.

Preferred Stock.

For a description of Series A through Series J preferred stock issuances, see Note 15 to the consolidated financial statements in the 2015 Form 10-K. During the quarters ended March 31, 2016 and 2015, dividends declared on the Company’s outstanding preferred stock were $78 million. The Company is authorized to issue 30 million shares of preferred stock. The preferred stock has a preference over the common stock upon liquidation.

Preferred Stock Outstanding.
SharesCarrying Value
Outstanding LiquidationAtAt
At March 31,PreferenceMarch 31,December 31,
Series2016per Share20162015
(shares in millions)(dollars in millions)
A44,000$25,000$1,100$1,100
C(1)519,8821,000408408
E34,50025,000862862
F34,00025,000850850
G20,00025,000500500
H52,00025,0001,3001,300
I40,00025,0001,0001,000
J60,00025,0001,5001,500
Total$7,520$7,520

____________

(1) Series C is comprised of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $911 million, less the redemption of 640,909 shares of Series C Preferred Stock of $503 million, which were converted to common shares of approximately $705 million.

The Company’s preferred stock qualifies as Tier 1 capital in accordance with regulatory capital requirements (see Note 13).

Accumulated Other Comprehensive Income (Loss).

Changes in AOCI by Component, Net of Tax and Noncontrolling Interests.
Foreign Currency Translation AdjustmentsChange in Net Unrealized Gains (Losses) on AFS SecuritiesPensions, Postretirement and OtherDebt Valuation AdjustmentTotal
(dollars in millions)
Balance at December 31, 2015$(963)$(319)$(374)$—$(1,656)
Cumulative adjustment for accounting
change related to DVA(1)———(312)(312)
Change in OCI before reclassifications1324022228764
Amounts reclassified from AOCI(2)—(7)(1)(26)(34)
Net OCI during the period1323951202730
Balance at March 31, 2016$(831)$76$(373)$(110)$(1,238)

Balance at December 31, 2014$(663)$(73)$(512)$—$(1,248)
Change in OCI before reclassifications(220)215——(5)
Amounts reclassified from AOCI —(15)2—(13)
Net OCI during the period(220)2002—(18)
Balance at March 31, 2015$(883)$127$(510)$—$(1,266)

___________

  • In accordance with the early adoption of a provision of the accounting update Recognition and Measurement of Financial Assets and Financial Liabilities, a cumulative catch up adjustment was recorded as of January 1, 2016 to move the cumulative DVA amount, net of noncontrolling interest and tax, related to outstanding liabilities under the fair value option election from Retained earnings into AOCI. See Note 2 for further information.
  • Amounts reclassified from AOCI in the quarter ended March 31, 2016 are principally due to the realization of DVA upon early retirement of the associated instruments and are recognized within Trading revenues in the condensed consolidated statements of income. The associated tax impact in Provision for (benefit from) income taxes was $(15) million. See Note 2 for further information.

The Company had no significant reclassifications out of AOCI for the quarters ended March 31, 2016 and 2015.

Noncontrolling Interests.

Noncontrolling interests were $1,165 million and $1,002 million at March 31, 2016 and December 31, 2015, respectively. The increase in noncontrolling interests was primarily due to the consolidation of certain legal entities associated with merchant banking funds sponsored by the Company. See Note 2 for further information on the adoption of the accounting update Amendments to the Consolidation Analysis.