v3.19.3.a.u2
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Summary of the non-cumulative perpetual preferred stock
The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31:
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Issuance Date
 
Earliest Redemption Date
 
Dividend Rate
 
Liquidation Amount
 
Carrying Amount
 
Carrying Amount
 
(Dollars in millions)
Series A
11/1/2012
 
12/15/2017
 
6.375
%
 
 
$
500

 
$
387

 
$
387

Series B
4/29/2014
 
9/15/2024
 
6.375
%
(1) 
 
500

 
433

 
433

Series C
4/30/2019
 
5/15/2029
 
5.700
%
(2) 
 
500

 
490

 
—

 
 
 
 
 
 
 
 
$
1,500

 
$
1,310

 
$
820

_________
(1) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%.
(2) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%.
Schedule of Accumulated Other Comprehensive Income (Loss)
Activity within the balances in accumulated other comprehensive income (loss) is shown in the following tables for the years ended December 31: 
 
2019
 
Unrealized losses on securities transferred to held to maturity
 
Unrealized gains (losses) on securities available for sale
 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges
 
Defined benefit pension plans and other post
employment
benefits
 
Accumulated
other
comprehensive
income (loss),
net of tax
 
(In millions)
Beginning of year
$
(27
)
 
$
(397
)
 
$
(63
)
 
$
(477
)
 
$
(964
)
Net change
5

 
602

 
385

 
(118
)
 
874

End of year
$
(22
)
 
$
205

 
$
322

 
$
(595
)
 
$
(90
)
 
2018
 
Unrealized losses on securities transferred to held to maturity
 
Unrealized gains (losses) on securities available for sale
 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges
 
Defined benefit pension plans and other post employment benefits
 
Accumulated other
comprehensive
income (loss),
net of tax
 
(In millions)
Beginning of year
$
(33
)
 
$
(153
)
 
$
(51
)
 
$
(512
)
 
$
(749
)
Net change
6

 
(244
)
 
(12
)
 
35

 
(215
)
End of year
$
(27
)
 
$
(397
)
 
$
(63
)
 
$
(477
)
 
$
(964
)
 
2017
 
Unrealized losses on securities transferred to held to maturity
 
Unrealized gains (losses) on securities available for sale
 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges
 
Defined benefit pension plans and other post employment benefits
 
Accumulated other
comprehensive
income (loss),
net of tax
 
(In millions)
Beginning of year
$
(33
)
 
$
(106
)
 
$
11

 
$
(422
)
 
$
(550
)
Net change
6

 
(12
)
 
(51
)
 
(9
)
 
(66
)
Reclassification of the Tax Reform related revaluation of deferred tax items within AOCI
(6
)
 
(35
)
 
(11
)
 
(81
)
 
(133
)
End of year
$
(33
)
 
$
(153
)
 
$
(51
)
 
$
(512
)
 
$
(749
)
Reclassification From Accumulated Other Comprehensive Income (Loss)
The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31:
 
 
2019
 
2018
 
2017
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1)
Affected Line Item in the Consolidated Statements of Income
 
 
(In millions)
 
Unrealized losses on securities transferred to held to maturity:
 
 
 
 
 
 
 
 
 
$
(7
)
 
$
(9
)
 
$
(10
)
Net interest income and other financing income
 
 
2

 
3

 
4

Tax (expense) or benefit
 
 
$
(5
)
 
$
(6
)
 
$
(6
)
Net of tax
Unrealized gains and (losses) on available for sale securities:
 
 
 
 
 
 
 
 
 
$
(28
)
 
$
—

 
$
19

Securities gains (losses), net
 
 
7

 
—

 
(7
)
Tax (expense) or benefit
 
 
$
(21
)
 
$
—

 
$
12

Net of tax
 
 
 
 
 
 
 
 
Gains and (losses) on cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
 
$
(24
)
 
$
12

 
$
86

Net interest income and other financing income
 
 
6

 
(3
)
 
(33
)
Tax (expense) or benefit
 
 
$
(18
)
 
$
9

 
$
53

Net of tax
 
 
 
 
 
 
 
 
Amortization of defined benefit pension plans and other post employment benefits:
 
 
 
 
 
 
 
Actuarial gains (losses) and settlements
(2) 
$
(43
)
 
$
(36
)
 
$
(48
)
Other non-interest expense
 
 
11

 
8

 
17

Tax (expense) or benefit
 
 
$
(32
)
 
$
(28
)
 
$
(31
)
Net of tax
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(76
)
 
$
(25
)
 
$
28

Net of tax
_________
(1) Amounts in parentheses indicate reductions to net income.
(2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost and are included in other non-interest expense on the consolidated statements of income (see Note 18 for additional details).