v3.20.4
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2020
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:
20202019
Issuance DateEarliest Redemption Date
Dividend Rate (1)
Liquidation AmountLiquidation preference per ShareLiquidation preference per Depositary ShareOwnership Interest per Depositary ShareCarrying AmountCarrying Amount
(Dollars in millions)
Series A11/1/201212/15/20176.375 %$500 $1,000 $25 1/40th$387 $387 
Series B4/29/20149/15/20246.375 %
(2)
500 1,000 25 1/40th433 433 
Series C4/30/20195/15/20295.700 %
(3)
500 1,000 25 1/40th490 490 
Series D6/5/20209/15/20255.750 %
(4)
350 100,000 1,000 1/100th346 — 
$1,850 $1,656 $1,310 
_________
(1)Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears.
(2)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%.
(3)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%.
(4)Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year treasury rate as of the most recent reset dividend determination date plus 5.426%.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables present the balances and activity in AOCI on a pre-tax and net of tax basis for the years ended December 31: 
 2020
 Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
 (In millions)
Total accumulated other comprehensive income (loss), beginning of period$(120)$30 $(90)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(29)$7 $(22)
Reclassification adjustments for amortization on unrealized losses (2)
8 (2)6 
Ending balance$(21)$5 $(16)
Unrealized gains (losses) on securities available for sale:
Beginning balance$274 $(69)$205 
Unrealized holding gains (losses) arising during the period792 (200)592 
Reclassification adjustments for securities (gains) losses realized in net income (3)
(4)1 (3)
Change in AOCI from securities available for sale activity in the period788 (199)589 
Ending balance$1,062 $(268)$794 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$430 $(108)$322 
Unrealized holding gains (losses) on derivatives arising during the period1,440 (363)1,077 
Reclassification adjustments for (gains) losses realized in net income (2)
(260)65 (195)
Change in AOCI from derivative activity in the period1,180 (298)882 
Ending balance$1,610 $(406)$1,204 
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(795)$200 $(595)
Net actuarial gains (losses) arising during the period(144)36 (108)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
47 (11)36 
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period(97)25 (72)
Ending balance$(892)$225 $(667)
Total other comprehensive income1,879 (474)1,405 
Total accumulated other comprehensive income, end of period$1,759 $(444)$1,315 
2019
Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
(In millions)
Total accumulated other comprehensive income (loss), beginning of period$(1,289)$325 $(964)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(36)$9 $(27)
Reclassification adjustments for amortization on unrealized losses (2)
7 (2)5 
Ending balance$(29)$7 $(22)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(531)$134 $(397)
Unrealized holding gains (losses) arising during the period777 (196)581 
Reclassification adjustments for securities (gains) losses realized in net income (3)
28 (7)21 
Change in AOCI from securities available for sale activity in the period805 (203)602 
Ending balance$274 $(69)$205 
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(84)$21 $(63)
Unrealized holding gains (losses) on derivatives arising during the period490 (123)367 
Reclassification adjustments for (gains) losses realized in net income (2)
24 (6)18 
Change in AOCI from derivative activity in the period514 (129)385 
Ending balance$430 $(108)$322 
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(638)$161 $(477)
Net actuarial gains (losses) arising during the period(200)50 (150)
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
43 (11)32 
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period(157)39 (118)
Ending balance$(795)$200 $(595)
Total other comprehensive income1,169 (295)874 
Total accumulated other comprehensive income (loss), end of period$(120)$30 $(90)
 2018
Pre-tax AOCI Activity
Tax Effect (1)
Net AOCI Activity
(In millions)
Total accumulated other comprehensive income (loss), beginning of period$(1,002)$253 $(749)
Unrealized losses on securities transferred to held to maturity:
Beginning balance$(45)12 $(33)
Reclassification adjustments for amortization on unrealized losses (2)
9 (3)6 
Ending balance$(36)9 $(27)
Unrealized gains (losses) on securities available for sale:
Beginning balance$(204)$51 $(153)
Unrealized holding gains (losses) arising during the period(327)83 (244)
Ending balance$(531)$134 $(397)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Beginning balance$(68)$17 $(51)
Unrealized holding gains (losses) on derivatives arising during the period(4)1 (3)
Reclassification adjustments for (gains) losses realized in net income (2)
(12)3 (9)
Change in AOCI from derivative activity in the period(16)4 (12)
Ending balance$(84)$21 $(63)
Defined benefit pension plans and other post employment benefit plans:
Beginning balance$(685)$173 $(512)
Net actuarial gains (losses) arising during the period11 (4)7 
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4)
36 (8)28 
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period47 (12)35 
Ending balance$(638)$161 $(477)
Total other comprehensive income(287)72 (215)
Total accumulated other comprehensive income (loss), end of period$(1,289)$325 $(964)
____
(1)The tax impact of each component of AOCI is calculated using an effective tax rate of approximately 25%.
(2)Reclassification amount is recognized in net interest income in the consolidated statements of income.
(3)Reclassification amount is recognized in securities gains (losses), net in the consolidated statements of income.
(4)Reclassification amount is recognized in other non-interest expense in the consolidated statements of income. Additionally, these accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 18 for additional details).