In connection with the card product misclassification described in Note 1: Background and Basis of Presentation — Restatement of Financial Statements, the Company determined that corrections to the financial statements for the impacts of the card product misclassification were required for all impacted periods presented in this Form 10-K/A. The Company has made these corrections to the recognition of discount and interchange revenue, other expense and income tax expense, as well as the related impacts to assets, liabilities and retained earnings in the current and prior periods presented in this Form 10-K/A. Assets were impacted by adjustments to deferred tax assets, and liabilities were impacted by an adjustment to the liability for estimated refunds to merchants and merchant acquirers.

The restatement impacts to the Company's consolidated statements of financial condition were as shown below (dollars in millions):


	December 31, 2023						December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Assets
Other assets	$	5,667	$	191	$	5,858	$	4,597	$	145	$	4,742
Total assets	$	151,522	$	191	$	151,713	$	131,706	$	145	$	131,851

Liabilities and Stockholders' Equity
Liabilities
Accrued expenses and other liabilities	$	6,432	$	784	$	7,216	$	5,618	$	594	$	6,212
Total liabilities	$	136,694	$	784	$	137,478	$	117,362	$	594	$	117,956

Stockholders' Equity
Retained earnings	$	30,448	$	(593)	$	29,855	$	28,207	$	(449)	$	27,758
Total stockholders' equity	$	14,828	$	(593)	$	14,235	$	14,344	$	(449)	$	13,895
Total liabilities and stockholders' equity	$	151,522	$	191	$	151,713	$	131,706	$	145	$	131,851

The restatement impacts to the Company's consolidated statements of income were as shown below (dollars in millions, except for share amounts):


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Other income
Discount and interchange revenue, net	$	1,447	$	(66)	$	1,381	$	1,380	$	(77)	$	1,303
Total other income	$	2,761	$	(66)	$	2,695	$	2,294	$	(77)	$	2,217

Other expense
Other expense	$	680	$	123	$	803	$	540	$	—	$	540
Total other expense	$	6,016	$	123	$	6,139	$	5,216	$	—	$	5,216

Income before income taxes	$	3,826	$	(189)	$	3,637	$	5,718	$	(77)	$	5,641
Income tax expense	$	886	$	(45)	$	841	$	1,344	$	(19)	$	1,325
Net income	$	2,940	$	(144)	$	2,796	$	4,374	$	(58)	$	4,316
Net income allocated to common stockholders	$	2,859	$	(144)	$	2,715	$	4,286	$	(58)	$	4,228
Basic earnings per common share	$	11.27	$	(0.56)	$	10.71	$	15.45	$	(0.20)	$	15.25
Diluted earnings per common share	$	11.26	$	(0.56)	$	10.70	$	15.44	$	(0.21)	$	15.23


	For the Year Ended December 31, 2021
		As Previously Reported		Restatement Impacts		As Restated
Other income
Discount and interchange revenue, net		$	1,188	$	(44)	$	1,144
Total other income		$	2,534	$	(44)	$	2,490





Income before income taxes		$	7,028	$	(44)	$	6,984
Income tax expense		$	1,606	$	(10)	$	1,596
Net income		$	5,422	$	(34)	$	5,388
Net income allocated to common stockholders		$	5,323	$	(34)	$	5,289
Basic earnings per common share		$	17.75	$	(0.11)	$	17.64
Diluted earnings per common share		$	17.74	$	(0.11)	$	17.63

The restatement impacts to the Company's consolidated statements of comprehensive income were as shown below (dollars in millions):


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Net income	$	2,940	$	(144)	$	2,796	$	4,374	$	(58)	$	4,316
Comprehensive income	$	3,054	$	(144)	$	2,910	$	4,129	$	(58)	$	4,071

The restatement impacts to the Company's consolidated statements of changes in stockholders' equity were as shown below (dollars in millions):





















	Retained Earnings		Total Stockholders' Equity
As Previously Reported
For the Year Ended December 31, 2021
Balance at December 31, 2020	$	19,754	$	10,683
Net income	$	5,422	$	5,422
Balance at December 31, 2021	$	24,538	$	13,180

Restatement Impacts
For the Year Ended December 31, 2021
Balance at December 31, 2020	$	(357)	$	(357)
Net income	$	(34)	$	(34)
Balance at December 31, 2021	$	(391)	$	(391)

As Restated
For the Year Ended December 31, 2021
Balance at December 31, 2020	$	19,397	$	10,326
Net income	$	5,388	$	5,388
Balance at December 31, 2021	$	24,147	$	12,789


	Retained Earnings		Total Stockholders' Equity
As Previously Reported
For the Year Ended December 31, 2022
Balance at December 31, 2021	$	24,538	$	13,180
Net income	$	4,374	$	4,374
Balance at December 31, 2022	$	28,207	$	14,344

Restatement Impacts
For the Year Ended December 31, 2022
Balance at December 31, 2021	$	(391)	$	(391)
Net income	$	(58)	$	(58)
Balance at December 31, 2022	$	(449)	$	(449)

As Restated
For the Year Ended December 31, 2022
Balance at December 31, 2021	$	24,147	$	12,789
Net income	$	4,316	$	4,316
Balance at December 31, 2022	$	27,758	$	13,895

	Retained Earnings		Total Stockholders' Equity
As Previously Reported
For the Year Ended December 31, 2023
Balance at December 31, 2022	$	28,207	$	14,344
Net income	$	2,940	$	2,940
Balance at December 31, 2023	$	30,448	$	14,828

Restatement Impacts
For the Year Ended December 31, 2023
Balance at December 31, 2022	$	(449)	$	(449)
Net income	$	(144)	$	(144)
Balance at December 31, 2023	$	(593)	$	(593)

As Restated
For the Year Ended December 31, 2023
Balance at December 31, 2022	$	27,758	$	13,895
Net income	$	2,796	$	2,796
Balance at December 31, 2023	$	29,855	$	14,235

The restatement impacts to the Company's consolidated statements of cash flows were as shown below (dollars in millions):


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Cash flows provided by operating activities
Net income	$	2,940	$	(144)	$	2,796	$	4,374	$	(58)	$	4,316
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	$	(626)	$	(45)	$	(671)	$	(433)	$	(19)	$	(452)
Changes in assets and liabilities:

Increase in accrued expenses and liabilities	$	739	$	189	$	928	$	1,104	$	77	$	1,181
Net cash provided by operating activities	$	8,563	$	—	$	8,563	$	7,140	$	—	$	7,140


	For the Year Ended December 31, 2021
		As Previously Reported		Restatement Impacts		As Restated
Cash flows provided by operating activities
Net income		$	5,422	$	(34)	$	5,388
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes		$	318	$	(10)	$	308
Changes in assets and liabilities:

Increase in accrued expenses and liabilities		$	446	$	44	$	490
Net cash provided by operating activities		$	6,019	$	—	$	6,019

The restatement impacts to the Parent Company's condensed statements of financial condition were as shown below (dollars in millions):


	December 31, 2023						December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated

Investment in bank subsidiary(1)	$	12,791	$	(451)	$	12,340	$	11,685	$	(406)	$	11,279
Investments in non-bank subsidiaries(1)	$	1,116	$	(142)	$	974	$	877	$	(43)	$	834
Total assets	$	20,012	$	(593)	$	19,419	$	18,307	$	(449)	$	17,858

Liabilities and Stockholders’ Equity
Stockholders' equity	$	14,828	$	(593)	$	14,235	$	14,344	$	(449)	$	13,895
Total liabilities and stockholders' equity	$	20,012	$	(593)	$	19,419	$	18,307	$	(449)	$	17,858

The restatement impacts to the Parent Company's condensed statements of income and the related impacts to the condensed statements of comprehensive income were as shown below (dollars in millions):


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Equity in undistributed net income of subsidiaries	$	1,179	$	(144)	$	1,035	$	(242)	$	(58)	$	(300)
Net income	$	2,940	$	(144)	$	2,796	$	4,374	$	(58)	$	4,316
Comprehensive income	$	3,054	$	(144)	$	2,910	$	4,129	$	(58)	$	4,071


	For the Year Ended December 31, 2021
	As Previously Reported		Restatement Impacts		As Restated
Equity in undistributed net income of subsidiaries	$	2,323	$	(34)	$	2,289
Net income	$	5,422	$	(34)	$	5,388
Comprehensive income	$	5,283	$	(34)	$	5,249

The restatement impacts to the Parent Company's condensed statements of cash flows were as shown below (dollars in millions):


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	As Previously Reported		Restatement Impacts		As Restated		As Previously Reported		Restatement Impacts		As Restated
Cash flows provided by operating activities
Net income	$	2,940	$	(144)	$	2,796	$	4,374	$	(58)	$	4,316
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	$	(1,179)	$	144	$	(1,035)	$	242	$	58	$	300
Net cash provided by operating activities	$	1,720	$	—	$	1,720	$	4,425	$	—	$	4,425


	For the Year Ended December 31, 2021
	As Previously Reported		Restatement Impacts		As Restated
Cash flows provided by operating activities
Net income	$	5,422	$	(34)	$	5,388
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	$	(2,323)	$	34	$	(2,289)
Net cash provided by operating activities	$	3,169	$	—	$	3,169