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Available-for-Sale and Held-to-Maturity Securities
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
AVAILABLE-FOR-SALE AND HELD-TO-MATURITY SECURITIES
AVAILABLE-FOR-SALE AND HELD-TO-MATURITY SECURITIES
The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2015 and 2014 are shown in the following tables (dollars in millions): 
 
Amortized
Cost
 
Gross
Unrealized /
Unrecognized
Gains
 
Gross
Unrealized /
Unrecognized
Losses
 
Fair Value
December 31, 2015:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
11,888

 
$
41

 
$
(166
)
 
$
11,763

Agency debentures
551

 
18

 
(12
)
 
557

U.S. Treasuries
147

 
—

 
(4
)
 
143

Agency debt securities
55

 
—

 
—

 
55

Municipal bonds
35

 
—

 
—

 
35

Corporate bonds
5

 
—

 
(1
)
 
4

Total debt securities
12,681

 
59

 
(183
)
 
12,557

Publicly traded equity securities(1)
33

 
—

 
(1
)
 
32

Total available-for-sale securities
$
12,714

 
$
59

 
$
(184
)
 
$
12,589

Held-to-maturity securities:
 
 
 
 
 
 
 
Agency residential mortgage-backed securities and CMOs
$
10,353

 
$
149

 
$
(58
)
 
$
10,444

Agency debentures
127

 
—

 
(2
)
 
125

Agency debt securities
2,523

 
34

 
(13
)
 
2,544

Other non-agency debt securities
10

 
—

 
—

 
10

Total held-to-maturity securities
$
13,013

 
$
183

 
$
(73
)
 
$
13,123

 
 
 
 
 
 
 
 
December 31, 2014:

 
 
 
 
 

Available-for-sale securities:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
11,156

 
$
113

 
$
(105
)
 
$
11,164

Agency debentures
620

 
28

 
—

 
648

Agency debt securities
487

 
12

 
—

 
499

Municipal bonds
40

 
1

 
(1
)
 
40

Corporate bonds
5

 
—

 
(1
)
 
4

Total debt securities
12,308

 
154

 
(107
)
 
12,355

Publicly traded equity securities(1)
33

 
—

 
—

 
33

Total available-for-sale securities
$
12,341

 
$
154

 
$
(107
)
 
$
12,388

Held-to-maturity securities:
 
 
 
 
 
 
 
Agency residential mortgage-backed securities and CMOs
$
9,793

 
$
217

 
$
(39
)
 
$
9,971

Agency debentures
164

 
2

 
—

 
166

Agency debt securities
2,281

 
54

 
(6
)
 
2,329

Other non-agency debt securities
10

 
—

 
—

 
10

Total held-to-maturity securities
$
12,248

 
$
273

 
$
(45
)
 
$
12,476


(1)
Publicly traded equity securities consisted of investments in a mutual fund related to the Community Reinvestment Act.
Contractual Maturities
The contractual maturities of all available-for-sale and held-to-maturity debt securities at December 31, 2015 are shown below (dollars in millions): 
 
Amortized Cost
 
Fair Value
Available-for-sale debt securities:
 
 
 
Due within one year
$
—

 
$
—

Due within one to five years
41

 
41

Due within five to ten years
2,408

 
2,362

Due after ten years
10,232

 
10,154

Total available-for-sale debt securities
$
12,681

 
$
12,557

Held-to-maturity debt securities:
 
 
 
Due within one year
$
43

 
$
43

Due within one to five years
1,166

 
1,203

Due within five to ten years
3,611

 
3,643

Due after ten years
8,193

 
8,234

Total held-to-maturity debt securities
$
13,013

 
$
13,123


At December 31, 2015, the Company pledged $17 million of available-for-sale debt securities and $0.7 billion of held-to-maturity debt securities as collateral for derivatives and other purposes. At December 31, 2014, the Company pledged $1.6 billion of available-for-sale debt securities and $3.1 billion of held-to-maturity debt securities as collateral for repurchase agreements, derivatives and other purposes. The decrease in the amount of pledged debt securities was a result of the termination of the wholesale funding obligations during 2015.
Investments with Unrealized or Unrecognized Losses
The following tables show the fair value and unrealized or unrecognized losses on available-for-sale and held-to-maturity securities, aggregated by investment category, and the length of time that individual securities have been in a continuous unrealized or unrecognized loss position at December 31, 2015 and 2014 (dollars in millions):
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized /
Unrecognized
Losses
 
Fair Value
 
Unrealized /
Unrecognized
Losses
 
Fair Value
 
Unrealized /
Unrecognized
Losses
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
6,832

 
$
(88
)
 
$
2,496

 
$
(78
)
 
$
9,328

 
$
(166
)
Agency debentures
329

 
(12
)
 
9

 
—

 
338

 
(12
)
U.S. Treasuries
143

 
(4
)
 
—

 
—

 
143

 
(4
)
Agency debt securities
55

 
—

 
—

 
—

 
55

 
—

Municipal bonds
—

 
—

 
15

 
—

 
15

 
—

Corporate bonds
—

 
—

 
4

 
(1
)
 
4

 
(1
)
Publicly traded equity securities
32

 
(1
)
 
—

 
—

 
32

 
(1
)
Total temporarily impaired available-for-sale securities
$
7,391

 
$
(105
)
 
$
2,524

 
$
(79
)
 
$
9,915

 
$
(184
)
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
2,807

 
$
(25
)
 
$
1,495

 
$
(33
)
 
$
4,302

 
$
(58
)
Agency debentures
114

 
(2
)
 
—

 
—

 
114

 
(2
)
Agency debt securities
1,006

 
(10
)
 
134

 
(3
)
 
1,140

 
(13
)
Total temporarily impaired held-to-maturity securities
$
3,927

 
$
(37
)
 
$
1,629

 
$
(36
)
 
$
5,556

 
$
(73
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014:

 

 

 

 

 

Available-for-sale securities:
 
 
 
 
 
 
 
 


 


Debt securities:
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
403

 
$
(1
)
 
$
4,674

 
$
(104
)
 
$
5,077

 
$
(105
)
Agency debentures
—

 
—

 
9

 
—

 
9

 
—

Municipal bonds
3

 
—

 
16

 
(1
)
 
19

 
(1
)
Corporate bonds
—

 
—

 
5

 
(1
)
 
5

 
(1
)
Total temporarily impaired available-for-sale securities
$
406

 
$
(1
)
 
$
4,704

 
$
(106
)
 
$
5,110

 
$
(107
)
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities and CMOs
$
45

 
$
—

 
$
2,289

 
$
(39
)
 
$
2,334

 
$
(39
)
Agency debt securities
110

 
(1
)
 
560

 
(5
)
 
670

 
(6
)
Total temporarily impaired held-to-maturity securities
$
155

 
$
(1
)
 
$
2,849

 
$
(44
)
 
$
3,004

 
$
(45
)

    
    
The Company does not believe that any individual unrealized loss in the available-for-sale portfolio or unrecognized loss in the held-to-maturity portfolio as of December 31, 2015 represents a credit loss. The Company does not intend to sell the debt securities in an unrealized or unrecognized loss position as of the balance sheet date and it is not more likely than not that the Company will be required to sell the debt securities before the anticipated recovery of its remaining amortized cost of the debt securities in an unrealized or unrecognized loss position at December 31, 2015. There were no impairment losses recognized in earnings on available-for-sale or held-to-maturity securities during the years ended December 31, 2015 and 2014, respectively. There was a net impairment of $3 million recognized during the year ended December 31, 2013.
Included within the Company's securities portfolios are securities that have been written-down to a zero carrying value. The credit loss component of debt securities held by the Company that had a noncredit loss component previously recognized in other comprehensive income was $152 million at both December 31, 2015 and 2014 and $166 million as of December 31, 2013. Of these amounts, $123 million at both December 31, 2015 and 2014 and $121 million as of December 31, 2013 relates to debt securities that have been factored to zero, but the Company still holds legal title to these securities until maturity or until they are sold.

Gains (Losses) on Securities and Other
The detailed components of the gains (losses) on securities and other line item on the consolidated statement of income for the years ended December 31, 2015, 2014 and 2013 are as follows (dollars in millions):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Reclassification of deferred losses on cash flow hedges
$
(370
)
 
$
—

 
$
—

Hedge ineffectiveness
(1
)
 
(10
)
 
1

Gains on available-for-sale securities, net:
 
 
 
 
 
Gains on available-for-sale securities
58

 
$
42

 
$
69

Losses on available-for-sale securities
(20
)
 
—

 
(8
)
Subtotal
38

 
42

 
61

Gains (losses) on loans, net
2

 
4

 
(1
)
Gains (losses) on securities and other
$
(331
)
 
$
36

 
$
61


Gains (losses) on securities and other were $(331) million for the year ended December 31, 2015 compared to $36 million for the same period in 2014. Gains (losses) on securities and other for the year ended December 31, 2015 included $370 million of losses reclassified from accumulated comprehensive loss related to cash flow hedges. Gains (losses) on securities and other for the year ended December 31, 2014 included a gain of $7 million on the sale of one- to four-family loans modified as TDRs and a gain of $6 million recognized on the sale of available-for-sale non-agency CMOs. See Note 12—Other Borrowings for additional information.