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Stockholders' Equity and Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Table - Changes in AOCI by Component, Net of Tax The tables below present changes in AOCI after the effects of our federal statutory tax rate of 21% for the periods presented, related to available-for-sale securities, cash flow hedges, and our defined benefit plans.
Table 11.1 - Changes in AOCI by Component, Net of Taxes
 
 
3Q 2020
(In millions)
 
AOCI Related
to Available-
for-Sale
Securities
AOCI Related
to Cash Flow
Hedge
Relationships
AOCI Related
to Defined
Benefit Plans
Total
Beginning balance
 

$1,210


($220
)

$58


$1,048

Other comprehensive income before reclassifications
 
4

—

—

4

Amounts reclassified from accumulated other comprehensive income
 
(20
)
6

(4
)
(18
)
Changes in AOCI by component
 
(16
)
6

(4
)
(14
)
Ending balance
 

$1,194


($214
)

$54


$1,034

 
 
YTD 2020
(In millions)
 
AOCI Related
to Available-
for-Sale
Securities
AOCI Related
to Cash Flow
Hedge
Relationships
AOCI Related
to Defined
Benefit Plans
Total
Beginning balance
 

$618


($244
)

$64


$438

Other comprehensive income before reclassifications
 
610

—

2

612

Amounts reclassified from accumulated other comprehensive income
 
(34
)
30

(12
)
(16
)
Changes in AOCI by component
 
576

30

(10
)
596

Ending balance
 

$1,194


($214
)

$54


$1,034

 
 
3Q 2019
(In millions)
 
AOCI Related
to Available-
for-Sale
Securities
AOCI Related
to Cash Flow
Hedge
Relationships
AOCI Related
to Defined
Benefit Plans
Total
Beginning balance
 

$633


($277
)

$87


$443

Other comprehensive income before reclassifications
 
173

—

—

173

Amounts reclassified from accumulated other comprehensive income
 
(49
)
19

(4
)
(34
)
Changes in AOCI by component
 
124

19

(4
)
139

Ending balance
 

$757


($258
)

$83


$582

 
 
YTD 2019
(In millions)
 
AOCI Related
to Available-
for-Sale
Securities
AOCI Related
to Cash Flow
Hedge
Relationships
AOCI Related
to Defined
Benefit Plans
Total
Beginning balance
 

$83


($315
)

$97


($135
)
Other comprehensive income before reclassifications
 
776

—

(2
)
774

Amounts reclassified from accumulated other comprehensive income
 
(102
)
57

(12
)
(57
)
Changes in AOCI by component
 
674

57

(14
)
717

Ending balance
 

$757


($258
)

$83


$582
Table - Reclassifications from AOCI to Net Income
The table below presents reclassifications from AOCI to net income, including the affected line items in our condensed consolidated statements of comprehensive income (loss).
Table 11.2 - Reclassifications from AOCI to Net Income
(In millions)
 
3Q 2020
3Q 2019
 
YTD 2020
YTD 2019
AOCI related to available-for-sale securities
 
 
 
 
 
 
Affected line items on the condensed consolidated statements of comprehensive income (loss):
 
 
 
 
 
 
Investment gains (losses), net
 

$26


$62

 

$43


$129

Income tax (expense) benefit
 
(6
)
(13
)
 
(9
)
(27
)
Net of tax
 
20

49

 
34

102

AOCI related to cash flow hedge relationships
 
 
 
 
 
 
Affected line items on the condensed consolidated statements of comprehensive income (loss):
 
 
 
 
 
 
Interest expense
 
(9
)
(24
)
 
(39
)
(72
)
Income tax (expense) benefit
 
3

5

 
9

15

Net of tax
 
(6
)
(19
)
 
(30
)
(57
)
AOCI related to defined benefit plans
 
 
 
 
 
 
Affected line items on the condensed consolidated statements of comprehensive income (loss):
 
 
 
 
 
 
Salaries and employee benefits
 
5

5

 
15

15

Income tax (expense) benefit
 
(1
)
(1
)
 
(3
)
(3
)
Net of tax
 
4

4

 
12

12

Total reclassifications in the period net of tax
 

$18


$34

 

$16


$57
Table - Senior Preferred Stock
The table below provides a summary of our senior preferred stock outstanding at September 30, 2020.
Table 11.3 - Senior Preferred Stock
(In millions, except initial liquidation preference price per share)
 
Shares
Authorized
Shares
Outstanding
Total
Par Value
Initial
Liquidation
Preference
Price per Share
Total
Liquidation
Preference
Non-draw Adjustment Dates:
 
 
September 8, 2008
 
1.00

1.00


$1.00


$1,000


$1,000

December 31, 2017
 
—

—

—

N/A

3,000

September 30, 2019
 
—

—

—

N/A

1,826

December 31, 2019
 
—

—

—

N/A

1,848

March 31, 2020
 
—

—

—

N/A

2,448

June 30, 2020
 
—

—

—

N/A

382

September 30, 2020
 
—

—

—

N/A

1,938

Total non-draw adjustments
 
1.00

1.00

1.00

 
12,442

Draw Dates:
 
 
 
 
 
 
November 24, 2008
 
—

—

—

N/A

13,800

March 31, 2009
 
—

—

—

N/A

30,800

June 30, 2009
 
—

—

—

N/A

6,100

June 30, 2010
 
—

—

—

N/A

10,600

September 30, 2010
 
—

—

—

N/A

1,800

December 30, 2010
 
—

—

—

N/A

100

March 31, 2011
 
—

—

—

N/A

500

September 30, 2011
 
—

—

—

N/A

1,479

December 30, 2011
 
—

—

—

N/A

5,992

March 30, 2012
 
—

—

—

N/A

146

June 29, 2012
 
—

—

—

N/A

19

March 30, 2018
 
—

—

—

N/A

312

Total draw adjustments
 
—

—

—

 
71,648

Total senior preferred stock
 
1.00

1.00


$1.00

 

$84,090