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Employee Stock Ownership Plan
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Employee Stock Ownership Plan
Employee Stock Ownership Plan

In 1989, the Company expanded its Employee Stock Ownership Plan (ESOP) through the introduction of a leveraged ESOP that funds certain benefits for employees who have met eligibility requirements. As of December 31, 2015 and 2014, there were 23,636,184 and 26,137,798 shares of common stock, respectively, outstanding and issued to the Companys ESOP.

During 2000, the ESOP entered into a loan agreement with the Company under which the benefits of the ESOP may be extended through 2035. As of December 31, 2015, the ESOP had outstanding borrowings from the Company of $12, which represents unearned compensation shown as a reduction in Shareholders’ equity.

Dividends on stock held by the ESOP are paid to the ESOP trust and, together with cash contributions from the Company, are (a) used by the ESOP to repay principal and interest, (b) credited to participant accounts, or (c) used for contributions to the Company’s defined contribution plans. Stock is allocated to participants based upon the ratio of the current year’s debt service to the sum of total outstanding principal and interest payments over the life of the debt. As of December 31, 2015, 17,690,600 shares of common stock had been released and allocated to participant accounts and 5,945,584 shares of common stock were available for future allocation to participant accounts.

Dividends on the stock used to repay principal and interest or credited to participant accounts are deductible for income tax purposes and, accordingly, are reflected net of their tax benefit in the Consolidated Statements of Changes in Shareholders’ Equity.

Annual expense related to the ESOP was $0, $2, and $0 in 2015, 2014 and 2013, respectively.

The Company paid dividends on the shares held by the ESOP of $38 in 2015, $40 in 2014 and $41 in 2013. The Company contributed to the ESOP $0, $2 and $0 in 2015, 2014 and 2013, respectively.