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Equity (Tables)
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Preferred Stock [Table Text Block]
Preferred Stock
The following table displays our senior preferred stock and preferred stock outstanding.
 
 
 
 
Issued and Outstanding as of December 31,
 
 
 
Annual Dividend Rate as of December 31, 2016
 
 
 
 
 
 
 
2016
 
2015
 
Stated Value per Share
 
 
 
 
Title
 
Issue Date
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
Redeemable on or After
 
(Dollars and shares in millions, except per share amounts)
 
Senior Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series 2008-2
 
September 8, 2008
 
1

 
$
117,149

 
1

 
$
117,149

 
$
117,149

(1) 
N/A
(2) 
N/A
(3) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series D
 
September 30, 1998
 
3

 
$
150

 
3

 
$
150

 
$
50

 
5.250
%
September 30, 1999
 
Series E
 
April 15, 1999
 
3

 
150

 
3

 
150

 
50

 
5.100
 
April 15, 2004
 
Series F
 
March 20, 2000
 
14

 
690

 
14

 
690

 
50

 
0.730
(4) 
March 31, 2002
(5) 
Series G
 
August 8, 2000
 
6

 
288

 
6

 
288

 
50

 
0.610
(6) 
September 30, 2002
(5) 
Series H
 
April 6, 2001
 
8

 
400

 
8

 
400

 
50

 
5.810
 
April 6, 2006
 
Series I
 
October 28, 2002
 
6

 
300

 
6

 
300

 
50

 
5.375
 
October 28, 2007
 
Series L
 
April 29, 2003
 
7

 
345

 
7

 
345

 
50

 
5.125
 
April 29, 2008
 
Series M
 
June 10, 2003
 
9

 
460

 
9

 
460

 
50

 
4.750
 
June 10, 2008
 
Series N
 
September 25, 2003
 
5

 
225

 
5

 
225

 
50

 
5.500
 
September 25, 2008
 
Series O
 
December 30, 2004
 
50

 
2,500

 
50

 
2,500

 
50

 
7.000
(7) 
December 31, 2007
 
Convertible Series 2004-I(8)
 
December 30, 2004
 

 
2,492

 

 
2,492

 
100,000

 
5.375
 
January 5, 2008
 
Series P
 
September 28, 2007
 
40

 
1,000

 
40

 
1,000

 
25

 
4.500
(9) 
September 30, 2012
 
Series Q
 
October 4, 2007
 
15

 
375

 
15

 
375

 
25

 
6.750
 
September 30, 2010
 
Series R(10)
 
November 21, 2007
 
21

 
530

 
21

 
530

 
25

 
7.625
 
November 21, 2012
 
Series S
 
December 11, 2007
 
280

 
7,000

 
280

 
7,000

 
25

 
7.750
(11) 
December 31, 2010
(12) 
Series T(13)
 
May 19, 2008
 
89

 
2,225

 
89

 
2,225

 
25

 
8.250
 
May 20, 2013
 
Total
 
 
 
556

 
$
19,130

 
556

 
$
19,130

 
 
 
 
 
 
 
__________
(1) 
Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2016 was $117,149.
(2) 
For the dividend period ended December 31, 2016, the dividend is calculated based on our net worth as of September 30, 2016, less the applicable capital reserve amount of $1.2 billion. The capital reserve amount is $600 million for each dividend period in 2017. For each dividend period beginning in 2018, the dividend amount will be the entire amount of our net worth, if any, as of the end of the immediately preceding fiscal quarter.
(3) 
Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be repaid only in conjunction with termination of the senior preferred stock purchase agreement.
(4) 
Rate effective March 31, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.
(5) 
Represents initial call date. Redeemable every two years thereafter.
(6) 
Rate effective September 30, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.
(7) 
Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.
(8) 
Issued and outstanding shares were 24,922 as of December 31, 2016 and 2015.
(9) 
Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.
(10) 
On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance.
(11) 
Rate effective December 31, 2016. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.
(12) 
Represents initial call date. Redeemable every five years thereafter.
(13) 
On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2.0 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Accumulated Other Comprehensive Income
The following table displays our accumulated other comprehensive income.
 
As of December 31,
 
2016
 
2015
 
2014
 
(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI, net of tax
$
135

 
$
455

 
$
592

Net unrealized gains on AFS securities for which we have recorded OTTI, net of tax
581

 
903

 
1,529

Prior service credit (cost) and actuarial gains (losses), net of amortization, and other, net of tax
43

 
49

 
(388
)
Accumulated other comprehensive income
$
759

 
$
1,407

 
$
1,733

The table below displays changes in accumulated other comprehensive income, net of tax.
 
For the Year Ended December 31,
 
2016
 
2015
 
 AFS Securities(1)
 
Other
 
Total
 
AFS Securities(1)
 
Other(2)
 
Total
 
 
Beginning balance
$
1,358

 
$
49

 
$
1,407

 
$
2,121

 
$
(388
)
 
$
1,733

Other comprehensive income (loss) before reclassifications
(55
)
 
2

 
(53
)
 
(280
)
 
17

 
(263
)
Amounts reclassified from other comprehensive income (loss)
(587
)
 
(8
)
 
(595
)
 
(483
)
 
420

 
(63
)
Net other comprehensive income (loss)
(642
)
 
(6
)
 
(648
)
 
(763
)
 
437

 
(326
)
Ending balance
$
716

 
$
43

 
$
759

 
$
1,358

 
$
49

 
$
1,407

__________
(1) 
The amounts reclassified from accumulated other comprehensive income represent the gain or loss recognized in earnings due to a sale of an AFS security or the recognition of a net impairment recognized in earnings, which are recorded in “Investments gains, net” in our consolidated statements of operations and comprehensive income.
(2) 
The amounts reclassified from accumulated other comprehensive income in 2015 includes a reclassification adjustment related to the termination of the defined benefit pension plans, which is recorded in “Administrative expenses” and “Provision for federal income taxes,” in our consolidated statements of operations and comprehensive income. The defined benefit pension plans were terminated and all remaining benefits were distributed during the third quarter of 2015.