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Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
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, 2020
20202019Stated Value per Share 
TitleIssue DateSharesAmountSharesAmountRedeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2September 8, 20081 $120,836 1 $120,836 $120,836 
(1)
N/A
(2)
N/A
(3)
Preferred Stock
Series DSeptember 30, 19983 $150 3 $150 $50 5.250 %September 30, 1999
Series EApril 15, 19993 150 3 150 50 5.100 April 15, 2004
Series FMarch 20, 200014 690 14 690 50 0.150 
(4)
March 31, 2002
(5)
Series GAugust 8, 20006 288 6 288 50 — 
(6)
September 30, 2002
(5)
Series HApril 6, 20018 400 8 400 50 5.810 April 6, 2006
Series IOctober 28, 20026 300 6 300 50 5.375 October 28, 2007
Series LApril 29, 20037 345 7 345 50 5.125 April 29, 2008
Series MJune 10, 20039 460 9 460 50 4.750 June 10, 2008
Series NSeptember 25, 20035 225 5 225 50 5.500 September 25, 2008
Series ODecember 30, 200450 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 PSeptember 28, 200740 1,000 40 1,000 25 4.500 
(9)
September 30, 2012
Series QOctober 4, 200715 375 15 375 25 6.750 September 30, 2010
Series R(10)
November 21, 200721 530 21 530 25 7.625 November 21, 2012
Series SDecember 11, 2007280 7,000 280 7,000 25 7.750 
(11)
December 31, 2010
(12)
Series T(13)
May 19, 200889 2,225 89 2,225 25 8.250 May 20, 2013
Total556 $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, 2020 was $120,836.
(2)Dividends on the senior preferred stock are currently calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The applicable capital reserve amount was $3 billion for 2018 and the first and second quarters of 2019. The capital reserve amount increased to $25 billion effective for dividend periods beginning July 1, 2019 and ending September 30, 2020. The capital reserve amount, starting with the quarterly dividend period ending on December 31, 2020, increased to the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework described in “Note 12, Regulatory Capital Requirements.”
(3)Any liquidation preference of our senior preferred stock in excess of $1 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 billion liquidation preference may be repaid only in conjunction with termination of Treasury’s funding commitment under the senior preferred stock purchase agreement.
(4)Rate effective March 31, 2020. 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, 2020. 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, 2020. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7% or 10-year CMT rate plus 2.375%.
(8)Issued and outstanding shares were 24,922 as of December 31, 2020 and 2019.
(9)Rate effective December 31, 2020. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.5% 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, 2020. 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)
The following tables display net unrealized gains on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax.
As of
December 31, 2020
(Dollars in millions)
 Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses
$74 
Other
42 
Accumulated other comprehensive income
$116 
As of
December 31, 2019December 31, 2018
(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded other-than-temporary impairment (“OTTI”)
$97 $52 
Net unrealized gains on AFS securities for which we have recorded OTTI
— 224
Other
34 46 
Accumulated other comprehensive income
$131 $322