Preferred Stock

6 Months Ended

Jun. 30, 2016

Preferred Stock, Including Additional Paid in Capital [Abstract]

Preferred Stock [Text Block]

Preferred Stock

The following table summarizes information about our Series A Preferred Stock.

	June 30, 2016			December 31, 2015
Series A preferred stock
Carrying value ($ in millions)	$	—		$	696
Par value (per share)	—			0.01
Liquidation preference (per share)	—			25
Number of shares authorized	—			40,870,560
Number of shares issued and outstanding	—			27,870,560
Dividend/coupon
Prior to May 15, 2016	—		%	8.5		%
On and after May 15, 2016	—		%	Three month LIBOR + 6.243%

Series A Preferred Stock

On April 14, 2016, we issued a Notice of Redemption to the holders of the outstanding Series A Preferred Stock to redeem the remaining 27,870,560 shares at a redemption price of $25 per share, plus approximately $0.53 per share of accrued and unpaid dividends through the redemption date. On May 16, 2016, we redeemed the 27,870,560 outstanding shares of Series A Preferred Stock, with an aggregate liquidation preference of $697 million for $712 million in cash, which included $15 million in accrued and unpaid dividends through the redemption date. Upon redemption of the shares of Series A Preferred Stock, we derecognized the carrying value of $696 million. Effective May 16, 2016, the Series A Preferred Stock was retired.