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Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2014
Derivatives and Hedging Activities (Tables) [Abstract] |
Schedule of derivative instruments in statement of financial position, fair value | The following t able summarizes the total fair value, excluding interest acc ruals, of derivative assets and l iabilities as of March 31, 2014 and December 31, 2013:
|  |  | Other Assets |  | Other Liabilities
|  |  | Fair Value |  | Fair Value
(Millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges |  | $ | 412 |  | $ | 455 |  | $ | 11 |  | $ | 2
Total return contract |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedge |  |  | ― |  |  | 8 |  |  | 2 |  |  | ―
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 62 |  |  | 174 |  |  | 180 |  |  | 116
Total derivatives designated as hedging instruments |  |  | 474 |  |  | 637 |  |  | 193 |  |  | 118
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 126 |  |  | 64 |  |  | 54 |  |  | 95
Total derivatives not designated as hedging instruments |  |  | 126 |  |  | 64 |  |  | 54 |  |  | 95
Total derivatives, gross |  |  | 600 |  |  | 701 |  |  | 247 |  |  | 213
Cash collateral netting(b) |  |  | (295) |  |  | (336) |  |  | (12) |  |  | ―
Derivative asset and derivative liability netting(c) |  |  | (54) |  |  | (36) |  |  | (54) |  |  | (36)
Total derivatives, net(d) |  | $ | 251 |  | $ | 329 |  | $ | 181 |  | $ | 177
Includes foreign currency derivatives embedded in certain operating agreements. Represents the offsetting of derivative instruments and the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instrument(s) executed with the same counterparty under an enforceable master netting arrangement. Additionally, the Company posted $50 million and $26 million as of March 31, 2014 and December 31, 2013, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are not netted against the derivative balances. Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparty under an enforceable master netting arrangement. The Company has no individually significant derivative counterparties and therefore, no significant risk exposure to any single derivative counterparty. The total net derivative assets and derivative liabilities are presented within other assets and other liabilities on the Company's Consolidated Balance Sheets.
Effect of fair value hedges on results of operations | The following table summarizes the impact on the Consolidated Statements of Income associated with the Company's hedges of its fixed-rate long-term debt and its investment in ICBC for the three months ended March 31:
For the Three Months Ended March 31: (Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gains (losses) recognized in income
|  | Derivative contract |  | Hedged item |  | Net hedge
|  |  |  | Amount |  |  |  | Amount |  | ineffectiveness
Derivative relationship |  | Income Statement Line Item |  | 2014 |  | 2013 |  | Income Statement Line Item |  | 2014 |  | 2013 |  | 2014 |  | 2013
Interest rate contracts |  | Other expenses |  | $ | (51) |  | $ | (104) |  | Other expenses |  | $ | 51 |  | $ | 110 |  | $ | ― |  | $ | 6
Total return contract |  | Other non-interest revenues |  |  | 13 |  |  | 4 |  | Other non-interest revenues |  |  | (13) |  |  | (4) |  |  | ― |  |  | ―
Derivative instruments gain loss recognized in income | The following table summarizes the impact on pre tax earnings of derivatives not designated as hedges, as reported on the Consolidated Statements of Income for the three months ended March 31:
|  | Pretax gains
|  |  |  | Amount
Description (Millions) |  | Income Statement Line Item |  | 2014 |  | 2013
Foreign exchange contracts (a) |  | Other non-interest revenues |  | $ | ― |  | $ | 1
|  | Other expenses |  |  | 134 |  |  | 171
Total |  |  |  | $ | 134 |  | $ | 172
Foreign exchange contracts include embedded foreign curr ency derivatives. Gains on these embedded derivatives are included in other expenses.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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