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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 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 val ue, excluding interest acc ruals, of derivative assets and l iabilities as of September 30, 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 |  | $ | 309 |  | $ | 455 |  | $ | 27 |  | $ | 2
Total return contract |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedge |  |  | ― |  |  | 8 |  |  | ― |  |  | ―
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 384 |  |  | 174 |  |  | 57 |  |  | 116
Total derivatives designated as hedging instruments |  |  | 693 |  |  | 637 |  |  | 84 |  |  | 118
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 129 |  |  | 64 |  |  | 162 |  |  | 95
Total derivatives, gross |  |  | 822 |  |  | 701 |  |  | 246 |  |  | 213
Less: Cash collateral netting(b) |  |  | (125) |  |  | (336) |  |  | (27) |  |  | ―
Derivative asset and derivative liability netting(c) |  |  | (126) |  |  | (36) |  |  | (126) |  |  | (36)
Total derivatives, net(d) |  | $ | 571 |  | $ | 329 |  | $ | 93 |  | $ | 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 received noncash collateral from a counterparty in the form of security interest in U.S. Treasury securities with a fair value of $111 million and nil as of September 30, 2014 and December 31, 2013, respectively, none of which was sold or repledged. Such noncash collateral economically reduces the Company’s risk exposure to $460 million as of September 30, 2014, but d oes not reduce the net exposure on the Company’s Consolidated Balance Sheets. Additionally, the Company posted $97 million and $26 million as of September 30, 2014 and December 31, 2013, respectively, as initial margin on its cent rally cleared interest rate swaps; such amounts are recorded within other receivables on the Company’s Consolidated Balance Sheets and are not netted against the derivative balances. Represents the amount of netting of derivative assets and derivative liab ilities 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 O ther assets and O ther 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 and nine months ended September 30:
For the Three Months Ended September 30: (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 |  | $ | (109) |  | $ | (11) |  | Other expenses |  | $ | 112 |  | $ | 5 |  | $ | 3 |  | $ | (6)
Total return contract |  | Other non-interest revenues |  |  | ― |  |  | (21) |  | Other non-interest revenues |  |  | ― |  |  | 21 |  |  | ― |  |  | ―
For the Nine Months Ended September 30: (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 |  | $ | (170) |  | $ | (305) |  | Other expenses |  | $ | 176 |  | $ | 295 |  | $ | 6 |  | $ | (10)
Total return contract |  | Other non-interest revenues |  |  | 11 |  |  | (10) |  | Other non-interest revenues |  |  | (11) |  |  | 10 |  |  | ― |  |  | ―
Derivative instruments gain loss recognized in income | The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the Consolidated Statements of Income for the three and nine months ended September 30:
|  |  |  | Pretax gains
|  |  |  | For the Three Months Ended |  | For the Nine Months Ended
|  |  |  | September 30, |  | September 30,
|  |  |  | Amount |  | Amount
Description (Millions) |  | Income Statement Line Item |  | 2014 |  | 2013 |  | 2014 |  | 2013
Interest rate contracts |  | Other expenses |  | $ | ― |  | $ | 1 |  | $ | ― |  | $ | 1
Foreign exchange contracts (a) |  | Other expenses |  |  | 2 |  |  | 25 |  |  | 84 |  |  | 108
|  | Cost of Card Member services |  |  | ― |  |  | ― |  |  | 4 |  |  | ―
Total |  |  |  | $ | 2 |  | $ | 26 |  | $ | 88 |  | $ | 109
Foreign exchange contracts include forwards and embedded foreign currency derivatives.

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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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