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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2014
Table Text Block [Abstract] |
Schedule of derivative instruments in statement of financial position, fair value | The following t able summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of December 31:
|  |  | Other Assets |  | Other Liabilities
|  |  | Fair Value |  | Fair Value
(Millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges |  | $ | 314 |  | $ | 455 |  | $ | 4 |  | $ | 2
Total return contract |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedge |  |  | ― |  |  | 8 |  |  | ― |  |  | ―
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 492 |  |  | 174 |  |  | 46 |  |  | 116
Total derivatives designated as hedging instruments |  |  | 806 |  |  | 637 |  |  | 50 |  |  | 118
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 185 |  |  | 64 |  |  | 114 |  |  | 95
Total derivatives, gross |  |  | 991 |  |  | 701 |  |  | 164 |  |  | 213
Less: Cash collateral netting(b) |  |  | (158) |  |  | (336) |  |  | (4) |  |  | ―
| Derivative asset and derivative liability netting(c) |  |  | (122) |  |  | (36) |  |  | (122) |  |  | (36)
Total derivatives, net(d) |  | $ | 711 |  | $ | 329 |  | $ | 38 |  | $ | 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 non-cash collateral from a counterparty in the form of security interest in U.S. Treasury securities with a fair value of $91 million a nd nil as of December 31, 2014 and 2013, respectively, none of which was sold or repledged. Such non-cas h collateral economically reduce s the Company’s risk exposure to $620 million as of Decemb er 31, 2014, but does not reduce the net exposure on the Company’s Consolidated Balance Sheets. Additionally, the Company posted $114 million and $26 million as of December 31, 2014 and 2013, respectively, as initial margin on its centrally 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 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 to tal net derivative assets and derivative li abilities 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 years ended December 31:
|  | Gains (losses) recognized in income
(Millions) |  | Derivative contract |  | Hedged item |  | Net hedge
|  | Income Statement |  | Amount |  | Income Statement |  | Amount |  | ineffectiveness
Derivative relationship |  | Line Item |  | 2014 |  | 2013 |  | 2012 |  | Line Item |  | 2014 |  | 2013 |  |  | 2012 |  | 2014 |  | 2013 |  | 2012
Interest rate contracts |  | Other expenses |  | $ | (143) |  | $ | (370) |  | $ | (178) |  | Other expenses |  | $ | 148 |  | $ | 351 |  | $ | 132 |  | $ | 5 |  | $ | (19) |  | $ | (46)
Total return contract |  | Other non-interest |  |  |  |  |  |  |  |  |  |  | Other non-interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | revenues |  | $ | 11 |  | $ | 15 |  | $ | (53) |  | revenues |  | $ | (11) |  | $ | (15) |  | $ | 54 |  | $ | ― |  | $ | ― |  | $ | 1
Derivative instruments gain loss recognized in income | The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported o n the Consolidated Statements of Income for the years ended December 31:
|  | Pretax gains (losses)
|  |  |  | Amount
Description (Millions) |  | Income Statement Line Item |  | 2014 |  | 2013 |  | 2012
Interest rate contracts |  | Other expenses |  | $ | ― |  | $ | 1 |  | $ | (1)
Foreign exchange contracts (a) |  | Interest expense on long-term debt and other |  |  | ― |  |  | ― |  |  | (1)
|  | Other expenses |  |  | 194 |  |  | 72 |  |  | (56)
|  | Cost of Card Member services |  |  | 4 |  |  | ― |  |  | ―
Total |  |  |  | $ | 198 |  | $ | 73 |  | $ | (58)
F oreign exchange contracts include forwards and embedded foreign currency derivatives. Gains (losses) on these embedd ed derivatives are included in O ther expenses.

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