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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2015
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 September 30, 2015 and December 31, 2014:
|  |  | Other Assets |  | Other Liabilities
|  |  | Fair Value |  | Fair Value
(Millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges |  | $ | 391 |  | $ | 314 |  | $ | ― |  | $ | 4
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 385 |  |  | 492 |  |  | 102 |  |  | 46
Total derivatives designated as hedging instruments |  |  | 776 |  |  | 806 |  |  | 102 |  |  | 50
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 146 |  |  | 185 |  |  | 116 |  |  | 114
Total derivatives, gross |  |  | 922 |  |  | 991 |  |  | 218 |  |  | 164
Less: Cash collateral netting(b) |  |  | (307) |  |  | (158) |  |  | ― |  |  | (4)
Derivative asset and derivative liability netting(c) |  |  | (130) |  |  | (122) |  |  | (130) |  |  | (122)
Total derivatives, net(d) |  | $ | 485 |  | $ | 711 |  | $ | 88 |  | $ | 38
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. From time to time, the Company also receives non-cash collateral from counterparties in the form of security interests in U.S. Treasury secur ities, which reduces the Company’s risk exposure, but does not reduce the net exposure on the Company’s Consolidated Balance Sheets. The Company had such non-cash collateral as of December 31, 2014 with a fair value of $91 million, none of which was sold or repledged. The Company did not have any such non-cash collateral as of September 30, 2015. Additionally, the Company posted $155 million and $114 million as of September 30, 2015 and December 31, 2014, respectively, as initial marg in 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 counterpa rty. 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 fair value hedges for the three and nine months ended September 30:
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 |  | 2015 |  | 2014 |  | Income Statement Line Item |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate contracts |  | Other expenses |  | $ | 108 |  | $ | (109) |  | Other expenses |  | $ | (114) |  | $ | 112 |  | $ | (6) |  | $ | 3
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 |  | 2015 |  | 2014 |  | Income Statement Line Item |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest rate contracts |  | Other expenses |  | $ | 82 |  | $ | (170) |  | Other expenses |  | $ | (85) |  | $ | 176 |  | $ | (3) |  | $ | 6
Total return contract |  | Other non-interest revenues |  |  | ― |  |  | 11 |  | Other non-interest revenues |  |  | ― |  |  | (11) |  |  | ― |  |  | ―
Derivative instruments gain loss recognized in income | The f ollowing table summarizes the impact on the Consolidated Statements of Income associated with the Company’s derivatives n ot designated as hedges:
|  |  |  | Pretax (losses) gains
|  |  |  | Three Months Ended |  | Nine Months Ended
|  |  |  | September 30, |  | September 30,
|  |  |  | Amount |  | Amount
Description (Millions) |  | Income Statement Line Item |  | 2015 |  | 2014 |  | 2015 |  | 2014
Foreign exchange contracts (a) |  | Other expenses |  | $ | (19) |  | $ | 2 |  | $ | 15 |  | $ | 84
|  | Cost of Card Member services |  |  | 4 |  |  | ― |  |  | (2) |  |  | 4
Total |  |  |  | $ | (15) |  | $ | 2 |  | $ | 13 |  | $ | 88
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=35706170&loc=SL5624163-113959 + Details
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