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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2015
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) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges |  | $ | 236 |  | $ | 314 |  | $ | 9 |  | $ | 4
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 191 |  |  | 492 |  |  | 57 |  |  | 46
Total derivatives designated as hedging instruments |  |  | 427 |  |  | 806 |  |  | 66 |  |  | 50
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 117 |  |  | 185 |  |  | 135 |  |  | 114
Total derivatives, gross |  |  | 544 |  |  | 991 |  |  | 201 |  |  | 164
Less: Cash collateral netting(b) |  |  | (155) |  |  | (158) |  |  | ― |  |  | (4)
| Derivative asset and derivative liability netting(c) |  |  | (107) |  |  | (122) |  |  | (107) |  |  | (122)
Total derivatives, net(d) |  | $ | 282 |  | $ | 711 |  | $ | 94 |  | $ | 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, with a fair value of $91 million as of December 31, 2014, none of whi ch was sold or repledged. The Company did not have any such non-cash collateral as of December 31, 2015. Additionally, the Company posted $149 million and $114 million as of December 31, 2015 and 2014, 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 derivativ e counterparty. The total 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 fair value 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 |  | 2015 |  | 2014 |  | 2013 |  | Line Item |  | 2015 |  | 2014 |  |  | 2013 |  | 2015 |  | 2014 |  | 2013
Interest rate contracts |  | Other expenses |  | $ | (83) |  | $ | (143) |  | $ | (370) |  | Other expenses |  | $ | 93 |  | $ | 148 |  | $ | 351 |  | $ | 10 |  | $ | 5 |  | $ | (19)
Total return contract |  | Other non-interest |  |  |  |  |  |  |  |  |  |  | Other non-interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | revenues |  | $ | ― |  | $ | 11 |  | $ | 15 |  | revenues |  | $ | ― |  | $ | (11) |  | $ | (15) |  | $ | ― |  | $ | ― |  | $ | ―
Impact of cash flow hedges and investment hedges on results of operations |
| Gains (losses) recognized in income
| Amount reclassified from AOCI into income |  | Net hedge ineffectiveness
Description (Millions) | Income Statement Line Item |  | 2015 |  | 2014 |  | 2013 |  | Income Statement Line Item |  | 2015 |  | 2014 |  |  | 2013
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other expenses |  | $ | ― |  | $ | 10 |  | $ | ― |  | Other expenses |  | $ | 1 |  | $ | ― |  | $ | ―
Derivative instruments gain loss recognized in income | The following table summarizes the impact on the Consolidated Statements of Income associated with the Company’s derivatives not designated as hedges for the years ended December 31:
|  | Pretax gains (losses)
|  |  |  | Amount
Description (Millions) |  | Income Statement Line Item |  | 2015 |  | 2014 |  | 2013
Interest rate contracts |  | Other expenses |  | $ | ― |  | $ | ― |  | $ | 1
Foreign exchange contracts (a) |  | Other expenses |  |  | (39) |  |  | 194 |  |  | 72
|  | Cost of Card Member services |  |  | 5 |  |  | 4 |  |  | ―
Total |  |  |  | $ | (34) |  | $ | 198 |  | $ | 73
F oreign exchange contracts include forwards and embedded foreign currency derivatives.

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