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Derivatives and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2016
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 June 30, 2016 and December 31, 2015:
|  |  | Other Assets |  | Other Liabilities
|  |  | Fair Value |  | Fair Value
(Millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges |  | $ | 452 |  | $ | 236 |  | $ | ― |  | $ | 9
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
| Net investment hedges |  |  | 216 |  |  | 191 |  |  | 141 |  |  | 57
Total derivatives designated as hedging instruments |  |  | 668 |  |  | 427 |  |  | 141 |  |  | 66
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(a) |  |  | 475 |  |  | 117 |  |  | 248 |  |  | 135
Total derivatives, gross |  |  | 1,143 |  |  | 544 |  |  | 389 |  |  | 201
Less: Cash collateral netting(b) |  |  | (361) |  |  | (155) |  |  | ― |  |  | ―
| Derivative asset and derivative liability netting(c) |  |  | (169) |  |  | (107) |  |  | (169) |  |  | (107)
Total derivatives, net(d) |  | $ | 613 |  | $ | 282 |  | $ | 220 |  | $ | 94
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. The Company received non-cash collateral from a counterparty in the form of security interests in U.S. Treasury securities with a fair value of $30 million as of June 30, 2016, none of which was sold or repledged. Such non-cash collateral economically reduced the Company’s risk exposure to $583 million but did not reduce the net exposure on the Company’s Consolidated Balance Sheets. The C ompany did not have any such non-cash collateral as of December 31, 2015. Additionally, the Company posted $159 million and $149 million as of June 30, 2016 and December 31, 2015, respectively, as initial margin on its centrally c leared interest rate swaps; such amounts are recorded within Other receivables on the 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 total net derivative a ssets and derivative liabilities are presented within O ther assets and O ther liabilities on the 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 six months ended June 30:
Three Months Ended June 30 (Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gains (losses) recognized in income
|  | Derivative contract |  | Hedged item |  | Net hedge
|  |  |  | Amount |  |  |  | Amount |  | ineffectiveness
Derivative relationship |  | Income Statement Line Item |  | 2016 |  | 2015 |  | Income Statement Line Item |  | 2016 |  | 2015 |  | 2016 |  | 2015
Interest rate contracts |  | Other expenses |  | $ | 61 |  | $ | (89) |  | Other expenses |  | $ | (53) |  | $ | 85 |  | $ | 8 |  | $ | (4)
Six Months Ended June 30 (Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gains (losses) recognized in income
|  | Derivative contract |  | Hedged item |  | Net hedge
|  |  |  | Amount |  |  |  | Amount |  | ineffectiveness
Derivative relationship |  | Income Statement Line Item |  | 2016 |  | 2015 |  | Income Statement Line Item |  | 2016 |  | 2015 |  | 2016 |  | 2015
Interest rate contracts |  | Other expenses |  | $ | 226 |  | $ | (26) |  | Other expenses |  | $ | (224) |  | $ | 29 |  | $ | 2 |  | $ | 3
Impact of cash flow hedges and investment hedges on results of operations | The following table summarizes the impact on the Consolidated Statements of Income associated with the Company’s net investment hedges for the three and six months ended June 30:
Three Months Ended June 30: (Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gains (losses) recognized in income
|  |  |  | Amount reclassified from AOCI into income |  |  |  | Net hedge
|  |  |  |  |  |  | ineffectiveness
Description |  | Income Statement Line Item |  | 2016 |  | 2015 |  | Income Statement Line Item |  | 2016 |  | 2015
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other, net expenses |  | $ | 5 |  | $ | ― |  | Other, net expenses |  | $ | ― |  | $ | 1
Six Months Ended June 30: (Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gains (losses) recognized in income
|  |  |  | Amount reclassified from AOCI into income |  |  |  | Net hedge
|  |  |  |  |  |  | ineffectiveness
Description |  | Income Statement Line Item |  | 2016 |  | 2015 |  | Income Statement Line Item |  | 2016 |  | 2015
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other, net expenses |  | $ | 5 |  | $ | ― |  | Other, net expenses |  | $ | ― |  | $ | 1

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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=56946850&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
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