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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2017
Table Text Block [Abstract] |
Schedule of derivative instruments in statement of financial position, fair value | The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of December 31:
|  |  | Other Assets Fair Value |  | Other Liabilities Fair Value
(Millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Fair value hedges - Interest rate contracts(a) |  | $ | 11 |  | $ | 111 |  | $ | 34 |  | $ | 69
| Net investment hedges - Foreign exchange contracts |  |  | 117 |  |  | 347 |  |  | 89 |  |  | 35
Total derivatives designated as hedging instruments |  |  | 128 |  |  | 458 |  |  | 123 |  |  | 104
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts, including certain embedded derivatives(b) |  |  | 82 |  |  | 308 |  |  | 95 |  |  | 176
Total derivatives, gross |  |  | 210 |  |  | 766 |  |  | 218 |  |  | 280
Less: Cash collateral netting(c) (d) |  |  | (6) |  |  | (54) |  |  | (45) |  |  | (68)
| Derivative asset and derivative liability netting(e) |  |  | (80) |  |  | (157) |  |  | (80) |  |  | (157)
Total derivatives, net |  | $ | 124 |  | $ | 555 |  | $ | 93 |  | $ | 55
Effective January 2017, the Central Clearing Party (CCP) changed the legal characterization of variation margin payments for centrally cleared derivatives to be settlement pay ments, as opposed to collateral. As of December 31, 2017, there was no unsettled derivative asset or liability with the CCP. The Company also maintained several bilateral interest rate contracts that are not subject to the CCP’s rule change and amounts related to such contracts are shown gross of any collateral exchanged. Includes fore ign currency derivatives embedded in certain operating agreements. Represents the offsetting of the fair value of bilateral interest rate contracts and certain foreign exchange contracts with the right to reclaim cash collateral or the obligation to return cash collateral. The Company held no non-cash collateral as of December 31, 2017. As of December 31, 2016, t he Company received non-cash collateral from a counterparty in the form of security interests in U.S. Treasury securities, wit h a fair value of $18 million, none of which was sold or repledged. Such non-cash collateral economically reduced the Company’s risk exposure to $537 million as of December 31, 2016, but did not reduce the net exposure on the Company’s Consolidated Balance Sheets. Addition ally, the Com pany posted $146 million and $16 9 million as of December 31, 2017 and 2016, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other receivables on the Consolidated Balance She ets 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 following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of December 31:
Effect of fair value hedges on results of operations | The following table summarizes the gains (losses) recognized in Other expenses associated with the Company’s fair value hedges for the year ended December 31:
(Millions) |  | 2017 |  | 2016 |  | 2015 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | (246) |  | $ | (184) |  | $ | (83) |
Hedged items |  |  | 206 |  |  | 163 |  |  | 93 |
Net hedge ineffectiveness (losses) gains |  | $ | (40) |  | $ | (21) |  | $ | 10 |
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:

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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=84234895&loc=SL5624163-113959 + Details
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