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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of derivative instruments in consolidated balance sheets | The following table presents derivative instruments included on the Consolidated Balance Sheets in derivative assets and derivative liabilities:
| September 30, 2018 |  | December 31, 2017
(in millions) | Notional Amount(1) | Derivative Assets | Derivative Liabilities |  | Notional Amount(1) | Derivative Assets | Derivative Liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts |  | $10,050 |  |  | $5 |  |  | $— |  |  |  | $13,300 |  |  | $— |  |  | $— |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | 111,837 |  | 160 |  | 469 |  |  | 80,180 |  | 538 |  | 379 |
Foreign exchange contracts | 10,346 |  | 116 |  | 105 |  |  | 9,882 |  | 148 |  | 149 |
Other contracts | 5,201 |  | 19 |  | 1 |  |  | 1,039 |  | 7 |  | 5 |
Total derivatives not designated as hedging instruments |  | 295 |  | 575 |  |  |  | 693 |  | 533 |
Gross derivative fair values |  | 300 |  | 575 |  |  |  | 693 |  | 533 |
Less: Gross amounts offset in the Consolidated Balance Sheets (2) |  | (85 | ) | (85 | ) |  |  | (72 | ) | (72 | )
Less: Cash collateral applied (2) |  | (42 | ) | (41 | ) |  |  | (4 | ) | (151 | )
Total net derivative fair values presented in the Consolidated Balance Sheets |  |  | $173 |  |  | $449 |  |  |  |  | $617 |  |  | $310 |
(1) The notional or contractual amount of interest rate derivatives and foreign exchange contracts is the amount upon which interest and other payments under the contract are based. For interest rate contracts, the notional amount is typically not exchanged. Therefore, notional amounts should not be taken as the measure of credit or market risk, as they do not measure the true economic risk of these contracts. (2) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions.
Schedule of fair value hedges | The following table presents the effect on other income of fair value hedges described above:
| Amounts Recognized in Other Income for the
| Three Months Ended September 30, 2018 |  | Three Months Ended September 30, 2017
(in millions) | Derivative | Hedged Item | Hedge Ineffectiveness |  | Derivative | Hedged Item | Hedge Ineffectiveness
Hedges of interest rate risk on borrowings using interest rate swaps |  | ($6 | ) |  | $7 |  |  | $1 |  |  |  | ($5 | ) |  | $4 |  |  | ($1 | )
| Amounts Recognized in Other Income for the
| Nine Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2017
(in millions) | Derivative | Hedged Item | Hedge Ineffectiveness |  | Derivative | Hedged Item | Hedge Ineffectiveness
Hedges of interest rate risk on borrowings using interest rate swaps |  | ($32 | ) |  | $31 |  |  | ($1 | ) |  |  | $5 |  |  | ($5 | ) |  | $— |
Schedule of effect of cash flow hedges on net income and stockholders' equity | The following table presents the effect of cash flow hedges on net income and stockholders' equity:
| Amounts Recognized for the
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Effective portion of (loss) gain recognized in OCI (1) |  | ($35 | ) |  |  | ($2 | ) |  |  | ($122 | ) |  |  | $35 |
Amount of net (loss) gain reclassified from OCI to interest income (2) | (17 | ) |  | 3 |  |  | (36 | ) |  | 23 |
Amount of net gain (loss) reclassified from OCI to interest expense (2) | 3 |  |  | 1 |  |  | 11 |  |  | (2 | )
(1) The cumulative effective gains and losses on the Company’s cash flow hedging activities are included on the accumulated other comprehensive loss line item on the Consolidated Balance Sheets. (2) This amount includes both (i) the amortization of effective gains and losses associated with the Company’s terminated cash flow hedges and (ii) the current reporting period’s interest settlements realized on the Company’s active cash flow hedges. Both (i) and (ii) were previously included on the accumulated other comprehensive loss line item on the Consolidated Balance Sheets and were subsequently recorded as adjustments to the interest income or expense of the underlying hedged item.
Schedule of effect of derivative Instruments on net income | The following table presents the effect of economic hedges on noninterest income:
|  | Amounts Recognized in Noninterest Income for the
| Affected Line Item in the Consolidated Statements of Operations | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Economic Hedge Type |  |  |  |  |  |  |  |
Customer interest rate contracts | Foreign exchange and interest rate products |  | ($84 | ) |  |  | $12 |  |  |  | ($363 | ) |  |  | $92 |
Customer foreign exchange contracts | Foreign exchange and interest rate products | 30 |  |  | 61 |  |  | (27 | ) |  | 157 |
Derivatives transactions to hedge interest rate risk | Foreign exchange and interest rate products | 97 |  |  | (2 | ) |  | 403 |  |  | (58 | )
Derivatives transactions to hedge foreign exchange risk | Foreign exchange and interest rate products | 24 |  |  | (55 | ) |  | 99 |  |  | (140 | )
Residential loan commitments | Mortgage banking fees | 6 |  |  | — |  |  | 6 |  |  | 3 |
Forward sale contracts | Mortgage banking fees | (13 | ) |  | (1 | ) |  | (15 | ) |  | (7 | )
Interest rate derivative contracts used to hedge residential MSRs | Mortgage banking fees | (3 | ) |  | — |  |  | (3 | ) |  | — |
Total |  |  | $57 |  |  |  | $15 |  |  |  | $100 |  |  |  | $47 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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