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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Financial Instruments [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
At March 31, 2014, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows:
  
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Credit default swaps
$
—

 
$
302

Equity swaps
1

 
10,646

Foreign currency forwards
9

 
1,727

Interest rate swap contracts
—

 
63

Commodity contracts
52

 
502
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments:
Derivatives Not Designated as Hedging Instruments
 
Asset Derivatives(1)
 
Liability Derivatives(2)
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
 
 
(in millions)
Equity contracts
 
$
—

 
$
—

 
$
831

 
$
654

Foreign exchange contracts
 
—

 
1

 
2

 
—

Credit contracts
 
1

 
—

 
8

 
—

Commodity contracts
 
77

 
17

 
5

 
33

Sub-total
 
78

 
18

 
846

 
687

Netting across contract types(3)
 
(5
)
 
(17
)
 
(5
)
 
(17
)
Total(3)
 
$
73

 
$
1

 
$
841

 
$
670


(1) 
Net asset derivatives are located within other assets in our consolidated balance sheets.
(2) 
Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets.
(3) 
Excludes netting of cash collateral received and posted.  The total collateral posted at March 31, 2014 and December 31, 2013 was $634 million and $255 million, respectively, across all counterparties.

The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the three months ended March 31, 2014 and 2013:
 
 
Gain (Loss) Recognized in Income(1)
Derivatives Not Designated as Hedging Instruments
 
Three Months Ended March 31,
 
2014
 
2013
 
 
(in millions)
Equity contracts
 
$
(176
)
 
$
(645
)
Foreign exchange contracts
 
—

 
68

Credit contracts
 
(6
)
 
—

Commodity contracts
 
131

 
(51
)
 
 
$
(51
)
 
$
(628
)
(1) 
Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the consolidated fair values of our derivative instruments that are designated as cash flow hedging instruments:
Derivatives Designated as Cash Flow Hedging Instruments
 
Asset Derivatives(1)
 
Liability Derivatives(2)
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
 
 
(in millions)
Interest rate swap contracts
 
$
—

 
$
—

 
$
2

 
$
2

Foreign exchange contracts
 
—

 
—

 
—

 
1

Commodity contracts
 
1

 
1

 
3

 
2

Sub-total
 
1

 
1

 
5

 
5

Netting across contract types
 
(1
)
 
(1
)
 
(1
)
 
(1
)
Total
 
$
—

 
$
—

 
$
4

 
$
4


(1) 
Located within other assets in our consolidated balance sheets.
(2) 
Located within accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the three months ended March 31, 2014 and 2013:
Three Months Ended March 31, 2014
Derivatives Designated as Hedging Instruments
 
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
 
(in millions)
 
(in millions)
 
 
Interest rate swap contracts
 
$
—

 
$
—

 
Interest expense
Commodity contracts
 
(2
)
 
(1
)
 
Cost of goods sold
Foreign currency contracts
 
—

 
(1
)
 
Cost of goods sold
 
 
$
(2
)
 
$
(2
)
 
 

Three Months Ended March 31, 2013
Derivatives Designated as Hedging Instruments
 
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
 
(in millions)
 
(in millions)
 
 
Interest rate swap contracts
 
$
(1
)
 
$
(7
)
 
Interest expense
Commodity contracts
 
(2
)
 
—

 
Cost of goods sold
Foreign currency contracts
 
—

 
—

 
Cost of goods sold
 
 
$
(3
)
 
$
(7
)