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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Financial Instruments [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
At June 30, 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 swaps
$
414

 
$
808

Equity swaps
1

 
11,144

Foreign currency forwards
5

 
1,740

Interest rate swap contracts
—

 
63

Commodity contracts
48

 
440
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)
 
June 30, 2014
 
December 31, 2013
 
June 30, 2014
 
December 31, 2013
 
 
(in millions)
Equity contracts
 
$
—

 
$
—

 
$
1,377

 
$
654

Foreign exchange contracts
 
—

 
1

 
14

 
—

Credit contracts
 
2

 
—

 
74

 
—

Commodity contracts
 
77

 
17

 
3

 
33

Sub-total
 
79

 
18

 
1,468

 
687

Netting across contract types(3)
 
(3
)
 
(17
)
 
(3
)
 
(17
)
Total(3)
 
$
76

 
$
1

 
$
1,465

 
$
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 June 30, 2014 and December 31, 2013 was $1.2 billion 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 each of the three and six months ended June 30, 2014 and 2013:
 
 
Gain (Loss) Recognized in Income(1)
Derivatives Not Designated as Hedging Instruments
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
 
(in millions)
Equity contracts
 
$
(546
)
 
$
(179
)
 
$
(722
)
 
$
(824
)
Foreign exchange contracts
 
3

 
(38
)
 
3

 
30

Credit contracts
 
(24
)
 
—

 
(30
)
 
—

Commodity contracts
 
36

 
121

 
145

 
101

 
 
$
(531
)
 
$
(96
)
 
$
(604
)
 
$
(693
)
(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)
 
June 30, 2014
 
December 31, 2013
 
June 30, 2014
 
December 31, 2013
 
 
(in millions)
Interest rate swap contracts
 
$
—

 
$
—

 
$
2

 
$
2

Foreign exchange contracts
 
—

 
—

 
—

 
1

Commodity contracts
 
2

 
1

 
1

 
2

Sub-total
 
2

 
1

 
3

 
5

Netting across contract types
 
—

 
(1
)
 
—

 
(1
)
Total
 
$
2

 
$
—

 
$
3

 
$
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 each of the three and six months ended June 30, 2014 and 2013:
Three Months Ended June 30, 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
 
3

 
—

 
Cost of goods sold
Foreign currency contracts
 
—

 
—

 
Cost of goods sold
 
 
$
3

 
$
—

 
 

Three Months Ended June 30, 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
)
 
Interest expense
Commodity contracts
 
(6
)
 
(1
)
 
Cost of goods sold
Foreign currency contracts
 
—

 
—

 
Cost of goods sold
 
 
$
(6
)
 
$
(2
)
 
 
Six Months Ended June 30, 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
 
1

 
(1
)
 
Cost of goods sold
Foreign currency contracts
 
—

 
(1
)
 
Cost of goods sold
 
 
$
1

 
$
(2
)
 
 

Six Months Ended June 30, 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

 
$
(8
)
 
Interest expense
Commodity contracts
 
(8
)
 
(1
)
 
Cost of goods sold
Foreign currency contracts
 
—

 
—

 
Cost of goods sold
 
 
$
(7
)
 
$
(9
)