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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Financial Instruments [Abstract]  
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:
 
 
Asset Derivatives(1)
 
Liability Derivatives(2)
Derivatives Not Designated as Hedging Instruments
 
December 31,
 
December 31,
 
2014
 
2013
 
2014
 
2013
 
 
(in millions)
Equity contracts
 
$
—

 
$
—

 
$
539

 
$
654

Foreign exchange contracts
 
11

 
1

 
—

 
—

Credit contracts
 
1

 
—

 
85

 
—

Interest rate contracts
 
1

 
—

 
—

 
—

Commodity contracts
 
47

 
17

 
—

 
33

Sub-total
 
60

 
18

 
624

 
687

Netting across contract types(3)
 
(10
)
 
(17
)
 
(10
)
 
(17
)
Total(3)
 
$
50

 
$
1

 
$
614

 
$
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 December 31, 2014 and 2013 was $1,248 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 years ended December 31, 2014, 2013 and 2012:
 
 
Gain (Loss) Recognized in Income(1)
 
 
Year Ended December 31,
Derivatives Not Designated as Hedging Instruments
 
2014
 
2013
 
2012
 
 
(in millions)
Equity contracts
 
$
(1,447
)
 
$
(2,167
)
 
$
(1,082
)
Foreign exchange contracts
 
213

 
(80
)
 
(78
)
Credit contracts
 
61

 
—

 
1

Commodity contracts
 
186

 
64

 
(180
)
 
 
$
(987
)
 
$
(2,183
)

$
(1,339
)
 
(1) 
Gains (losses) recognized on derivatives are classified in net 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 Notional Amounts of Outstanding Derivative Positions
At December 31, 2014 and 2013, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows:
 
December 31, 2014
 
December 31, 2013
  
Long Notional Exposure
 
Short Notional Exposure
 
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Credit default swaps(1)
$
389

 
$
1,493

 
$
—

 
$
—

Equity swaps
1

 
11,312

 
1

 
10,508

Foreign currency forwards
—

 
1,578

 
12

 
1,676

Interest rate contracts(2)
—

 
137

 
—

 
63

Commodity contracts
36

 
234

 
60

 
669



(1) 
The short notional amount on our credit default swap positions is approximately $9.3 billion as of December 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion.
(2) 
The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of December 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table).
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the fair values of our derivative instruments that are designated as cash flow hedging instruments:
 
 
Asset Derivatives(1)
 
Liability Derivatives(2)
Derivatives Designated as Cash Flow Hedging Instruments
 
December 31, 2014
 
December 31, 2013
 
December 31, 2014
 
December 31, 2013
 
 
(in millions)
Interest rate swap contracts
 
$
—

 
$
—

 
$
1

 
$
2

Commodity contracts
 
1

 
1

 
2

 
2

Foreign currency contracts
 
—

 
—

 
—

 
1

Sub-total
 
1

 
1

 
3

 
5

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

 
$
—

 
$
2

 
$
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 years ended December 31, 2014, 2013 and 2012:
Year Ended December 31, 2014
Derivatives Designated as Hedging Instruments
 
Amount of Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of Loss Reclassified from AOCI into Income (Effective Portion)
 
Location of Loss Reclassified from AOCI into Income (Effective Portion)
 
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
—

 
$
(1
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
—

 
—

 
Cost of goods sold
 
1

 
Other income, net
Foreign currency contracts
 
—

 
(1
)
 
Cost of goods sold
 
—

 
 
 
 
$
—

 
$
(2
)
 
 
 
$
1

 
 

Year Ended December 31, 2013
Derivatives Designated as Hedging Instruments
 
Amount of Gain (Loss) 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)
 
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
1

 
$
(9
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
(7
)
 
(5
)
 
Cost of goods sold
 
—

 
 
Foreign currency contracts
 
(1
)
 
—

 
 
 
—

 
 
 
 
$
(7
)
 
$
(14
)
 
 
 
$
—

 
 
Year Ended December 31, 2012
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)
 
Amount of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
(4
)
 
$
(38
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
7

 
(10
)
 
Cost of goods sold
 
—

 
 
Foreign currency contracts
 
(2
)
 
1

 
Cost of goods sold
 
—

 
 
 
 
$
1

 
$
(47
)
 
 
 
$
—