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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2015
Financial Instruments [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | At September 30, 2015 and December 31, 2014, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, is as follows:
| September 30, 2015 |  | December 31, 2014
| Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
Primary underlying risk: | (in millions)
Credit swaps(1) | $ | 201 |  |  | $ | 1,619 |  |  | $ | 389 |  |  | $ | 1,493 |
Equity swaps | 1 |  |  | 15,957 |  |  | 1 |  |  | 11,312 |
Foreign currency forwards | — |  |  | 866 |  |  | — |  |  | 1,578 |
Interest rate swap contracts(2) | — |  |  | 137 |  |  | — |  |  | 137 |
Commodity contracts | 40 |  |  | 632 |  |  | 36 |  |  | 234 |
(1) | The short notional amount on our credit swap positions is approximately $7.9 billion and $9.3 billion as of September 30, 2015 and December 31, 2014, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.6 billion and $1.5 billion as of September 30, 2015 and December 31, 2014, respectively.
(2) | The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of both September 30, 2015 and 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) as of both September 30, 2015 and December 31, 2014.
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)
| September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
|  | (in millions)
Equity contracts |  | $ | 627 |  |  | $ | — |  |  | $ | 315 |  |  | $ | 539 |
Foreign exchange contracts |  | — |  |  | 11 |  |  | 1 |  |  | — |
Credit contracts |  | 346 |  |  | 1 |  |  | 45 |  |  | 85 |
Interest rate swap contracts |  | — |  |  | 1 |  |  | — |  |  | — |
Commodity contracts |  | 74 |  |  | 47 |  |  | — |  |  | — |
Sub-total |  | 1,047 |  |  | 60 |  |  | 361 |  |  | 624 |
Netting across contract types(3) |  | (269 | ) |  | (10 | ) |  | (269 | ) |  | (10 | )
Total(3) |  | $ | 778 |  |  | $ | 50 |  |  | $ | 92 |  |  | $ | 614 |
(1) | Net asset derivatives are located within other assets in our condensed consolidated balance sheets.
(2) | Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets.
(3) | Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2015 and December 31, 2014 was approximately $0.9 billion and $1.2 billion, 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 and nine months ended September 30, 2015 and 2014:
|  | Gain (Loss) Recognized in Income(1)
Derivatives Not Designated as Hedging Instruments |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
|  | (in millions)
Equity contracts |  | $ | 892 |  |  | $ | (50 | ) |  | $ | 741 |  |  | $ | (772 | )
Foreign exchange contracts |  | (2 | ) |  | 141 |  |  | 134 |  |  | 144 |
Credit contracts |  | 387 |  |  | 163 |  |  | 536 |  |  | 133 |
Commodity contracts |  | 57 |  |  | 26 |  |  | 6 |  |  | 171 |
|  | $ | 1,334 |  |  | $ | 280 |  |  | $ | 1,417 |  |  | $ | (324 | )
(1) | Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income, 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)
| September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
|  | (in millions)
Interest rate swap contracts |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Commodity contracts |  | — |  |  | 1 |  |  | 2 |  |  | 2 |
Sub-total |  | — |  |  | 1 |  |  | 3 |  |  | 3 |
Netting across contract types |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 2 |
(1) | Located within other assets in our condensed consolidated balance sheets.
(2) | Located within accrued expenses and other liabilities in our condensed 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 condensed consolidated financial statements for the three and nine months ended September 30, 2015 and 2014:
Three Months Ended September 30, 2015
Derivatives Designated as Hedging Instruments |  | Amount of Loss 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)
|  | (in millions) |  | (in millions) |  |
Commodity contracts |  | $ | (1 | ) |  | $ | (1 | ) |  | Cost of goods sold
|  | $ | (1 | ) |  | $ | (1 | ) |  |
Three Months Ended September 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 |  | $ | — |  |  | $ | (1 | ) |  | Interest expense
Commodity contracts |  | — |  |  | 1 |  |  | Cost of goods sold
|  | $ | — |  |  | $ | — |  |  |
Nine Months Ended September 30, 2015
Derivatives Designated as Hedging Instruments |  | Amount of Loss 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)
|  | (in millions) |  | (in millions) |  |
Commodity contracts |  | $ | (3 | ) |  | $ | (2 | ) |  | Cost of goods sold
Foreign currency contracts |  | — |  |  | — |  |  | Cost of goods sold
|  | $ | (3 | ) |  | $ | (2 | ) |  |
Nine Months Ended September 30, 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)
|  | (in millions) |  | (in millions) |  |
Interest rate swap contracts |  | $ | — |  |  | $ | (1 | ) |  | Interest expense
Commodity contracts |  | 1 |  |  | (1 | ) |  | Cost of goods sold
Foreign currency contracts |  | — |  |  | (1 | ) |  | Cost of goods sold
|  | $ | 1 |  |  | $ | (3 | ) |  |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 + Details
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 + Details
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