The effects of these derivative financial instrument assets and liabilities on PMI's consolidated balance sheets were as follows: | | | | | | | | | | | | | | | | | | | | (in millions) | Gross Amounts Recognized | Gross Amount Offset in the Consolidated Balance Sheet | Net Amounts Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | | Financial Instruments | Cash Collateral Received/Pledged | | Net Amount | | | | | | | | At December 31, 2014 | | | | | | | Assets | | | | | | | Foreign exchange contracts | $ | 406 |
| $ | — |
| $ | 406 |
| $ | (77 | ) | $ | (306 | ) | $ | 23 |
| Liabilities | | | | | | | Foreign exchange contracts | $ | 151 |
| $ | — |
| $ | 151 |
| $ | (77 | ) | $ | (63 | ) | $ | 11 |
| At December 31, 2013 | | | | | | | Assets | | | | | | | Foreign exchange contracts | $ | 153 |
| $ | — |
| $ | 153 |
| $ | (52 | ) | $ | (79 | ) | $ | 22 |
| Liabilities | | | | | | | Foreign exchange contracts | $ | 116 |
| $ | — |
| $ | 116 |
| $ | (52 | ) | $ | (47 | ) | $ | 17 |
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