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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair value of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of our exposure. The table below presents the amounts of counterparty netting and cash collateral that have been offset in the consolidated balance sheet.
 
September 30, 2015
 
December 31, 2014
 
Derivative Financial Assets
 
Derivative Financial Liabilities
 
Derivative Financial Assets
 
Derivative Financial Liabilities
 
(in millions)
Derivatives(1)
 
 
 
 
 
 
 
Derivatives accounted for as cash flow hedges associated with debt:
 
 
 
 
 
 
 
Interest rate swaps
$
—

 
$
(30
)
 
$
7

 
$
(74
)
Currency swaps
110

 
(175
)
 
97

 
(133
)
Cash flow hedges
110

 
(205
)
 
104

 
(207
)
 
 
 
 
 
 
 
 
Non-qualifying hedge activities:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
22

 
(450
)
 
20

 
(379
)
Derivatives not designated as hedging instruments
22

 
(450
)
 
20

 
(379
)
 
 
 
 
 
 
 
 
Derivatives associated with debt carried at fair value:
 
 
 
 
 
 
 
Interest rate swaps
25

 
—

 
117

 
—

Currency swaps
14

 
(251
)
 
50

 
—

Derivatives associated with debt carried at fair value
39

 
(251
)
 
167

 
—

Total derivatives
171

 
(906
)
 
291

 
(586
)
Less: Gross amounts offset in the balance sheet(2)
171

 
(847
)
 
291

 
(504
)
Net amounts of derivative financial assets and liabilities presented in the balance sheet(3)
$
—

 
$
(59
)
 
$
—

 
$
(82
)
 

(1) 
All of our derivatives are bilateral over-the-counter ("OTC") derivatives.
(2) 
Represents the netting of derivative receivable and payable balances for the same counterparty under an enforceable netting agreement. Gross amounts offset in the balance sheet includes cash collateral paid of $676 million at September 30, 2015 and $213 million at December 31, 2014. At September 30, 2015 and December 31, 2014, we did not have any financial instrument collateral received/posted.
(3) 
At September 30, 2015 and December 31, 2014, we had not received any cash or financial instruments not subject to an enforceable master netting agreement.
Gain or Loss Recorded on Our Cash Flow Hedging Relationships
The following table provides the gain or loss recorded on our cash flow hedging relationships.
 
Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)
 
Location of Gain
(Loss) Reclassified
from AOCI into Income
(Effective Portion)
 
Gain (Loss) Reclassed From AOCI into Income (Effective Portion)
 
Location of Gain
(Loss) Recognized
in Income on the Derivative(Ineffective Portion)
 
Gain (Loss) Recognized In Income on Derivative (Ineffective Portion)
 
2015
 
2014
 
2015
 
2014
 
 
2015
 
2014
 
(in millions)
Three Months Ended September 30,
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
10

 
$
14

 
Interest expense
 
$
—

 
$
—

 
Derivative related expense
 
$
—

 
$
—

Currency swaps
(3
)
 
3

 
Interest expense
 
(3
)
 
(2
)
 
Derivative related expense
 
5

 
4

Total
$
7

 
$
17

 
 
 
$
(3
)
 
$
(2
)
 
 
 
$
5

 
$
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
30

 
$
35

 
Interest expense
 
$
—

 
$
1

 
Derivative related expense
 
$
—

 
$
—

Currency swaps
3

 
10

 
Interest expense
 
(9
)
 
(9
)
 
Derivative related expense
 
12

 
12

Total
$
33

 
$
45

 
 
 
$
(9
)
 
$
(8
)
 
 
 
$
12

 
$
12
Gain or Loss Recorded on Our Non Qualifying Hedges
The following table provides detail of the realized and unrealized gain or loss recorded on our non-qualifying hedges:
 
Location of Gain (Loss) Recognized in Income on Derivative
Amount of Gain (Loss) Recognized in Derivative Related Expense
Three Months Ended September 30,
 
Nine Months Ended September 30,
2015
 
2014
 
2015
 
2014
 
 
(in millions)
Interest rate contracts
Derivative related expense
$
(133
)
 
$
(11
)
 
$
(147
)
 
$
(199
)
Total
 
$
(133
)
 
$
(11
)
 
$
(147
)
 
$
(199
)
Gain or Loss Recorded on Derivatives Related to Fair Value Option Debt Primarily Due to Changes in Interest Rates
The following table provides the gain or loss recorded on the derivatives related to fair value option debt. See Note 6, “Fair Value Option,” for further discussion.
 
Location of Gain (Loss)
Recognized in Income on Derivative
Amount of Gain (Loss) Recognized in Derivative Related Expense
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
 
(in millions)
Interest rate contracts
Gain (loss) on debt designated at fair value and related derivatives
$
—

 
$
(1
)
 
$
3

 
$
7

Currency contracts
Gain (loss) on debt designated at fair value and related derivatives
—

 
(11
)
 
(17
)
 
15

Total
 
$
—

 
$
(12
)
 
$
(14
)
 
$
22
Notional Values of Derivative Contracts
The following table provides the notional amounts of derivative contracts.
 
September 30, 2015
 
December 31, 2014
 
(in millions)
Derivatives designated as hedging instruments:
 
 
 
Interest rate swaps
$
1,507

 
$
1,959

Currency swaps
1,796

 
2,248

 
3,303

 
4,207

Non-qualifying hedges:
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
Interest rate swaps
3,199

 
3,199

 
3,199

 
3,199

Derivatives associated with debt carried at fair value:
 
 
 
Interest rate swaps
1,859

 
3,682

Currency swaps
2,892

 
2,892

 
4,751

 
6,574

Total
$
11,253

 
$
13,980