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Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities
 
Litigation Bond As discussed more fully in Note 22, "Litigation and Regulatory Matters," on October 17, 2013, the District Court entered a partial final judgment against us in the Jaffe litigation in the amount of approximately $2.5 billion. In November 2013, we obtained a surety bond for $2.5 billion to secure a stay of execution of the partial judgment pending the outcome of our appeal. To reduce costs associated with posting cash collateral with the insurance companies, the surety bond was guaranteed by HSBC North America and we paid HSBC North America an annual fee for this guarantee. Given the mandate of the Court of Appeals for the Seventh Circuit reversing the judgment, during the third quarter of 2015 we terminated the surety bond and related guarantee by HSBC North America. Prior to the termination of the surety bond and related guarantee, during 2015 we recorded expense of $5 million related to the surety bond and $4 million related to the guarantee provided by HSBC North America. As a result of the reversal of the judgment and the termination of the surety bond, during the fourth quarter of 2015 we recovered $13 million of previously paid surety bond fees. During 2014, we recorded expense of $7 million related to the surety bond and $6 million related to the guarantee.
Lease Obligations We lease certain offices, buildings and equipment for periods which generally do not exceed 25 years. The leases have various renewal options. The office space leases generally require us to pay certain operating expenses. Net rental expense under operating leases was $8 million, $10 million and $11 million in 2015, 2014 and 2013, respectively. See Note 17, “Related Party Transactions,” for additional information.
We have lease obligations on certain office space which has been subleased through the end of the lease period. Under these agreements, the sublessee has assumed future rental obligations on the lease.
Future net minimum lease commitments under noncancelable operating lease arrangements were:
Year Ending December 31,
Minimum
Rental
Payments
 
Minimum
Sublease
Income
 
Net
 
(in millions)
2016
$
6

 
$
(2
)
 
$
4

2017
2

 
—

 
2

2018
2

 
—

 
2

2019
2

 
—

 
2

2020
1

 
—

 
1

Thereafter
—

 
—

 
—

Net minimum lease commitments
$
13

 
$
(2
)
 
$
11