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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
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 also presents the amounts of counterparty netting and cash collateral that have been offset in the consolidated balance sheet.
 
September 30, 2016
 
December 31, 2015
 
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
$
—

 
$
—

 
$
—

 
$
(18
)
Currency swaps
—

 
(52
)
 
97

 
(178
)
Cash flow hedges
—

 
(52
)
 
97

 
(196
)
 
 
 
 
 
 
 
 
Non-qualifying hedge activities:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
—

 
—

 
20

 
(286
)
Derivatives not designated as hedging instruments
—

 
—

 
20

 
(286
)
 
 
 
 
 
 
 
 
Derivatives associated with debt carried at fair value:
 
 
 
 
 
 
 
Interest rate swaps
—

 
—

 
4

 
—

Currency swaps
40

 
(195
)
 
14

 
(201
)
Derivatives associated with debt carried at fair value
40

 
(195
)
 
18

 
(201
)
Total derivatives
40

 
(247
)
 
135

 
(683
)
Less: Gross amounts offset in the balance sheet(2)
(40
)
 
229

 
(135
)
 
626

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

 
$
(18
)
 
$
—

 
$
(57
)
 

(1) 
All of our derivatives are bilateral over-the-counter 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 $189 million at September 30, 2016 and $491 million at December 31, 2015. At September 30, 2016 and December 31, 2015, we did not have any financial instrument collateral received/posted.
(3) 
At September 30, 2016 and December 31, 2015, we had not received any cash 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)
 
2016
 
2015
 
2016
 
2015
 
 
2016
 
2015
 
(in millions)
 
 
 
(in millions)
 
 
 
(in millions)
Three Months Ended September 30,
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
—

 
$
10

 
Interest expense
 
$
—

 
$
—

 
Derivative related income (expense)
 
$
—

 
$
—

Currency swaps
$
—

 
$
(3
)
 
Interest expense
 
$
—

 
$
(3
)
 
Derivative related income (expense)
 
$
3

 
$
5

Total
$
—

 
$
7

 
 
 
$
—

 
$
(3
)
 
 
 
$
3

 
$
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
18

 
$
30

 
Interest expense
 
$
—

 
$
—

 
Derivative related income (expense)
 
$
—

 
$
—

Currency swaps
(1
)
 
3

 
Interest expense
 
(7
)
 
(9
)
 
Derivative related income (expense)
 
8

 
12

Total
$
17

 
$
33

 
 
 
$
(7
)
 
$
(9
)
 
 
 
$
8

 
$
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 Income (Expense)
Three Months Ended September 30,
 
Nine Months Ended September 30,
2016
 
2015
 
2016
 
2015
 
 
(in millions)
Interest rate contracts
Derivative related income (expense)
$
—

 
$
(133
)
 
$
(117
)
 
$
(147
)
Total
 
$
—

 
$
(133
)
 
$
(117
)
 
$
(147
)
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 5, “Fair Value Option,” for further discussion.
 
Location of Gain (Loss)
Recognized in Income on Derivative
Amount of Gain (Loss) Recognized in Derivative Related Income (Expense)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
(in millions)
Interest rate contracts
Gain (loss) on debt designated at fair value and related derivatives
$
—

 
$
—

 
$
—

 
$
3

Currency contracts
Gain (loss) on debt designated at fair value and related derivatives
(5
)
 
—

 
(2
)
 
(17
)
Total
 
$
(5
)
 
$
—

 
$
(2
)
 
$
(14
)
Notional Values of Derivative Contracts
The following table provides the notional amounts of derivative contracts.
 
September 30, 2016
 
December 31, 2015
 
(in millions)
Derivatives designated as hedging instruments:
 
 
 
Interest rate swaps
$
—

 
$
1,300

Currency swaps
203

 
1,588

 
203

 
2,888

Non-qualifying hedges:
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
Interest rate swaps
—

 
2,624

 
—

 
2,624

Derivatives associated with debt carried at fair value:
 
 
 
Interest rate swaps
—

 
1,859

Currency swaps
1,562

 
1,562

 
1,562

 
3,421

Total
$
1,765

 
$
8,933