The components of gain (loss) on debt designated at fair value and related derivatives are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(in millions)
Mark-to-market on debt designated at fair value⁽¹⁾:
Interest rate component	$	3		$	(184	)	$	94		$	(52	)
Credit risk component		(150	)		679			(611	)		614

Total mark-to-market on debt designated at fair value		(147	)		495			(517	)		562
Mark-to-market on the related derivatives⁽¹⁾		(36	)		146			(198	)		(28	)
Net realized gains on the related derivatives		88			151			316			474

Gain (loss) on debt designated at fair value and related derivatives	$	(95	)	$	792		$	(399	)	$	1,008

⁽¹⁾

Mark-to-market on debt designated at fair value and related derivatives excludes market value changes due to fluctuations in foreign currency exchange rates. Foreign currency translation gains (losses) recorded in derivative related income (expense) associated with debt designated at fair value was a loss of $53 million and a gain of $31 million during the three and nine months ended September 30, 2012, respectively, compared to a gain of $241 million and a loss of $51 million during the three and nine months ended September 2011, respectively. Offsetting gains (losses) recorded in derivative related income (expense) associated with the related derivatives was a gain of $53 million and a loss of $31 million during the three and nine months ended September 30, 2012, respectively, compared to a loss of $241 million and a gain of $51 million during the three and nine months ended September 30, 2011, respectively