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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2012
Derivatives and Hedging Activities (Tables) [Abstract]  
Schedule of derivative instruments in statement of financial position, fair value

The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of June 30, 2012 and December 31, 2011:

   Other Assets Other Liabilities
   Fair Value Fair Value
(Millions) 2012 2011 2012 2011
Derivatives designated as hedging instruments:            
Interest rate contracts            
 Fair value hedges $ 963 $ 999 $ ― $ ―
 Cash flow hedges   ―   ―   ―  1
Total return contract            
 Fair value hedge   28   13   ―   ―
Foreign exchange contracts            
 Net investment hedges   219   344   32  54
Total derivatives designated as hedging instruments $ 1,210 $ 1,356 $ 32 $ 55
Derivatives not designated as hedging instruments:            
 Interest rate contracts $ ― $ 1 $ ― $ ―
 Foreign exchange contracts, including certain embedded derivatives(a)   152   159   64  50
 Equity-linked embedded derivative(b)   ―   ―   2  3
Total derivatives not designated as hedging instruments   152   160   66   53
Total derivatives, gross $ 1,362 $ 1,516 $ 98 $ 108
Cash collateral netting(c)    (630)   (587)   ―   ―
Derivative asset and derivative liability netting(c)    (19)   (14)   (19)   (14)
Total derivatives, net $ 713 $ 915 $ 79 $ 94

(a) Includes foreign currency derivatives embedded in certain operating agreements.

(b) Represents an equity-linked derivative embedded in one of the Company's investment securities.

(c) As permitted under GAAP, balances represent the netting of cash collateral received and posted under credit support agreements, and the netting of derivative assets and derivative liabilities under master netting agreements.
Effect of fair value hedges on results of operations

The following table summarizes the impact on the Consolidated Statements of Income associated with the Company's hedges of its fixed-rate long-term debt and its investment in ICBC:

For the Three Months Ended June 30: (Millions)                    
  Gains (losses) recognized in income
  Derivative contract Hedged item Net hedge
    Amount   Amount  ineffectiveness
Derivative relationship Income Statement Line Item 2012 2011 Income Statement Line Item 2012 2011 2012 2011
Interest rate contracts Other, net expenses   $47 $142 Other, net expenses   $(42) $(138) $5 $4
Total return contract Other non-interest revenues  53   ― Other non-interest revenues  (53)   ―   ―   ―

For the Six Months Ended June 30: (Millions)                    
  Gains (losses) recognized in income
  Derivative contract Hedged item Net hedge
    Amount   Amount  ineffectiveness
Derivative relationship Income Statement Line Item 2012 2011 Income Statement Line Item 2012 2011 2012 2011
Interest rate contracts Other, net expenses   $(36) $(16) Other, net expenses   $27 $1 $(9) $(15)
Total return contract Other non-interest revenues  21   ― Other non-interest revenues  (21)   ―   ―   ―
Impact of cash flow hedges and investment hedges on results of operations

The following table summarizes the impact of cash flow hedges and net investment hedges on the Consolidated Statements of Income:

For the Three Months Ended June 30: (Millions)              
   Gains (losses) recognized in income
     Amount reclassified        
    from AOCI into  Net hedge
    income  ineffectiveness
Description Income Statement Line Item 2012 2011 Income Statement Line Item 2012 2011
Cash flow hedges:(a)                
 Interest rate contracts Interest expense $ ― $ (5) Other, net expenses $ ― $ ―
Net investment hedges:                
 Foreign exchange                
  contracts Other, net expenses $ ― $ ― Other, net expenses $ ― $ ―

For the Six Months Ended June 30: (Millions)              
   Gains (losses) recognized in income
     Amount reclassified        
   from AOCI into  Net hedge
   income  ineffectiveness
Description Income Statement Line Item 2012 2011 Income Statement Line Item 2012 2011
Cash flow hedges:(a)                
 Interest rate contracts Interest expense $(1) $(13) Other, net expenses $ ― $ ―
Net investment hedges:                
 Foreign exchange                
  contracts Other, net expenses $ ― $ ― Other, net expenses $ ― $(3)

(a) During the three and six months ended June 30, 2012 and 2011, there were no forecasted transactions that were considered no longer probable to occur.

 
Derivative instruments gain loss recognized in income

The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the Consolidated Statements of Income for the three and six months ended June 30:

For the Three Months Ended June 30: (Millions)        
  Pretax gains (losses)
    Amount
Description  Income Statement Line Item 2012 2011
Interest rate contracts Other, net expenses $ ― $ ―
Foreign exchange contracts(a) Interest and dividends on investment securities   ―   3
  Interest expense on short-term borrowings   ―   2
  Interest expense on long-term debt and other   ―   31
  Other, net expenses   139  (62)
Equity-linked contract Other non-interest revenues   1   (1)
Total   $ 140 $(27)

For the Six Months Ended June 30: (Millions)        
  Pretax gains (losses)
    Amount
Description  Income Statement Line Item 2012 2011
Interest rate contracts Other, net expenses $ (1) $2
Foreign exchange contracts(a) Interest and dividends on investment securities   ―  5
  Interest expense on short-term borrowings   ―  3
  Interest expense on long-term debt and other   ―  61
  Other, net expenses  44  (38)
Equity-linked contract Other non-interest revenues  2   ―
Total   $45 $33

(a)        Foreign exchange contracts include embedded foreign currency derivatives. Gains (losses) on these embedded derivatives are included in other expenses.