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Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Swap and Cap Agreement
Derivative financial instruments consist of the following (in millions): 
 
December 31, 2015
 
December 31, 2014
 
Notional
 
Fair Value
 
Notional
 
Fair Value
Fair value hedges
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Interest rate swaps(a)(d)
$
1,000

 
$
6

 
$
—

 
$
—

Derivatives not designated as hedges
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Interest rate swaps(b)
4,122

 
8

 
1,652

 
6

Interest rate caps(a)
6,327

 
19

 
2,123

 
6

Foreign currency swaps(a)
1,460

 
48

 
1,594

 
4

Total assets(c)
$
11,909

 
$
75

 
$
5,369

 
$
16

Liabilities
 
 
 
 
 
 
 
Interest rate swaps(b)
$
8,041

 
$
24

 
$
5,627

 
$
39

Interest rate caps(a)
5,892

 
19

 
1,804

 
6

Foreign currency swaps(a)
—

 
—

 
1,044

 
1

Total liabilities(d)
$
13,933

 
$
43

 
$
8,475

 
$
46

 _________________
(a)
The fair value is based on observable market inputs, and are classified as level 2.
(b)
The fair value is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates, and classified as level 3.
(c)
Included in other assets on the consolidated balance sheets.
(d)
Included in other liabilities on the consolidated balance sheets.
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income
The following table presents information on the effect of derivative instruments on the consolidated statements of income and comprehensive income (in millions):
 
Income (Losses) Recognized In Income
 
Years Ended December 31,
 
2015
 
2014
 
2013
Fair value hedges
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
Net interest accruals
$
1

 
$
—

 
$
—

Ineffectiveness(a)
—

 
—

 
—

Derivatives not designated as hedges
 
 
 
 
 
Interest rate contracts(b)
(15
)
 
(51
)
 
(1
)
Foreign currency derivatives(c)
42

 
163

 
(118
)
 
$
27

 
$
112

 
$
(119
)
(a)
Hedge ineffectiveness reflects the net change in the fair value of interest rate contracts of $6.0 million offset by the change in fair value of hedged debt attributable to the hedged risk of $5.6 million.
(b)
Recognized in earnings as interest expense.
(c)
Activity is substantially offset by translation activity (included in operating expenses) related to foreign currency-denominated loans.