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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Financial Instruments [Abstract]  
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments:
 
 
Asset Derivatives(1)
 
Liability Derivatives(2)
Derivatives Not Designated as Hedging Instruments
 
December 31,
 
December 31,
 
2012
 
2011
 
2012
 
2011
 
 
(in millions)
Equity contracts
 
$
21

 
$
3

 
$
35

 
$
42

Foreign exchange contracts
 
—

 
3

 
59

 
—

Commodity contracts
 
1

 
—

 
68

 
—

Sub-total
 
22

 
6

 
162

 
42

Netting across contract types(3)
 
(1
)
 
—

 
(1
)
 
—

Total(3)
 
$
21

 
$
6

 
$
161

 
$
42


(1) 
Net asset derivatives are located within other assets in our consolidated balance sheets.
(2) 
Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets.
(3) 
Excludes netting of cash collateral received and posted.  The total collateral posted at December 31, 2012 and 2011 was $148 million and $257 million, respectively, across all counterparties.
The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2012, 2011 and 2010:
 
 
Gain (Loss) Recognized in Income(1)
 
 
Year Ended December 31,
Derivatives Not Designated as Hedging Instruments
 
2012
 
2011
 
2010
 
 
(in millions)
Equity contracts
 
$
(1,082
)
 
$
(39
)
 
$
2

Foreign exchange contracts
 
(78
)
 
7

 
(12
)
Credit contracts
 
1

 
18

 
38

Futures index spread
 
—

 
20

 
3

Commodity contracts
 
(180
)
 
—

 
—

 
 
$
(1,339
)
 
$
6


$
31

 
(1) 
Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments.
Schedule of Notional Amounts of Outstanding Derivative Positions
At December 31, 2012, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows:
  
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Equity swaps
$
2

 
$
6,951

Foreign currency forwards
160

 
2,197

Interest rate swap contracts
1,253

 
—

Commodity contracts
52

 
21
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the fair values of our derivative instruments that are designated as cash flow hedging instruments:
 
 
Asset Derivatives(1)
 
Liability Derivatives(2)
Derivatives Designated as Cash Flow Hedging Instruments
 
December 31, 2012
 
December 31, 2011
 
December 31, 2012
 
December 31, 2011
 
 
(in millions)
Interest rate swap contracts
 
$
—

 
$
—

 
$
13

 
$
44

Commodity contracts
 
2

 
—

 
1

 
16

Foreign currency contracts
 
—

 
3

 
—

 
—

Sub-total
 
2

 
3

 
14

 
60

Netting across contract types
 
(2
)
 
(3
)
 
(2
)
 
(3
)
Total
 
$
—

 
$
—

 
$
12

 
$
57


(1) 
Located within other assets in our consolidated balance sheets.
(2) 
Located within accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the years ended December 31, 2012, 2011 and 2010:
Year Ended December 31, 2012
Derivatives Designated as Hedging Instruments
 
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Amount of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
(4
)
 
$
(38
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
7

 
(10
)
 
Cost of goods sold
 
—

 
 
Foreign currency contracts
 
(2
)
 
1

 
Cost of goods sold
 
—

 
 
 
 
$
1

 
$
(47
)
 
 
 
$
—

 
 

Year Ended December 31, 2011
Derivatives Designated as Hedging Instruments
 
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Amount of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
(13
)
 
$
(39
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
(22
)
 
5

 
Cost of goods sold
 
(1
)
 
Other income, net
Foreign currency contracts
 
3

 
—

 
 
 
—

 
 
 
 
$
(32
)
 
$
(34
)
 
 
 
$
(1
)
 
 
Year Ended December 31, 2010
Derivatives Designated as Hedging Instruments
 
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
 
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
 
Amount of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
 
 
(in millions)
 
(in millions)
 
 
 
 
 
 
Interest rate swap contracts
 
$
(58
)
 
$
(38
)
 
Interest expense
 
$
—

 
 
Commodity contracts
 
16

 
9

 
Cost of goods sold
 
—

 
 
Foreign currency contracts
 
1

 
1

 
Cost of goods sold
 
—

 
 
 
 
$
(41
)
 
$
(28
)
 
 
 
$
—