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Fair Value Option (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Option [Abstract]  
Fair Value, Option, Quantitative Disclosures
The following table summarizes the fair value and unpaid principal balance for items we account for under FVO:
 
Fair Value
 
Unpaid Principal Balance
 
Fair Value Over (Under) Unpaid Principal Balance
 
(in millions)
At December 31, 2019
 
 
 
 
 
Commercial loans held for sale
$
178

 
$
189

 
$
(11
)
Securities sold under repurchase agreements
373

 
373

 
—

Fixed rate long-term debt
959

 
741

 
218

Hybrid instruments:
 
 
 
 
 
Structured deposits
7,209

 
7,491

 
(282
)
Structured notes
9,388

 
8,187

 
1,201

At December 31, 2018
 
 
 
 
 
Commercial loans held for sale
$
109

 
$
120

 
$
(11
)
Securities sold under repurchase agreements
560

 
560

 
—

Fixed rate long-term debt
1,935

 
1,750

 
185

Hybrid instruments:
 
 
 
 
 
Structured deposits
8,154

 
8,441

 
(287
)
Structured notes
9,314

 
9,546

 
(232
)
Components of Gain on Instruments at Fair Value and Related Derivatives
The following table summarizes the components of gain (loss) on instruments designated at fair value and related derivatives reflected in the consolidated statement of income (loss) for the years ended December 31, 2019, 2018 and 2017:
 
Loans
 
Securities Purchased Under Resale Agreements
 
Securities Sold Under Repurchase Agreements
 
Long-Term
Debt
 
Hybrid
Instruments
 
Total
 
(in millions)
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
—

 
$
—

 
$
(200
)
 
$
(1,986
)
 
$
(2,186
)
Credit risk component(2)
3

 
—

 
—

 
—

 
—

 
3

Total mark-to-market on financial instruments designated at fair value
3

 
—

 
—

 
(200
)
 
(1,986
)
 
(2,183
)
Mark-to-market on related derivatives
—

 
—

 
—

 
148

 
1,983

 
2,131

Net realized gain on related long-term debt derivatives
—

 
—

 
—

 
39

 
—

 
39

Gain (loss) on instruments designated at fair value and related derivatives
$
3

 
$
—

 
$
—

 
$
(13
)
 
$
(3
)
 
$
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
—

 
$
1

 
$
99

 
$
1,035

 
$
1,135

Credit risk component(2)
(4
)
 
—

 
—

 
—

 
—

 
(4
)
Total mark-to-market on financial instruments designated at fair value
(4
)
 
—

 
1

 
99

 
1,035

 
1,131

Mark-to-market on related derivatives
—

 
—

 
—

 
(95
)
 
(1,062
)
 
(1,157
)
Net realized gain on related long-term debt derivatives
—

 
—

 
—

 
45

 
—

 
45

Gain (loss) on instruments designated at fair value and related derivatives
$
(4
)
 
$
—

 
$
1

 
$
49

 
$
(27
)
 
$
19

 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
(1
)
 
$
2

 
$
6

 
$
(1,151
)
 
$
(1,144
)
Credit risk component(2)
(2
)
 
—

 
—

 
—

 
—

 
(2
)
Total mark-to-market on financial instruments designated at fair value
(2
)
 
(1
)
 
2

 
6

 
(1,151
)
 
(1,146
)
Mark-to-market on related derivatives
—

 
—

 
—

 
(31
)
 
1,163

 
1,132

Net realized gain on related long-term debt derivatives
—

 
—

 
—

 
57

 
—

 
57

Gain (loss) on instruments designated at fair value and related derivatives
$
(2
)
 
$
(1
)
 
$
2

 
$
32

 
$
12

 
$
43

 
(1) 
As it relates to hybrid instruments, interest rate and other components primarily includes interest rate, foreign exchange and equity contract risks.
(2) 
The fair value movement on fair value option liabilities attributable to our own credit spread is recorded in other comprehensive income.