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Fair Value Option (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020
 
 
 
 
 
Student loans held for investment
$
37

 
$
39

 
$
(2
)
Commercial loans held for sale
206

 
263

 
(57
)
Fixed rate long-term debt
898

 
741

 
157

Hybrid instruments:
 
 
 
 
 
Structured deposits
6,371

 
7,278

 
(907
)
Structured notes
7,477

 
8,176

 
(699
)
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
Components of Gain on Instruments at Fair Value and Related Derivatives
The following table summarizes the components of loss on instruments designated at fair value and related derivatives reflected in the consolidated statement of income (loss) for the three months ended March 31, 2020 and 2019:
 
Loans and Loans Held for Sale
 
Long-Term
Debt
 
Hybrid
Instruments
 
Total
 
(in millions)
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
(134
)
 
$
1,579

 
$
1,445

Credit risk component(2)(3)
(54
)
 
—

 
—

 
(54
)
Total mark-to-market on financial instruments designated at fair value
(54
)
 
(134
)
 
1,579

 
1,391

Mark-to-market on related derivatives
37

 
150

 
(1,606
)
 
(1,419
)
Net realized gain on related long-term debt derivatives
—

 
6

 
—

 
6

Gain (loss) on instruments designated at fair value and related derivatives
$
(17
)
 
$
22

 
$
(27
)
 
$
(22
)
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
(69
)
 
$
(1,012
)
 
$
(1,081
)
Credit risk component(2)
3

 
—

 
—

 
3

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

 
(69
)
 
(1,012
)
 
(1,078
)
Mark-to-market on related derivatives
—

 
53

 
1,006

 
1,059

Net realized gain on related long-term debt derivatives
—

 
10

 
—

 
10

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

 
$
(6
)
 
$
(6
)
 
$
(9
)
 
(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.
(3) 
During the three months ended March 31, 2020, the loss in the credit risk component for loans and loans held for sale was attributable to the widening of credit spreads associated with certain commercial loans held for sale which were impacted by the spread of the COVID-19 pandemic.