Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative financial instruments

The following tables summarize derivative financial instruments:



	September 30, 2014
			Net derivatives			Asset derivatives		Liability derivatives
	Notional amount		Fair value			Fair value ⁽¹⁾		Fair value ⁽¹⁾
Hedge designation/derivative type:
Derivatives designated as hedges:
Cash flow hedges:
Interest rate swaps	$	184,200	$	15,284		$	15,284	$	—
Cross-currency swaps	174,245		(3,461		)	1,301		4,762
Total cash flow hedges	358,445		11,823			16,585		4,762

Fair value hedges:
Interest rate swaps	78,000		2,946			3,046		100
Total fair value hedges	78,000		2,946			3,046		100

Total derivatives designated as hedges	436,445		14,769			19,631		4,862

Derivatives not designated as hedges:
Interest rate swaps	90,600		429			1,840		1,411
Futures on equity indices	7,784		—			—		—
Interest rate futures	20,548		—			—		—
Interest rate swaptions	344,584		424			424		—
Other forward contracts	6,134,300		(2,087		)	2,347		4,434
Cross-currency swaps	627,828		(141,533		)	2,055		143,588
Total derivatives not designated as hedges	7,225,644		(142,767		)	6,666		149,433
Total derivative financial instruments	$	7,662,089	$	(127,998	)	$	26,297	$	154,295

⁽¹⁾ The estimated fair value of all derivatives in an asset position is reported within other assets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the condensed consolidated balance sheets.



	December 31, 2013
			Net derivatives			Asset derivatives		Liability derivatives
	Notional amount		Fair value			Fair value ⁽¹⁾		Fair value ⁽¹⁾
Hedge designation/derivative type:
Derivatives designated as hedges:
Cash flow hedges:
Interest rate swaps	$	184,200	$	13,829		$	13,829	$	—
Cross-currency swaps	102,545		(7,843		)	—		7,843
Total cash flow hedges	286,745		5,986			13,829		7,843

Fair value hedges:
Interest rate swaps	78,000		4,951			5,098		147
Total fair value hedges	78,000		4,951			5,098		147

Total derivatives designated as hedges	364,745		10,937			18,927		7,990

Derivatives not designated as hedges:
Interest rate swaps	55,600		(2,038		)	1,454		3,492
Futures on equity indices	3,483		—			—		—
Interest rate futures	16,233		—			—		—
Interest rate swaptions	494,774		1,176			1,176		—
Cross-currency swaps	557,676		(154,340		)	1,921		156,261
Total derivatives not designated as hedges	1,127,766		(155,202		)	4,551		159,753
Total derivative financial instruments	$	1,492,511	$	(144,265	)	$	23,478	$	167,743

⁽¹⁾The estimated fair value of all derivatives in an asset position is reported within other assets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the condensed consolidated balance sheets.

Schedule of the effect of derivative instruments in the condensed consolidated statement of income reported by cash flow hedges, fair value hedges and economic hedges

The following tables present the effect of derivative instruments in the condensed consolidated statements of income reported by cash flow hedges, fair value hedges and economic hedges:



	Gain (loss) recognized in OCI on derivatives (Effective portion)					Gain (loss) reclassified from OCI into net income (Effective portion)
	Three Months Ended September 30,					Three Months Ended September 30,
	2014		2013			2014			2013
Cash flow hedges:
Interest rate swaps	$	184	$	(991	)	$	1,876		$	575	(A)
Cross-currency swaps	7,224		(48,917		)	900			—		(A)
Cross-currency swaps	—		—			(154		)	—		(B)
Interest rate futures	—		—			17			16		(A)
Total cash flow hedges	$	7,408	$	(49,908	)	$	2,639		$	591

(A) Net investment income.