Derivative Financial Instruments And Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Derivative swap and cap agreements consist of the following (in millions):

		Fair Value Level	September 30, 2015				December 31, 2014
			Notional		Fair Value		Notional		Fair Value
Assets
Interest rate swaps	(a)	3	$	3,166	$	6	$	1,652	$	6
Interest rate caps	(b)	2	4,380		8		2,123		6
Foreign currency swaps	(b)	2	1,479		22		1,594		4
Total assets	(c)		$	9,025	$	36	$	5,369	$	16
Liabilities
Interest rate swaps	(a)	3	$	6,775	$	24	$	5,627	$	39
Interest rate caps	(b)	2	3,981		8		1,804		6
Foreign currency swaps	(b)	2	—		—		1,044		1
Total liabilities	(d)		$	10,756	$	32	$	8,475	$	46

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(a) The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates.

(b) The fair values of the interest rate cap agreements and foreign currency swap agreements are based on observable market inputs.

(c) Included in other assets on the condensed consolidated balance sheets.

(d) Included in other liabilities on the condensed consolidated balance sheets.

Effect of derivative instruments on the condensed consolidated statements of income

The following table presents information on the effect of derivative instruments on the condensed consolidated statements of income and comprehensive income (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Non-designated hedges:
Interest rate contracts(a)	$	(13	)	$	(9	)	$	(12	)	$	(18	)
Foreign currency derivatives(b)	28			141			39			99
	$	15		$	132		$	27		$	81

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(a) Recognized in earnings as interest expense.

(b) Activity is substantially offset by translation activity (included in operating expenses) related to foreign currency-denominated loans.