Derivative Financial Instruments And Hedging Activities (Tables)

3 Months Ended

Mar. 31, 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	March 31, 2015				December 31, 2014
		Level	Notional		Fair Value		Notional		Fair Value
Assets
Interest rate swaps	(a)	3	$	1,688	$	6	$	1,652	$	6
Interest rate caps	(b)	2	2,082		5		2,123		6
Foreign currency swaps	(b)	2	1,488		30		1,594		4
Total assets	(c)		$	5,258	$	41	$	5,369	$	16
Liabilities
Interest rate swaps	(a)	3	$	5,114	$	35	$	5,627	$	39
Interest rate caps	(b)	2	1,764		4		1,804		6
Foreign currency swaps	(b)	2	939		1		1,044		1
Total liabilities	(d)		$	7,817	$	40	$	8,475	$	46

_________________

(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 quoted market prices.

(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 March 31,
	2015			2014
Non-designated hedges:
Interest rate contracts (a)	$	(6	)	$	(10	)
Foreign currency derivatives (b)	69			(16		)
	$	63		$	(26	)

_________________

(a) Losses recognized in earnings are included in interest expense.

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