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Fair Value Option (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2019
 
 
 
 
 
Commercial loans held for sale
$
389

 
$
399

 
$
(10
)
Securities purchased under resale agreements
29

 
29

 
—

Securities sold under repurchase agreements
459

 
459

 
—

Fixed rate long-term debt
2,229

 
1,750

 
479

Hybrid instruments:
 
 
 
 
 
Structured deposits
7,949

 
7,815

 
134

Structured notes
9,295

 
8,466

 
829

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 three and nine months ended September 30, 2019 and 2018:
 
Loans
 
Long-Term
Debt
 
Hybrid
Instruments
 
Total
 
(in millions)
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
(115
)
 
$
(98
)
 
$
(213
)
Credit risk component(2)
(1
)
 
—

 
—

 
(1
)
Total mark-to-market on financial instruments designated at fair value
(1
)
 
(115
)
 
(98
)
 
(214
)
Mark-to-market on related derivatives
—

 
89

 
95

 
184

Net realized gain on related long-term debt derivatives
—

 
11

 
—

 
11

Gain (loss) on instruments designated at fair value and related derivatives
$
(1
)
 
$
(15
)
 
$
(3
)
 
$
(19
)
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
51

 
$
(229
)
 
$
(178
)
Credit risk component(2)
—

 
—

 
—

 
—

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

 
51

 
(229
)
 
(178
)
Mark-to-market on related derivatives
—

 
(44
)
 
241

 
197

Net realized gain on related long-term debt derivatives
—

 
10

 
—

 
10

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

 
$
17

 
$
12

 
$
29

 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
(284
)
 
$
(1,532
)
 
$
(1,816
)
Credit risk component(2)
2

 
—

 
—

 
2

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

 
(284
)
 
(1,532
)
 
(1,814
)
Mark-to-market on related derivatives
—

 
225

 
1,514

 
1,739

Net realized gain on related long-term debt derivatives
—

 
30

 
—

 
30

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

 
$
(29
)
 
$
(18
)
 
$
(45
)
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
Interest rate and other components(1)
$
—

 
$
173

 
$
78

 
$
251

Credit risk component(2)
3

 
—

 
—

 
3

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

 
173

 
78

 
254

Mark-to-market on related derivatives
—

 
(154
)
 
(71
)
 
(225
)
Net realized gain on related long-term debt derivatives
—

 
34

 
—

 
34

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

 
$
53

 
$
7

 
$
63

 
(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 (loss).