Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value and Outstanding Notional Amounts of Derivative Instruments and Related Collateral Balances
The following table summarizes the fair value (including accrued interest) and outstanding notional amounts of derivative instruments and related collateral balances (dollars in millions):
 
March 31, 2015
 
December 31, 2014
 
Notional
Amount
 
Number of Outstanding Derivative Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Notional
Amount
 
Derivative Assets
 
Derivative Liabilities
Derivatives designated as hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps—cash flow hedge
$
4,100

 
8

 
$
—

 
$
50

 
$
4,100

 
$
4

 
$
18

Interest rate swaps—fair value hedge
$
4,237

 
162

 
39

 
—

 
$
5,507

 
31

 
2

Foreign exchange forward contract - net investment hedge(1)
$
2

 
1

 
—

 
—

 
$
7

 
—

 
—

Derivatives not designated as hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts(2)
$
36

 
7

 
—

 
—

 
$
53

 
—

 
—

Interest rate swap(3)
$
277

 
1

 
—

 
—

 
$
359

 
—

 
—

Forward delivery contracts
$
1,477

 
416

 
4

 
5

 
$
761

 
1

 
3

Interest rate lock commitments(3)
$
689

 
2,785

 
14

 
—

 
$
406

 
7

 
—

Total gross derivative assets / liabilities(4)
 
 
 
 
57

 
55

 
 
 
43

 
23

Less: Collateral held/posted(5)
 
 
 
 
(26
)
 
(51
)
 
 
 
(20
)
 
(23
)
Total net derivative assets / liabilities
 
 
 
 
$
31

 
$
4

 
 
 
$
23

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The foreign exchange forward contract has a notional amount of EUR 2 million and EUR 6 million as of March 31, 2015 and December 31, 2014, respectively.
(2)
The foreign exchange forward contracts have notional amounts of EUR 23 million, GBP 6 million and SGD 1 million as of March 31, 2015 and EUR 27 million, GBP 8 million, SGD 1 million and CHF 8 million as of December 31, 2014.
(3)
Interest rate swaps not designated as hedges and interest rate lock commitments do not have associated master netting arrangements.
(4)
In addition to the derivatives disclosed in the table, the Company enters into forward contracts to purchase when-issued mortgage-backed securities as part of its community reinvestment initiatives. At March 31, 2015, the Company had one outstanding contract with a notional amount of $17 million and immaterial fair value. At December 31, 2014, the Company had one outstanding contract with a notional amount of $33 million and immaterial fair value.
(5)
Collateral amounts, which consist of both cash and investment securities, are limited to the related derivative asset/liability balance and do not include excess collateral received/pledged.
Schedule of Impact of the Derivative Instruments on Income and Other Comprehensive Income
The following tables summarize the impact of the derivative instruments on income and OCI and indicates where within the condensed consolidated financial statements such impact is reported (dollars in millions):
 
 
 
Amount of Loss
Recognized in OCI
 
 
 
For the Three Months Ended March 31,
 
Location
 
2015
 
2014
Derivatives designated as hedges:
 
 
 
 
 
Interest rate swaps - cash flow/net investment hedges:
 
 
 
 
 
Total loss recognized in OCI after amounts reclassified into earnings, pre-tax
OCI
 
$
(35
)
 
$
(6
)
Total loss recognized in OCI
 
 
$
(35
)
 
$
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of (Loss) Gain Recognized in Income
 
 
 
For the Three Months Ended March 31,
 
Location
 
2015
 
2014
Derivatives designated as hedges:
 
 
 
 
 
Interest rate swaps - cash flow hedges:
 
 
 
 
 
Amount reclassified from OCI into income
Interest Income
 
$
—

 
$
—

Amount reclassified from OCI into income
Interest Expense
 
(12
)
 
(7
)
Total amount reclassified from OCI into income
 
 
(12
)

(7
)
 
 
 
 
 
 
Interest rate swaps - fair value hedges:
 
 
 
 
 
Adjustments - ineffectiveness
 
 
5

 
(2
)
Adjustments - other
 
 
8

 
10

Gain on interest rate swaps
Interest Expense
 
13

 
8

 
 
 
 
 
 
Adjustments - ineffectiveness
 
 
(3
)
 
3

Adjustments - other
 
 
(1
)
 
3

(Loss) gain on hedged item
Interest Expense
 
(4
)
 
6

 
 
 
 
 
 
Total (loss) gain recognized in income
 
 
$
(3
)

$
7

 
 
 
 
 
 
Derivatives not designated as hedges:
 
 
 
 
 
Gain on forward contracts
Other Income
 
$
3

 
$
—

Loss on interest rate swaps
Other Income
 
—

 
(1
)
Gain (loss) on forward delivery contracts
Other Income
 
2

 
(3
)
Gain on interest rate lock commitments
Other Income
 
44

 
18

Total gain on derivatives not designated as hedges recognized in income
 
 
$
49

 
$
14