The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of December 31:
Other Assets | Other Liabilities | ||||||||||||
Fair Value | Fair Value | ||||||||||||
(Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate contracts | |||||||||||||
Fair value hedges | $ | 455 | $ | 824 | $ | 2 | $ | ― | |||||
Total return contract | |||||||||||||
Fair value hedge | 8 | ― | ― | 19 | |||||||||
Foreign exchange contracts | |||||||||||||
Net investment hedges | 174 | 43 | 116 | 150 | |||||||||
Total derivatives designated as hedging instruments | 637 | 867 | 118 | 169 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign exchange contracts, including certain embedded derivatives(a) | 64 | 75 | 95 | 160 | |||||||||
Total derivatives not designated as hedging instruments | 64 | 75 | 95 | 160 | |||||||||
Total derivatives, gross | 701 | 942 | 213 | 329 | |||||||||
Cash collateral netting(b) | (336) | (326) | ― | (21) | |||||||||
Derivative asset and derivative liability netting(c) | (36) | (23) | (36) | (23) | |||||||||
Total derivatives, net(d) | $ | 329 | $ | 593 | $ | 177 | $ | 285 |