XML 80 R50.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Income Effect of Derivative Instruments [Table Text Block]
The gains/(losses), by hedge designation, reported in income for the periods ended June 30 were as follows (in millions):
 Second QuarterFirst Half
Cash flow hedges
2022202320222023
Reclassified from AOCI to Cost of sales
Foreign currency exchange contracts (a)
$(90)$64 $(180)$90 
Commodity contracts (b)
84 (15)142 (24)
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
25 (130)101 (270)
Fair value changes on hedging instruments(336)(316)(1,322)(66)
Fair value changes on hedged debt385 292 1,376 13 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments
(6)(19)(9)(33)
Fair value changes on hedging instruments(61)(24)(98)(2)
Fair value changes on hedged debt65 22 106 3 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts (c)127 25 81 22 
Cross-currency interest rate swap contracts
(443)(60)(670)25 
Interest rate contracts89 109 212 97 
Commodity contracts(140)(45)(31)(56)
Total$(301)$(97)$(292)$(201)
__________
(a)For the second quarter and first half of 2022, a $234 million gain and a $106 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2023, a $328 million loss and a $391 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(b)For the second quarter and first half of 2022, a $360 million loss and a $76 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2023, a $108 million loss and a $100 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(c)For the second quarter and first half of 2022, a $100 million gain and a $56 million gain, respectively, were reported in Cost of sales, and a $27 million gain and a $25 million gain, respectively, were reported in Other income/(loss), net. For the second quarter and first half of 2023, a $32 million gain and a $51 million gain, respectively, were reported in Cost of sales, and a $7 million loss and a $29 million loss, respectively, were reported in Other income/(loss), net.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):
December 31, 2022June 30, 2023
NotionalFair Value of
Assets		Fair Value of
Liabilities		NotionalFair Value of
Assets		Fair Value of
Liabilities
Cash flow hedges   
Foreign currency exchange contracts
$11,536 $376 $52 $17,886 $111 $284 
Commodity contracts990 16 56 1,033 — 118 
Fair value hedges
Interest rate contracts16,883 — 1,653 16,454 — 1,266 
Cross-currency interest rate swap contracts
885 — 161 2,078 5 145 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts20,851 162 285 20,780 170 143 
Cross-currency interest rate swap contracts
6,635 15 653 6,416 54 476 
Interest rate contracts63,210 931 483 64,142 938 908 
Commodity contracts841 26 35 1,003 6 70 
Total derivative financial instruments, gross (a) (b)
$121,831 $1,526 $3,378 $129,792 $1,284 $3,410 
Current portion
$1,101 $1,656 $925 $1,914 
Non-current portion
425 1,722 359 1,496 
Total derivative financial instruments, gross
$1,526 $3,378 $1,284 $3,410 
__________
(a)At December 31, 2022 and June 30, 2023, we held collateral of $210 million and $174 million, respectively, and we posted collateral of $201 million and $278 million, respectively.
(b)At December 31, 2022 and June 30, 2023, the fair value of assets and liabilities available for counterparty netting was $451 million and $512 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.