XML 85 R66.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
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 years ended December 31 were as follows (in millions):
 202220232024
Cash flow hedges
Reclassified from AOCI to Cost of sales
Foreign currency exchange contracts (a)$(213)$145 $46 
Commodity contracts (b)133 (62)(38)
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
(45)(507)(361)
Fair value changes on hedging instruments(1,875)196 (220)
Fair value changes on hedged debt1,893 (260)182 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments
(27)(79)(133)
Fair value changes on hedging instruments(111)96 (134)
Fair value changes on hedged debt113 (96)108 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts (c)(3)(38)384 
Cross-currency interest rate swap contracts
(780)127 (272)
Interest rate contracts390 37 (85)
Commodity contracts(51)(49)(48)
Total$(576)$(490)$(571)
__________
(a)For 2022, 2023, and 2024, a $448 million gain, a $482 million loss, and an $808 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.
(b)For 2022, 2023, and 2024, a $102 million loss, a $37 million loss, and a $5 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(c)For 2022, 2023, and 2024, a $53 million loss, a $3 million loss, and a $116 million gain, respectively, were reported in Cost of sales and a $50 million gain, a $35 million loss, and a $268 million gain were reported in Other income/(loss), net, respectively.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts at December 31 were as follows (in millions):
 20232024
NotionalFair Value of
Assets		Fair Value of
Liabilities		NotionalFair Value of
Assets		Fair Value of
Liabilities
Cash flow hedges   
Foreign currency exchange contracts
$19,530 $69 $385 $20,027 $578 $123 
Commodity contracts983 23 36 959 22 13 
Fair value hedges
Interest rate contracts12,119 106 633 16,194 66 645 
Cross-currency interest rate swap contracts
2,078 69 104 3,802 9 139 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts22,802 201 261 20,799 301 192 
Cross-currency interest rate swap contracts
7,100 119 252 5,455 133 246 
Interest rate contracts73,134 465 1,036 76,977 305 845 
Commodity contracts1,051 35 31 944 14 31 
Total derivative financial instruments, gross (a) (b)
$138,797 $1,087 $2,738 $145,157 $1,428 $2,234 
Current portion
$493 $1,464 $869 $1,311 
Non-current portion
594 1,274 559 923 
Total derivative financial instruments, gross
$1,087 $2,738 $1,428 $2,234 
__________
(a)At December 31, 2023 and 2024, we held collateral of $40 million and $27 million, respectively, and we posted collateral of $185 million and $127 million, respectively.
(b)At December 31, 2023 and 2024, the fair value of assets and liabilities available for counterparty netting was $815 million and $780 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.