Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The gains/(losses), by hedge designation, reported in income for the periods ended March 31 were as follows (in millions):

	First Quarter
	2021		2022
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	101	$	76
Fair value changes on hedging instruments	(641)		(986)
Fair value changes on hedged debt	590		991
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(3)		(3)
Fair value changes on hedging instruments	(50)		(37)
Fair value changes on hedged debt	44		41
Derivatives not designated as hedging instruments
Interest rate contracts	(31)		123
Foreign currency exchange contracts (a)	52		(2)
Cross-currency interest rate swap contracts	(245)		(227)
Total	$	(183)	$	(24)

__________

(a)Reflects forward contracts between us and an affiliated company.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	December 31, 2021						March 31, 2022
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	23,893	$	544	$	274	$	21,985	$	41	$	758
Cross-currency interest rate swap contracts	885		—		49		885		—		79
Derivatives not designated as hedging instruments
Interest rate contracts	50,060		338		126		49,854		496		195
Foreign currency exchange contracts	4,407		66		2		4,695		51		29
Cross-currency interest rate swap contracts	6,533		117		61		6,520		51		276
Total derivative financial instruments, gross (a) (b)	$	85,778	$	1,065	$	512	$	83,939	$	639	$	1,337

__________

(a)At December 31, 2021 and March 31, 2022, we held collateral of $26 million and $102 million, respectively, and we posted collateral of $71 million and $109 million, respectively.

(b)At December 31, 2021 and March 31, 2022, the fair value of assets and liabilities available for counterparty netting was $415 million and $189 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.