Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 June 30 were as follows (in millions):

	Second Quarter				First Half
	2021		2022		2021		2022
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	100	$	25	$	201	$	101
Fair value changes on hedging instruments	103		(336)		(538)		(1,322)
Fair value changes on hedged debt	(87)		385		503		1,376
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(1)		(6)		(4)		(9)
Fair value changes on hedging instruments	11		(61)		(39)		(98)
Fair value changes on hedged debt	(11)		65		33		106
Derivatives not designated as hedging instruments
Interest rate contracts	6		89		(25)		212
Foreign currency exchange contracts (a)	(44)		27		8		25
Cross-currency interest rate swap contracts	49		(443)		(196)		(670)
Total	$	126	$	(255)	$	(57)	$	(279)

__________

(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						June 30, 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	$	19,711	$	—	$	1,100
Cross-currency interest rate swap contracts	885		—		49		884		—		135
Derivatives not designated as hedging instruments
Interest rate contracts	50,060		338		126		44,788		651		259
Foreign currency exchange contracts	4,407		66		2		4,454		66		24
Cross-currency interest rate swap contracts	6,533		117		61		6,633		31		690
Total derivative financial instruments, gross (a) (b)	$	85,778	$	1,065	$	512	$	76,470	$	748	$	2,208

__________

(a)At December 31, 2021 and June 30, 2022, we held collateral of $26 million and $147 million, respectively, and we posted collateral of $71 million and $115 million, respectively.

(b)At December 31, 2021 and June 30, 2022, the fair value of assets and liabilities available for counterparty netting was $415 million and $161 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.