Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Debt outstanding and interest rates at December 31 were as follows (in millions):

					Interest Rates
	Debt				Average Contractual				Average Effective
	2022		2023		2022		2023		2022		2023
Short-term debt
Unsecured debt
Floating rate demand notes	$	10,303	$	10,907
Other short-term debt	6,515		4,593
Asset-backed debt	2,806		3,158
Total short-term debt	19,624		18,658		3.8	%	5.3	%	3.8	%	5.3	%
Long-term debt
Unsecured debt
Notes payable within one year	7,980		11,755
Notes payable after one year	39,620		45,435
Asset-backed debt
Notes payable within one year	21,839		18,851
Notes payable after one year	31,840		36,074
Unamortized (discount)/premium	23		9
Unamortized issuance costs	(197)		(237)
Fair value adjustments (a)	(1,690)		(1,258)
Total long-term debt	99,415		110,629		3.6	%	4.7	%	3.6	%	4.7	%
Total debt	$	119,039	$	129,287	3.6	%	4.8	%	3.6	%	4.8	%
Fair value of debt	$	117,214	$	130,533
Interest rate characteristics of debt payable after one year
Fixed interest rate	55,711		64,655
Variable interest rate (generally based on EURIBOR or other short-term rates)	15,749		16,854
Total payable after one year	$	71,460	$	81,509

__________

(a)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $31 million and $(681) million at December 31, 2022 and 2023, respectively. The carrying value of hedged debt was $33.3 billion and $38.7 billion at December 31, 2022 and 2023, respectively.

Schedule of Maturities of Long-term Debt [Table Text Block]

Debt maturities at December 31, 2023 were as follows (in millions):

	2024 (a)		2025		2026		2027		2028		Thereafter (b)		Total
Unsecured debt	$	27,255	$	13,335	$	10,505	$	7,457	$	5,035	$	9,103	$	72,690
Asset-backed debt	22,009		21,562		8,248		2,440		3,824		—		58,083
Total	49,264		34,897		18,753		9,897		8,859		9,103		130,773
Unamortized (discount)/premium													9
Unamortized issuance costs													(237)
Fair value adjustments													(1,258)
Total debt													$	129,287

__________

(a)Includes $18,658 million for short-term and $30,606 million for long-term debt.

(b)Matures between 2029 and 2033.