Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

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
	2023		2024
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	(140)	$	(96)
Fair value changes on hedging instruments	250		(243)
Fair value changes on hedged debt	(279)		220
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(14)		(29)
Fair value changes on hedging instruments	22		(64)
Fair value changes on hedged debt	(19)		62
Derivatives not designated as hedging instruments
Interest rate contracts	(12)		48
Foreign currency exchange contracts (a)	(22)		92
Cross-currency interest rate swap contracts	85		(166)
Total	$	(129)	$	(176)

__________

(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, 2023						March 31, 2024
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	12,119	$	106	$	633	$	16,307	$	84	$	769
Cross-currency interest rate swap contracts	2,078		69		104		3,155		41		115
Derivatives not designated as hedging instruments
Interest rate contracts	73,134		465		1,036		73,109		489		928
Foreign currency exchange contracts (a)	10,276		59		116		10,955		99		49
Cross-currency interest rate swap contracts	7,100		119		252		6,529		99		291
Total derivative financial instruments, gross (b) (c)	$	104,707	$	818	$	2,141	$	110,055	$	812	$	2,152

__________

(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $7.3 billion in notional amounts and $46 million in both assets and liabilities at March 31, 2024.

(b)At December 31, 2023 and March 31, 2024, we held collateral of $40 million and $33 million, respectively, and we posted collateral of $126 million and $108 million, respectively.

(c)At December 31, 2023 and March 31, 2024, the fair value of assets and liabilities available for counterparty netting was $516 million and $471 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.