Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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 September 30 were as follows (in millions):

	Third Quarter				First Nine Months
	2023		2024		2023		2024
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	(137)	$	(92)	$	(407)	$	(294)
Fair value changes on hedging instruments	(219)		585		(285)		316
Fair value changes on hedged debt	210		(553)		223		(316)
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(23)		(33)		(56)		(97)
Fair value changes on hedging instruments	(46)		266		(48)		155
Fair value changes on hedged debt	44		(261)		47		(159)
Derivatives not designated as hedging instruments
Interest rate contracts	28		(153)		125		(102)
Foreign currency exchange contracts (a)	59		(5)		30		132
Cross-currency interest rate swap contracts	(137)		210		(112)		14
Total	$	(221)	$	(36)	$	(483)	$	(351)

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(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						September 30, 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	$	15,029	$	329	$	382
Cross-currency interest rate swap contracts	2,078		69		104		3,802		212		76
Derivatives not designated as hedging instruments
Interest rate contracts	73,134		465		1,036		78,632		419		995
Foreign currency exchange contracts (a)	10,276		59		116		11,658		174		127
Cross-currency interest rate swap contracts	7,100		119		252		5,648		254		132
Total derivative financial instruments, gross (b) (c)	$	104,707	$	818	$	2,141	$	114,769	$	1,388	$	1,712

__________

(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.7 billion in notional amounts and $91 million in both assets and liabilities at September 30, 2024.

(b)At December 31, 2023 and September 30, 2024, we held collateral of $40 million and $35 million, respectively, and we posted collateral of $126 million and $145 million, respectively.

(c)At December 31, 2023 and September 30, 2024, the fair value of assets and liabilities available for counterparty netting was $516 million and $843 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.