Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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
	2024		2025
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	(96)	$	(48)
Fair value changes on hedging instruments	(243)		329
Fair value changes on hedged debt	220		(324)
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(29)		(25)
Fair value changes on hedging instruments	(64)		146
Fair value changes on hedged debt	62		(136)
Derivatives not designated as hedging instruments
Interest rate contracts	48		(45)
Foreign currency exchange contracts (a)	92		(10)
Cross-currency interest rate swap contracts	(166)		102
Total	$	(176)	$	(11)

__________

(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, 2024						March 31, 2025
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	16,194	$	66	$	645	$	21,642	$	265	$	446
Cross-currency interest rate swaps	3,802		9		139		3,802		87		75
Derivatives not designated as hedging instruments
Interest rate contracts	76,977		305		845		78,371		322		752
Foreign currency exchange contracts (a)	9,716		271		117		11,595		152		46
Cross-currency interest rate swap contracts	5,455		133		246		4,333		125		72
Total derivative financial instruments, gross (b) (c)	$	112,144	$	784	$	1,992	$	119,743	$	951	$	1,391

__________

(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.3 billion and $6.4 billion in notional amounts and $115 million and $41 million in both assets and liabilities at December 31, 2024 and March 31, 2025, respectively.

(b)At December 31, 2024 and March 31, 2025, we held collateral of $27 million and $26 million, respectively, and we posted collateral of $127 million and $119 million, respectively.

(c)At December 31, 2024 and March 31, 2025, the fair value of assets and liabilities available for counterparty netting was $450 million and $595 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.