DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gains/(Losses) by Hedge Designation

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
	2024		2025		2024		2025
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	(92)	$	(45)	$	(294)	$	(137)
Fair value changes on hedging instruments	585		34		316		598
Fair value changes on hedged debt	(553)		(33)		(316)		(576)
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(33)		(23)		(97)		(66)
Fair value changes on hedging instruments	266		(14)		155		490
Fair value changes on hedged debt	(261)		(1)		(159)		(476)
Derivatives not designated as hedging instruments
Interest rate contracts	(153)		—		(102)		(63)
Foreign currency exchange contracts (a)	(5)		6		132		(129)
Cross-currency interest rate swap contracts	210		(49)		14		299
Total	$	(36)	$	(125)	$	(351)	$	(60)

__________

(a)Reflects forward contracts between us and an affiliated company.

Schedule of Fair Value of Our Derivative Instruments

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	December 31, 2024						September 30, 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	$	20,218	$	391	$	258
Cross-currency interest rate swaps	3,802		9		139		4,158		374		6
Derivatives not designated as hedging instruments
Interest rate contracts	76,977		305		845		85,911		374		675
Foreign currency exchange contracts (a)	9,716		271		117		7,386		104		109
Cross-currency interest rate swap contracts	5,455		133		246		7,109		354		24
Total derivative financial instruments, gross (b) (c)	$	112,144	$	784	$	1,992	$	124,782	$	1,597	$	1,072

__________

(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.3 billion and $3.5 billion in notional amounts and $115 million and $31 million in both assets and liabilities at December 31, 2024 and September 30, 2025, respectively.

(b)At December 31, 2024 and September 30, 2025, we held collateral of $27 million and $28 million, respectively, and we posted collateral of $127 million and $114 million, respectively.

(c)At December 31, 2024 and September 30, 2025, the fair value of assets and liabilities available for counterparty netting was $450 million and $722 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.