Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of September 30, 2022 and December 31, 2021:

	Other Assets Fair Value				Other Liabilities Fair Value
(Millions)	2022		2021		2022		2021
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)	$	—	$	204	$	223	$	—
Net investment hedges - Foreign exchange contracts	954		219		75		54
Total derivatives designated as hedging instruments	954		423		298		54
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other	941		167		270		85
Total derivatives, gross	1,895		590		568		139
Derivative asset and derivative liability netting (b)	(269)		(93)		(269)		(93)
Cash collateral netting (c)	(64)		(204)		(223)		(4)
Total derivatives, net	$	1,562	$	293	$	76	$	42

(a)For our centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.

(b)Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparty under an enforceable master netting arrangement.

(c)Represents the offsetting of the fair value of bilateral interest rate contracts and certain foreign exchange contracts with the right to cash collateral held from the counterparty or cash collateral posted with the counterparty.

Effect of fair value hedges on results of operations

The following table presents the gains and losses recognized in Interest expense on the Consolidated Statements of Income associated with the fair value hedges of our fixed-rate long-term debt for the three and nine months ended September 30:

	Gains (losses)
	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2022		2021		2022		2021
Fixed-rate long-term debt	$	121	$	59	$	485	$	257
Derivatives designated as hedging instruments	(121)		(58)		(488)		(257)
Total	$	—	$	1	$	(3)	$	—