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Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and December 31, 2024:
Table 8.1: Fair Value of Derivative Assets and Liabilities
Other Assets Fair ValueOther Liabilities Fair Value
(Millions)2025202420252024
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)
$— $— $8 $23 
Net investment hedges - Foreign exchange contracts48 340 764 18 
Total derivatives designated as hedging instruments48 340 772 41 
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other
279 666 220 90 
Total derivatives, gross328 1,006 992 131 
Derivative asset and derivative liability netting (b)
(151)(91)(151)(91)
Cash collateral netting (c)
— (18)(14)(23)
Total derivatives, net$177 $897 $827 $17 
(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:
Table 8.2: Gains and Losses associated with Fair Value Hedges on Fixed-rate Long Term Debt
Gains (losses)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Millions)2025202420252024
Fixed-rate long-term debt $(89)$(554)$(488)$(481)
Derivatives designated as hedging instruments89 550 489 476 
Total$1 $(4)$1 $(5)