Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Income Effect of Derivative Instruments [Table Text Block]

The gains/(losses), by hedge designation, recorded in income for the years ended December 31 were as follows (in millions):

	2014			2015			2016
Cash flow hedges (a)
Reclassified from AOCI to net income	$	78		$	(239	)	$	537
Fair value hedges
Interest rate contracts
Net interest settlements and accruals excluded from the assessment of hedge effectiveness	304			370			367
Ineffectiveness (b)	20			3			4
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	261			425			257
Cross-currency interest rate swap contracts	161			100			398
Interest rate contracts	(41		)	(58		)	(9		)
Commodity contracts	(47		)	(64		)	7
Total	$	736		$	537		$	1,561

__________

(a) For 2014, 2015, and 2016 a $271 millionloss, a $123 milliongain, and a $770 milliongain, respectively, were recorded in Other comprehensive income/(loss), net of tax.

(b) For 2014, 2015, and 2016, hedge ineffectiveness reflects the net change in fair value on derivatives of $407 milliongain, $72 milliongain, and $120 millionloss, respectively, and change in value on hedged debt attributable to the change in benchmark interest rates of $387 millionloss, $69 millionloss, and $124 milliongain, respectively.

Balance Sheet Effect of Derivative Instruments [Table Text Block]

The fair value of our derivative instruments and the associated notional amounts, presented gross, at December 31 were as follows (in millions):

	2015						2016
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Cash flow hedges
Foreign currency exchange and commodity contracts	$	12,593	$	522	$	366	$	19,091	$	620	$	257
Fair value hedges
Interest rate contracts	28,964		670		16		33,175		487		80
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	21,108		426		242		17,227		379		194
Cross-currency interest rate swap contracts	3,137		73		111		3,201		242		8
Interest rate contracts	62,638		159		112		61,689		156		74
Commodity contracts	643		2		26		531		11		6
Total derivative financial instruments, gross (a) (b)	$	129,083	$	1,852	$	873	$	134,914	$	1,895	$	619
Current portion			$	1,209	$	692			$	1,108	$	371
Non-current portion			643		181				787		248
Total derivative financial instruments, gross			$	1,852	$	873			$	1,895	$	619

__________

(a) At December 31, 2015, and 2016, the net obligation to return cash collateral was $0 and $3 million, respectively.

(b) At December 31, 2015, and 2016, the fair value of assets and liabilities available for counterparty netting was $733 million and $554 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.