Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30 were as follows (in millions):

	Third Quarter				First Nine Months
	2020		2021		2020		2021
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	94	$	98	$	190	$	299
Fair value changes on hedging instruments	(103)		(142)		1,119		(680)
Fair value changes on hedged debt	96		135		(1,095)		638
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(1)		(2)		(1)		(6)
Fair value changes on hedging instruments	(10)		(28)		(10)		(67)
Fair value changes on hedged debt	6		25		6		58
Derivatives not designated as hedging instruments
Interest rate contracts	(4)		—		(90)		(25)
Foreign currency exchange contracts (a)	(106)		79		60		87
Cross-currency interest rate swap contracts	210		(194)		213		(390)
Total	$	182	$	(29)	$	392	$	(86)

__________

(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, 2020						September 30, 2021
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	26,924	$	1,331	$	4	$	26,007	$	853	$	150
Cross-currency interest rate swap contracts	885		46		—		885		—		29
Derivatives not designated as hedging instruments
Interest rate contracts	70,318		663		439		52,018		316		183
Foreign currency exchange contracts	4,378		4		80		5,925		129		53
Cross-currency interest rate swap contracts	6,849		557		1		6,547		181		39
Total derivative financial instruments, gross (a) (b)	$	109,354	$	2,601	$	524	$	91,382	$	1,479	$	454

__________

(a)At December 31, 2020 and September 30, 2021, we held collateral of $9 million, and we posted collateral of $96 million and $59 million, respectively.

(b)At December 31, 2020 and September 30, 2021, the fair value of assets and liabilities available for counterparty netting was $204 million and $358 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.