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Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2022 and December 31, 2021:
Other Assets Fair ValueOther Liabilities Fair Value
(Millions)2022202120222021
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)
$34 $204 $55 $— 
Net investment hedges - Foreign exchange contracts165 219 182 54 
Total derivatives designated as hedging instruments199 423 237 54 
Derivatives not designated as hedging instruments:
Foreign exchange contracts224 167 104 85 
Total derivatives, gross423 590 341 139 
Derivative asset and derivative liability netting (b)
(173)(93)(173)(93)
Cash collateral netting (c)
(12)(204)(30)(4)
Total derivatives, net$238 $293 $138 $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 months ended March 31:
Gains (losses)
Three Months Ended
March 31,
(Millions)20222021
Fixed-rate long-term debt $258 $143 
Derivatives designated as hedging instruments(261)(145)
Total$(3)$(2)