Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 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 June 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	$	114	$	—
Net investment hedges - Foreign exchange contracts	436		219		56		54
Total derivatives designated as hedging instruments	436		423		170		54
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other	330		167		136		85
Total derivatives, gross	766		590		306		139
Derivative asset and derivative liability netting (b)	(141)		(93)		(141)		(93)
Cash collateral netting (c)	(28)		(204)		(114)		(4)
Total derivatives, net	$	597	$	293	$	51	$	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 six months ended June 30:

	Gains (losses)
	Three Months Ended June 30,				Six Months Ended June 30,
(Millions)	2022		2021		2022		2021
Fixed-rate long-term debt	$	106	$	55	$	364	$	198
Derivatives designated as hedging instruments	(106)		(54)		(367)		(199)
Total	$	—	$	1	$	(3)	$	(1)