Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022:

	Other Assets Fair Value				Other Liabilities Fair Value
(Millions)	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)	$	—	$	—	$	157	$	211
Net investment hedges - Foreign exchange contracts	176		350		81		251
Total derivatives designated as hedging instruments	176		350		238		462
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other	418		171		63		339
Total derivatives, gross	594		521		301		801
Derivative asset and derivative liability netting (b)	(91)		(257)		(91)		(257)
Cash collateral netting (c)	(7)		(11)		(157)		(212)
Total derivatives, net	$	496	$	253	$	53	$	332

(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:

	Gains (losses)
	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2023		2022		2023		2022
Fixed-rate long-term debt	$	52	$	121	$	14	$	485
Derivatives designated as hedging instruments	(52)		(121)		(15)		(488)
Total	$	—	$	—	$	(1)	$	(3)