v3.22.2.2
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Income Effect of Derivative Instruments [Table Text Block]
The gains/(losses), by hedge designation, reported in income for the periods ended September 30 were as follows (in millions):
 Third QuarterFirst Nine Months
Cash flow hedges
2021202220212022
Reclassified from AOCI to Cost of sales
Foreign currency exchange contracts (a)
$(161)$(44)$(349)$(224)
Commodity contracts (b)
50 9 78 151 
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
98 (39)299 62 
Fair value changes on hedging instruments(142)(600)(680)(1,922)
Fair value changes on hedged debt135 615 638 1,991 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments
(2)(8)(6)(17)
Fair value changes on hedging instruments(28)(66)(67)(164)
Fair value changes on hedged debt25 67 58 173 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts (c)123 44 209 125 
Cross-currency interest rate swap contracts
(194)(494)(390)(1,164)
Interest rate contracts— 130 (25)342 
Commodity contracts25 (41)153 (72)
Total$(71)$(427)$(82)$(719)
__________
(a)For the third quarter and first nine months of 2021, a $225 million gain and a $346 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. For the third quarter and first nine months of 2022, a $535 million gain and a $641 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.
(b)For the third quarter and first nine months of 2021, a $114 million gain and a $294 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. For the third quarter and first nine months of 2022, a $90 million loss and a $166 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(c)For the third quarter and first nine months of 2021, a $44 million gain and a $122 million gain, respectively, were reported in Cost of sales, and a $79 million gain and an $87 million gain, respectively, were reported in Other income/(loss), net. For the third quarter and first nine months of 2022, a $68 million loss and a $12 million loss, respectively, were reported in Cost of sales, and a $112 million gain and a $137 million gain, respectively, were reported in Other income/(loss), net.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):
December 31, 2021September 30, 2022
NotionalFair Value of
Assets		Fair Value of
Liabilities		NotionalFair Value of
Assets		Fair Value of
Liabilities
Cash flow hedges   
Foreign currency exchange contracts
$11,534 $74 $346 $9,353 $539 $28 
Commodity contracts931 182 5 1,003 8 128 
Fair value hedges
Interest rate contracts23,893 544 274 19,159 — 1,645 
Cross-currency interest rate swap contracts
885 — 49 885 — 220 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts28,463 281 198 19,700 351 315 
Cross-currency interest rate swap contracts
6,533 117 61 6,583 10 1,108 
Interest rate contracts50,060 338 126 50,195 946 572 
Commodity contracts997 54 11 892 2 134 
Total derivative financial instruments, gross (a) (b)
$123,296 $1,590 $1,070 $107,770 $1,856 $4,150 
Current portion
$924 $535 $1,235 $1,815 
Non-current portion
666 535 621 2,335 
Total derivative financial instruments, gross
$1,590 $1,070 $1,856 $4,150 
__________
(a)At December 31, 2021 and September 30, 2022, we held collateral of $26 million and $225 million, respectively, and we posted collateral of $71 million and $182 million, respectively.
(b)At December 31, 2021 and September 30, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $527 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.