v3.22.4
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31 were as follows (in millions):
 202020212022
Cash flow hedges
Reclassified from AOCI to Cost of sales
Foreign currency exchange contracts (a)$(11)$(412)$(213)
Commodity contracts (b)(55)132 133 
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
290 393 (45)
Fair value changes on hedging instruments986 (1,001)(1,875)
Fair value changes on hedged debt(985)957 1,893 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments
(2)(8)(27)
Fair value changes on hedging instruments38 (93)(111)
Fair value changes on hedged debt(37)82 113 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts (c)(310)375 (3)
Cross-currency interest rate swap contracts
486 (507)(780)
Interest rate contracts(100)(3)390 
Commodity contracts47 170 (51)
Total$347 $85 $(576)
__________
(a)For 2020, 2021, and 2022, a $198 million gain, a $453 million loss, and a $448 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.
(b)For 2020, 2021, and 2022, a $9 million gain, a $284 million gain, and a $102 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(c)For 2020, 2021, and 2022, a $228 million loss, a $230 million gain, and a $53 million loss, respectively, were reported in Cost of sales and a $82 million loss, an $145 million gain, and a $50 million gain were reported in Other income/(loss), net, respectively.
Balance Sheet Effect of Derivative Instruments [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts at December 31 were as follows (in millions):
 20212022
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 $11,536 $376 $52 
Commodity contracts931 182 5 990 16 56 
Fair value hedges
Interest rate contracts23,893 544 274 16,883 — 1,653 
Cross-currency interest rate swap contracts
885 — 49 885 — 161 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts28,463 281 198 20,851 162 285 
Cross-currency interest rate swap contracts
6,533 117 61 6,635 15 653 
Interest rate contracts50,060 338 126 63,210 931 483 
Commodity contracts997 54 11 841 26 35 
Total derivative financial instruments, gross (a) (b)
$123,296 $1,590 $1,070 $121,831 $1,526 $3,378 
Current portion
$924 $535 $1,101 $1,656 
Non-current portion
666 535 425 1,722 
Total derivative financial instruments, gross
$1,590 $1,070 $1,526 $3,378 
__________
(a)At December 31, 2021 and 2022, we held collateral of $26 million and $210 million, respectively, and we posted collateral of $71 million and $201 million, respectively.
(b)At December 31, 2021 and 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $451 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.