v3.24.1.u1
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31 were as follows (in millions):
 First Quarter
Cash flow hedges
20232024
Reclassified from AOCI to Cost of sales
Foreign currency exchange contracts (a)
$26 $14 
Commodity contracts (b)
(9)(26)
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments
(140)(96)
Fair value changes on hedging instruments250 (243)
Fair value changes on hedged debt(279)220 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments
(14)(29)
Fair value changes on hedging instruments22 (64)
Fair value changes on hedged debt(19)62 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts (c)(3)69 
Cross-currency interest rate swap contracts
85 (166)
Interest rate contracts(12)48 
Commodity contracts(11)(20)
Total$(104)$(231)
__________
(a)For the first quarter of 2023 and 2024, a $63 million loss and a $288 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.
(b)For the first quarter of 2023 and 2024, an $8 million gain and a $32 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.
(c)For the first quarter of 2023 and 2024, a $19 million gain and a $23 million loss, respectively, were reported in Cost of sales, and a $22 million loss and a $92 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, 2023March 31, 2024
NotionalFair Value of
Assets		Fair Value of
Liabilities		NotionalFair Value of
Assets		Fair Value of
Liabilities
Cash flow hedges   
Foreign currency exchange contracts
$19,530 $69 $385 $18,444 $115 $165 
Commodity contracts983 23 36 975 15 35 
Fair value hedges
Interest rate contracts12,119 106 633 16,307 84 769 
Cross-currency interest rate swap contracts
2,078 69 104 3,155 41 115 
Derivatives not designated as hedging instruments
Foreign currency exchange contracts22,802 201 261 22,681 138 122 
Cross-currency interest rate swap contracts
7,100 119 252 6,529 99 291 
Interest rate contracts73,134 465 1,036 73,109 489 928 
Commodity contracts1,051 35 31 1,022 21 29 
Total derivative financial instruments, gross (a) (b)
$138,797 $1,087 $2,738 $142,222 $1,002 $2,454 
Current portion
$493 $1,464 $569 $1,442 
Non-current portion
594 1,274 433 1,012 
Total derivative financial instruments, gross
$1,087 $2,738 $1,002 $2,454 
__________
(a)At December 31, 2023 and March 31, 2024, we held collateral of $40 million and $33 million, respectively, and we posted collateral of $185 million and $108 million, respectively.
(b)At December 31, 2023 and March 31, 2024, the fair value of assets and liabilities available for counterparty netting was $815 million and $681 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.