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Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:
|  | Other Assets Fair Value |  | Other Liabilities Fair Value
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Fair value hedges - Interest rate contracts (a) |  | $ | — |  |  | $ | — |  |  | $ | 85 |  |  | $ | 99 |
Net investment hedges - Foreign exchange contracts |  | 56 |  |  | 9 |  |  | 221 |  |  | 455 |
Total derivatives designated as hedging instruments |  | 56 |  |  | 9 |  |  | 306 |  |  | 554 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts and other |  | 127 |  |  | 71 |  |  | 53 |  |  | 423 |
Total derivatives, gross |  | 183 |  |  | 80 |  |  | 359 |  |  | 977 |
Derivative asset and derivative liability netting (b) |  | (94) |  |  | (57) |  |  | (94) |  |  | (57) |
Cash collateral netting (c) |  | — |  |  | — |  |  | (86) |  |  | (106) |
Total derivatives, net |  | $ | 89 |  |  | $ | 23 |  |  | $ | 179 |  |  | $ | 814 |
(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 months ended March 31:
|  | Gains (losses)
|  | Three Months Ended March 31, |  |
(Millions) |  | 2024 |  | 2023 |  |  |  |
Fixed-rate long-term debt |  | $ | 133 |  |  | $ | (53) |  |  |  |  |
Derivatives designated as hedging instruments |  | (134) |  |  | 53 |  |  |  |  |
Total |  | $ | (1) |  |  | $ | — |  |  |  |  |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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