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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investing Results | The following table provides investing results from available-for-sale securities for the nine months ended September 30, 2023 and 2022:
Investing Results | Nine Months Ended
In millions | Sep 30, 2023 | Sep 30, 2022
Proceeds from sales of available-for-sale securities | $ | 397 |  | $ | 449 |
Gross realized gains | $ | 59 |  | $ | 40 |
Gross realized losses | $ | (18) |  | $ | (42) |
Contractual Maturities of Debt Securities | The following table summarizes contractual maturities of the Company's investments in debt securities:
Contractual Maturities of Debt Securities at Sep 30, 2023 | Cost | Fair Value
In millions
Within one year | $ | 63 |  | $ | 59 |
One to five years | 1,117 |  | 1,032 |
Six to ten years | 509 |  | 437 |
After ten years | 513 |  | 386 |
Total | $ | 2,202 |  | $ | 1,914 |
Equity Securities with and without Readily Determinable Fair Value |
Investments in Equity Securities | Sep 30, 2023 | Dec 31, 2022
In millions
Readily determinable fair value | $ | 15 |  | $ | 10 |
Not readily determinable fair value | $ | 177 |  | $ | 186 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of the Company's derivative instruments at September 30, 2023 and December 31, 2022 were as follows:
Notional Amounts 1 | Sep 30, 2023 | Dec 31, 2022
In millions
Derivatives designated as hedging instruments: |  |
Interest rate contracts | $ | 3,000 |  | $ | 1,500 |
Foreign currency contracts | $ | 8,683 |  | $ | 2,408 |
Derivatives not designated as hedging instruments: |  |
Interest rate contracts | $ | 140 |  | $ | 3 |
Foreign currency contracts | $ | 12,921 |  | $ | 8,837 |
1.Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration. The notional amounts of the Company's commodity derivatives at September 30, 2023 and December 31, 2022 were as follows:
Commodity Notionals 1 | Sep 30, 2023 | Dec 31, 2022 | Notional Volume Unit
Derivatives designated as hedging instruments: |  |  |
Hydrocarbon derivatives | 2.1 |  | 19.2 |  | million barrels of oil equivalent
Derivatives not designated as hedging instruments: |  |  |
Hydrocarbon derivatives | 0.7 |  | — |  | million barrels of oil equivalent
1.Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.
Schedule of Derivative Instruments |
Maturity Dates of Derivatives Designated as Hedging Instruments | Year
Interest rate contracts | 2025
Foreign currency contracts | 2024
Commodity contracts | 2026
Schedule of Fair Values of Derivative Instruments | The following table provides the fair value and balance sheet classification of derivative instruments at September 30, 2023 and December 31, 2022:
Fair Value of Derivative Instruments | Sep 30, 2023 | Dec 31, 2022
In millions |  | Gross | Counterparty and Cash Collateral Netting 1 | Net 2 | Gross | Counterparty and Cash Collateral Netting 1 | Net 2
Asset derivatives |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts 3 |  | $ | 8 |  | $ | (8) |  | $ | — |  | $ | 351 |  | $ | (246) |  | $ | 105 |
Interest rate contracts 4 |  | 61 |  | (61) |  | — |  | — |  | — |  | — |
Foreign currency contracts 3 |  | 190 |  | (117) |  | 73 |  | 58 |  | (39) |  | 19 |
Commodity contracts 3 |  | 54 |  | (37) |  | 17 |  | 199 |  | (148) |  | 51 |
Commodity contracts 4 |  | 5 |  | (4) |  | 1 |  | — |  | — |  | — |
Total |  | $ | 318 |  | $ | (227) |  | $ | 91 |  | $ | 608 |  | $ | (433) |  | $ | 175 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts 3 |  | $ | 2 |  | $ | (2) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Interest rate contracts 4 |  | 1 |  | (1) |  | — |  | — |  | — |  | — |
Foreign currency contracts 3 |  | 15 |  | (12) |  | 3 |  | 146 |  | (50) |  | 96 |
Commodity contracts 3 |  | 73 |  | (44) |  | 29 |  | 22 |  | (1) |  | 21 |
Commodity contracts 4 |  | 6 |  | (1) |  | 5 |  | — |  | — |  | — |
Total |  | $ | 97 |  | $ | (60) |  | $ | 37 |  | $ | 168 |  | $ | (51) |  | $ | 117 |
Total asset derivatives |  | $ | 415 |  | $ | (287) |  | $ | 128 |  | $ | 776 |  | $ | (484) |  | $ | 292 |
Liability derivatives |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts 5 |  | $ | 49 |  | $ | (8) |  | $ | 41 |  | $ | 246 |  | $ | (246) |  | $ | — |
Interest rate contracts 6 |  | 238 |  | (61) |  | 177 |  | — |  | — |  | — |
Foreign currency contracts 5 |  | 117 |  | (117) |  | — |  | 58 |  | (39) |  | 19 |
Commodity contracts 5 |  | 61 |  | (44) |  | 17 |  | 258 |  | (198) |  | 60 |
Commodity contracts 6 |  | 4 |  | (4) |  | — |  | — |  | — |  | — |
Total |  | $ | 469 |  | $ | (234) |  | $ | 235 |  | $ | 562 |  | $ | (483) |  | $ | 79 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts 5 |  | $ | 5 |  | $ | (2) |  | $ | 3 |  | $ | — |  | $ | — |  | $ | — |
Interest rate contracts 6 |  | 1 |  | (1) |  | — |  | — |  | — |  | — |
Foreign currency contracts 5 |  | 118 |  | (12) |  | 106 |  | 61 |  | (50) |  | 11 |
Commodity contracts 5 |  | 72 |  | (44) |  | 28 |  | 12 |  | (11) |  | 1 |
Commodity contracts 6 |  | 4 |  | (1) |  | 3 |  | — |  | — |  | — |
Total |  | $ | 200 |  | $ | (60) |  | $ | 140 |  | $ | 73 |  | $ | (61) |  | $ | 12 |
Total liability derivatives |  | $ | 669 |  | $ | (294) |  | $ | 375 |  | $ | 635 |  | $ | (544) |  | $ | 91 |
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 2.Represents the net amounts included in the consolidated balance sheets. 3.Included in "Other current assets" in the consolidated balance sheets. 4.Included in "Deferred charges and other assets" in the consolidated balance sheets. 5.Included in "Accrued and other current liabilities" in the consolidated balance sheets. 6.Included in "Other noncurrent obligations" in the consolidated balance sheets.
Derivative Instruments, Gain (Loss) | The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022:
Effect of Derivative Instruments | Gain (loss) recognized in OCI 1 | Gain (loss) recognized in income 2 |
| Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended
In millions | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2023 | Sep 30, 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |  |  |
Excluded components 3, 4 | $ | (88) |  | $ | — |  | $ | (93) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Interest rate contracts 4 | — |  | 24 |  | 5 |  | 231 |  | (3) |  | (3) |  | (7) |  | (8) |  |
Foreign currency contracts 5 | 5 |  | 2 |  | 6 |  | 8 |  | — |  | 4 |  | 1 |  | 10 |  |
Commodity contracts 5 | 4 |  | 23 |  | (145) |  | 310 |  | (42) |  | 79 |  | (203) |  | 220 |  |
Net foreign investment hedges: |  |  |  |  |  |  |  |  |
Foreign currency contracts | 69 |  | 88 |  | 72 |  | 135 |  | — |  | — |  | — |  | — |  |
Excluded components 3, 6 | 4 |  | 25 |  | 35 |  | 59 |  | 19 |  | 15 |  | 26 |  | 38 |  |
Total derivatives designated as hedging instruments | $ | (6) |  | $ | 162 |  | $ | (120) |  | $ | 743 |  | $ | (26) |  | $ | 95 |  | $ | (183) |  | $ | 260 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate contracts 4 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | (1) |  |
Foreign currency contracts 6 | — |  | — |  | — |  | — |  | (101) |  | (255) |  | (95) |  | (531) |  |
Commodity contracts 5 | — |  | — |  | — |  | — |  | (1) |  | 10 |  | 3 |  | 39 |  |
Total return swap 5 | — |  | — |  | — |  | — |  | (16) |  | — |  | (13) |  | — |  |
Total derivatives not designated as hedging instruments | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (118) |  | $ | (245) |  | $ | (104) |  | $ | (493) |  |
Total derivatives | $ | (6) |  | $ | 162 |  | $ | (120) |  | $ | 743 |  | $ | (144) |  | $ | (150) |  | $ | (287) |  | $ | (233) |  |
1.OCI is defined as other comprehensive income (loss). 2.Pretax amounts. 3.The excluded components are related to the time value of the derivatives designated as hedges. 4.Included in "Interest expense and amortization of debt discount" in the consolidated statements of income. 5.Included in "Cost of sales" in the consolidated statements of income. 6.Included in "Sundry income (expense) - net" in the consolidated statements of income.
Schedule of Hedging Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year | The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months:
Expected Reclassifications from AOCL within the next 12 months | Sep 30, 2023
In millions
Cash flow hedges: |
Interest rate contracts | $ | (7) |
Commodity contracts | $ | (33) |
Foreign currency contracts | $ | 5 |
Net foreign investment hedges: |
Excluded components | $ | 4 |

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