v3.26.1
Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025:
Table 8.1: Fair Value of Derivative Assets and Liabilities
Other Assets Fair ValueOther Liabilities Fair Value
(Millions)2026202520262025
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)
$— $— $— $4 
Net investment hedges - Foreign exchange contracts287 26 52 699 
Total derivatives designated as hedging instruments287 26 52 702 
Derivatives not designated as hedging instruments:
Foreign exchange contracts and other
545 148 120 418 
Total derivatives, gross832 174 172 1,120 
Derivative asset and derivative liability netting (b)
(130)(151)(130)(151)
Cash collateral netting (c)
(28)(1)— (9)
Total derivatives, net$674 $22 $43 $961 
(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 and six months ended June 30, 2026 and 2025:
Table 8.2: Gains and Losses associated with Fair Value Hedges on Fixed-rate Long Term Debt
Gains (losses)
Three Months Ended
June 30,		Six Months Ended
June 30,
(Millions)2026202520262025
Fixed-rate long-term debt $370 $(137)$592 $(400)
Derivatives designated as hedging instruments(370)137 (592)400 
Total$— $— $— $—