Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?
Derivative Instruments 
We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. 
We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency 
swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold 
derivatives for trading purposes. 
The following table sets forth the notional amounts of our outstanding derivative instruments: 
(dollars in millions) 
At December 31,
2021
2020 
Interest rate swaps
$ 
19,779 
$ 
17,768 
Cross currency swaps
32,502 
26,288 
Forward starting interest rate swaps
1,000 
2,000 
Foreign exchange forwards
932 
1,405
Cross currency swaps. Its notional value was $32,502 million.
The derivative instruments used to mangae the exposure were interest rate swaps, cross currency swaps, forward starting interest rate swaps, and foreign exchange forwards. 32502 > 19779 > 1000 > 932