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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table summarizes the amounts of derivative instruments reported on our Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories.
Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Consolidated Balance Sheet.
Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
20242023
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
December 31, ($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $33,300 $— $— $35,835 
Purchased options
2 — 6,150 31 — 6,250 
Foreign exchange contracts
Forwards
8 — 170 — 6 166 
Total derivatives designated as accounting hedges
10 — 39,620 31 6 42,251 
Derivatives not designated as accounting hedges
Interest rate contracts
Swaps
— — — — — 2,000 
Forwards— — 109 — — 70 
Written options
1 — 63 2 — 88 
Total interest rate risk
1 — 172 2 — 2,158 
Foreign exchange contracts
Forwards1 — 47 — 1 59 
Total foreign exchange risk1 — 47 — 1 59 
Credit contracts
Credit-linked note derivatives— — 669 — — — 
Other credit derivatives (a)— 4 n/a— 10 n/a
Total credit risk— 4 669 — 10 — 
Total derivatives not designated as accounting hedges
2 4 888 2 11 2,217 
Total derivatives
$12 $4 $40,508 $33 $17 $44,468 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $10 million and $29 million as of December 31, 2024, and December 31, 2023, respectively.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents amounts recorded on our Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.

Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
TotalDiscontinued (a)
December 31, ($ in millions)
202420232024202320242023
Assets
Available-for-sale securities (b)$15,194 $16,302 $(248)$(79)$(132)$(156)
Finance receivables and loans, net (c)34,493 54,189 (51)(93)(10)(27)
Liabilities
Long-term debt$5,987 $7,750 $88 $100 $88 $100 
(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment.
(b)These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $13.9 billion and $14.8 billion, respectively, of which $13.6 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At December 31, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $209 million liability and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $103 million liability and a $120 million liability, respectively. At December 31, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $12.0 billion and $11.3 billion, respectively, with cumulative basis adjustments of a $106 million liability and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 8 for a reconciliation of the amortized cost and fair value of available-for-sale securities.
(c)These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At December 31, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $34.5 billion and $54.2 billion, respectively, of which $33.4 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At December 31, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $51 million liability and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $10 million liability and a $27 million liability, respectively. At December 31, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $20.1 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $41 million liability and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship.
Schedule of Derivative Instruments Not Designated as Accounting Hedge
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Consolidated Statement of Income.
Year ended December 31, ($ in millions)
202420232022
Gain (loss) recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net$20 $18 $14 
Other income, net of losses
— (1)8 
Total interest rate contracts20 17 22 
Foreign exchange contracts
Other operating expenses3 — 8 
Total foreign exchange contracts
3 — 8 
Credit contracts
Other income, net of losses1 (5)(2)
Total credit contracts1 (5)(2)
Equity contracts
Other income, net of losses
3 (11)— 
Total equity contracts3 (11)— 
Total gain recognized in earnings$27 $1 $28 
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments
The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Year ended December 31, ($ in millions)
202420232022202420232022202420232022
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged fixed-rate unsecured debt$— $— $— $— $— $— $— $1 $1 
Derivatives designated as hedging instruments on fixed-rate unsecured debt— — — — — — — (1)(1)
Hedged fixed-rate FHLB advances— — — — — — — — (5)
Derivatives designated as hedging instruments on fixed-rate FHLB advances— — — — — — — — 5 
Hedged available-for-sale securities— — — (193)76 (185)— — — 
Derivatives designated as hedging instruments on available-for-sale securities— — — 193 (76)185 — — — 
Hedged fixed-rate consumer automotive loans25 491 (599)— — — — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(25)(491)599 — — — — — — 
Total gain on fair value hedging relationships— — — — — — — — — 
(Loss) gain on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(12)14 21 — — — — — — 
Other hedged forecasted transactions
Reclassified from accumulated other comprehensive loss into income— — — — — — — — (1)
Total (loss) gain on cash flow hedging relationships$(12)$14 $21 $— $— $— $— $— $(1)
Total amounts presented in the Consolidated Statement of Income$11,394 $11,020 $8,099 $1,037 $1,022 $841 $1,017 $1,001 $763 
Schedule of Location and Amounts of Gains and Losses Related to Interest and Amortization on Derivative Instruments
The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income.
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Year ended December 31, ($ in millions)
202420232022202420232022202420232022
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $— $— $9 $9 $5 
Interest for qualifying accounting hedges of unsecured debt— — — — — — — — 1 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — — — 2 2 (3)
Amortization of deferred basis adjustments of available-for-sale securities— — — 23 23 17 — — — 
Interest for qualifying accounting hedges of available-for-sale securities— — — 177 134 (1)— — — 
Amortization of deferred loan basis adjustments15 32 18 — — — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment241 616 129 — — — — — — 
Total gain on fair value hedging relationships$256 $648 $147 $200 $157 $16 $11 $11 $3 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Year ended December 31, ($ in millions)
202420232022
Interest rate contracts
Loss recognized in other comprehensive (loss) income$(16)$(36)$(23)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.
Year ended December 31, ($ in millions)
202420232022
Foreign exchange contracts (a) (b)
Gain (loss) recognized in other comprehensive (loss) income$16 $(3)$8 
(a)There were no amounts excluded from effectiveness testing for the years ended December 31, 2024, 2023, or 2022.
(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Consolidated Statement of Income. There were no amounts reclassified for the years ended December 31, 2024, 2023, or 2022.