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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
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 Condensed 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 Condensed 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.
March 31, 2025December 31, 2024
Derivative contracts in a
Notional amount
Derivative contracts in a
Notional amount
($ in millions)
receivable position
payable position
receivable position
payable position
Derivatives designated as accounting hedges
Interest rate contracts
Swaps
$— $— $35,007 $— $— $33,300 
Purchased options
2 — 6,150 2 — 6,150 
Foreign exchange contracts
Forwards
— — 171 8 — 170 
Total derivatives designated as accounting hedges
2 — 41,328 10 — 39,620 
Derivatives not designated as accounting hedges
Interest rate contracts
Forwards— — 34 — — 109 
Written options
— — 7 1 — 63 
Total interest rate risk
— — 41 1 — 172 
Foreign exchange contracts
Forwards— — 43 1 — 47 
Total foreign exchange risk— — 43 1 — 47 
Credit contracts
Credit-linked note derivatives— — 599 — — 669 
Other credit derivatives (a)— 4 n/a— 4 n/a
Total credit risk— 4 599 — 4 669 
Total derivatives not designated as accounting hedges
— 4 683 2 4 888 
Total derivatives
$2 $4 $42,011 $12 $4 $40,508 
n/a = not applicable
(a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $7 million and $10 million as of March 31, 2025, and December 31, 2024, respectively.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents amounts recorded on our Condensed 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)
($ in millions)
March 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Assets
Available-for-sale securities (b)$15,785 $15,194 $(84)$(248)$(100)$(132)
Finance receivables and loans, net (c)41,802 34,493 (19)(51)(7)(10)
Liabilities
Long-term debt$5,378 $5,987 $86 $88 $86 $88 
(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 March 31, 2025, and December 31, 2024, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.2 billion and $13.9 billion, respectively, of which $14.0 billion and $13.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At March 31, 2025, and December 31, 2024, the total cumulative basis adjustments associated with these hedging relationships was a $88 million liability and a $209 million liability, respectively, of which the portion related to discontinued hedging relationships was a $99 million liability and a $103 million liability, respectively. At both March 31, 2025, and December 31, 2024, the notional amounts of the designated hedged items were $12.0 billion, with cumulative basis adjustments of an $11 million asset and a $106 million liability, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship. Refer to Note 7 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 March 31, 2025, and December 31, 2024, the carrying value of the closed portfolios used in these hedging relationships was $41.8 billion and $34.5 billion, respectively, of which $40.9 billion and $33.4 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At March 31, 2025, and December 31, 2024, the total cumulative basis adjustments associated with these hedging relationships was a $19 million liability and a $51 million liability, respectively, of which the portion related to discontinued hedging relationships was a $7 million liability and a $10 million liability, respectively. At March 31, 2025, and December 31, 2024, the notional amounts of the designated hedged items were $21.6 billion and $20.1 billion, respectively, with cumulative basis adjustments of a $12 million liability and a $41 million liability, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.
Schedule of Derivative Instruments Not Designated as Accounting Hedge
The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Three months ended March 31,
($ in millions)20252024
Gain recognized in earnings
Interest rate contracts
Gain on mortgage and automotive loans, net$1 $5 
Total interest rate contracts1 5 
Foreign exchange contracts
Other operating expenses— 1 
Total foreign exchange contracts
— 1 
Total gain recognized in earnings$1 $6 
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments
The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202520242025202420252024
Gain (loss) on fair value hedging relationships
Interest rate contracts 
Hedged available-for-sale securities$— $— $130 $(205)$— $— 
Derivatives designated as hedging instruments on available-for-sale securities— — (130)205 — — 
Hedged fixed-rate consumer automotive loans29 (94)— — — — 
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans(29)94 — — — — 
Total gain on fair value hedging relationships— — — — — — 
Loss on cash flow hedging relationships
Interest rate contracts
Hedged variable-rate commercial loans
Reclassified from accumulated other comprehensive loss into income(7)(1)— — — — 
Total loss on cash flow hedging relationships$(7)$(1)$— $— $— $— 
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income (Loss)
$2,709 $2,827 $230 $266 $271 $248 
Schedule of Location and Amounts of Gains and Losses Related to Interest and Amortization on Derivative Instruments
The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income (Loss).
Interest and fees on finance receivables and loansInterest and dividends on investment securities and other earning assetsInterest on long-term debt
Three months ended March 31, ($ in millions)
202520242025202420252024
Gain on fair value hedging relationships
Interest rate contracts
Amortization of deferred unsecured debt basis adjustments$— $— $— $— $2 $2 
Amortization of deferred secured debt basis adjustments (FHLB advances)— — — — — 1 
Amortization of deferred basis adjustments of available-for-sale securities— — 5 6 — — 
Interest for qualifying accounting hedges of available-for-sale securities— — 17 48 — — 
Amortization of deferred loan basis adjustments2 5 — — — — 
Interest for qualifying accounting hedges of consumer automotive loans held for investment19 82 — — — — 
Total gain on fair value hedging relationships$21 $87 $22 $54 $2 $3 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.
Three months ended March 31,
($ in millions)20252024
Interest rate contracts
Gain (loss) recognized in other comprehensive income (loss)$7 $(21)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.
Three months ended March 31,
($ in millions)20252024
Foreign exchange contracts (a) (b)
Gain recognized in other comprehensive income (loss)$— $4 
(a)There were no amounts excluded from effectiveness testing for the three months ended March 31, 2025, or 2024.
(b)Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income (Loss). There were no amounts reclassified for the three months ended March 31, 2025, or 2024.