Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:

	December 31, 2021						December 31, 2020
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps	$	15,058	$	74	$	88	$	10,064	$	463	$	13
Foreign currency swaps	682		—		59		1,958		128		9
Cash flow hedges
Interest rate swaps	611		12		4		921		—		27
Foreign currency swaps	7,419		85		201		5,626		278		47
Derivatives not designated as hedges
Interest rate contracts	110,053		846		339		110,997		954		576
Foreign currency contracts	148		—		—		—		—		—
Total	$	133,971	$	1,017	$	691	$	129,566	$	1,823	$	672

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following amounts were recorded in the consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:

	Carrying Amount of Hedged Items				Cumulative Amount of Fair Value Hedging Adjustments(a)
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Unsecured debt	$	24,964	$	23,315	$	(226)	$	(739)

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(a)Includes $246 million and $200 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at December 31, 2021 and 2020.

Effect of Derivative Instruments on the Consolidated Statements of Income

The table below presents the effect of our derivative financial instruments in the consolidated statements of income:

	Years Ended December 31,
	2021				2020				2019
	Interest Expense(a)		Operating Expenses(b)		Interest Expense(a)		Operating Expenses(b)		Interest Expense(a)		Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps	$	371	$	—	$	(500)	$	—	$	(569)	$	—
Interest rate swaps	(362)		—		250		—		355		—
Hedged items - foreign currency swaps(c)	—		61		—		(161)		—		33
Foreign currency swaps	(13)		(56)		(31)		167		(59)		(28)
Cash flow hedges
Interest rate swaps	(13)		—		(14)		—		5		—
Hedged items - foreign currency swaps(c)	—		415		—		(457)		—		(3)
Foreign currency swaps	(128)		(415)		(108)		457		(87)		3
Derivatives not designated as hedges
Interest rate contracts	150		—		237		—		142		—
Foreign currency contracts	—		(3)		—		—		—		—
Total income (loss) recognized	$	5	$	2	$	(166)	$	6	$	(213)	$	5

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(a)Total interest expense was $2.5 billion, $3.0 billion and $3.6 billion for 2021, 2020 and 2019.

(b)Total operating expenses were $1.6 billion, $1.5 billion and $1.6 billion for 2021, 2020 and 2019.

(c)Transaction activity related to foreign currency-denominated loans.

The tables below present the effect of our derivative financial instruments in the consolidated statements of comprehensive income:

	Gains (Losses) Recognized In Accumulated Other Comprehensive Loss
	Years Ended December 31,
	2021		2020		2019
Fair value hedges
Foreign currency swaps	$	(6)	$	(19)	$	(41)
Cash flow hedges
Interest rate swaps	14		(18)		(6)
Foreign currency swaps	(352)		160		(113)
Total	$	(344)	$	123	$	(160)

	(Gains) Losses Reclassified From Accumulated Other Comprehensive Loss Into Income
	Years Ended December 31,
	2021		2020		2019
Fair value hedges
Foreign currency swaps	$	6	$	20	$	41
Cash flow hedges
Interest rate swaps	9		10		(3)
Foreign currency swaps	409		(261)		64
Total	$	424	$	(231)	$	102