Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022						December 31, 2021
	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	$	19,950	$	—	$	821	$	15,058	$	74	$	88
Foreign currency swaps	—		—		—		682		—		59
Cash flow hedges
Interest rate swaps	1,434		34		1		611		12		4
Foreign currency swaps	6,852		—		586		7,419		85		201
Derivatives not designated as hedges
Interest rate contracts	113,975		2,268		1,984		110,053		846		339
Foreign currency contracts	—		—		—		148		—		—
Total	$	142,212	$	2,302	$	3,392	$	133,971	$	1,017	$	691

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, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Unsecured debt	$	28,319	$	24,964	$	781	$	(226)

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(a)Includes $86 million of unamortized losses and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at December 31, 2022 and 2021.

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,
	2022				2021				2020
	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	$	1,003	$	—	$	371	$	—	$	(500)	$	—
Interest rate swaps	(957)		—		(362)		—		250		—
Hedged items - foreign currency swaps(c)	—		23		—		61		—		(161)
Foreign currency swaps	(2)		(24)		(13)		(56)		(31)		167
Cash flow hedges
Interest rate swaps	15		—		(13)		—		(14)		—
Hedged items - foreign currency swaps(c)	—		611		—		415		—		(457)
Foreign currency swaps	(156)		(611)		(128)		(415)		(108)		457
Derivatives not designated as hedges
Interest rate contracts	130		—		150		—		237		—
Foreign currency contracts	—		(4)		—		(3)		—		—
Total income (loss) recognized	$	33	$	(4)	$	5	$	2	$	(166)	$	6

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(a)Total interest expense was $2.9 billion, $2.5 billion and $3.0 billion for 2022, 2021 and 2020.

(b)Total operating expenses were $1.7 billion, $1.6 billion and $1.5 billion for 2022, 2021 and 2020.

(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 Income (Loss)
	Years Ended December 31,
	2022		2021		2020
Fair value hedges
Foreign currency swaps	$	(2)	$	(6)	$	(19)
Cash flow hedges
Interest rate swaps	17		14		(18)
Foreign currency swaps	(529)		(352)		160
Total	$	(514)	$	(344)	$	123

	(Gains) Losses Reclassified From Accumulated Other  Comprehensive Income (Loss) Into Income (Loss)
	Years Ended December 31,
	2022		2021		2020
Fair value hedges
Foreign currency swaps	$	2	$	6	$	20
Cash flow hedges
Interest rate swaps	(11)		9		10
Foreign currency swaps	578		409		(261)
Total	$	569	$	424	$	(231)