Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023						December 31, 2022
	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	$	18,379	$	75	$	238	$	19,950	$	—	$	821
Cash flow hedges
Interest rate swaps	2,381		17		16		1,434		34		1
Foreign currency swaps	8,003		144		311		6,852		—		586
Derivatives not designated as hedges
Interest rate contracts	134,683		1,573		1,997		113,975		2,268		1,984
Total	$	163,446	$	1,809	$	2,563	$	142,212	$	2,302	$	3,392

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, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Unsecured debt	$	33,551	$	28,319	$	1,029	$	781

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(a)Includes $872 million and $86 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at December 31, 2023 and 2022.

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,
	2023				2022				2021
	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	$	248	$	—	$	1,003	$	—	$	371	$	—
Interest rate swaps	(279)		—		(957)		—		(362)		—
Hedged items - foreign currency swaps(c)	—		—		—		23		—		61
Foreign currency swaps	—		—		(2)		(24)		(13)		(56)
Cash flow hedges
Interest rate swaps	37		—		15		—		(13)		—
Hedged items - foreign currency swaps(c)	—		(263)		—		611		—		415
Foreign currency swaps	(145)		263		(156)		(611)		(128)		(415)
Derivatives not designated as hedges
Interest rate contracts	218		—		130		—		150		—
Foreign currency contracts	—		(1)		—		(4)		—		(3)
Total income (loss) recognized	$	79	$	(1)	$	33	$	(4)	$	5	$	2

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(a)Total interest expense was $4.7 billion, $2.9 billion and $2.5 billion for 2023, 2022 and 2021.

(b)Total operating expenses were $1.8 billion, $1.7 billion and $1.6 billion for 2023, 2022 and 2021.

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

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,
	2023		2022		2021
Fair value hedges
Foreign currency swaps	$	—	$	(2)	$	(6)
Cash flow hedges
Interest rate swaps	(1)		17		14
Foreign currency swaps	139		(529)		(352)
Total	$	138	$	(514)	$	(344)

	(Gains) Losses Reclassified From Accumulated Other  Comprehensive Income (Loss) Into Income (Loss)
	Years Ended December 31,
	2023		2022		2021
Fair value hedges
Foreign currency swaps	$	—	$	2	$	6
Cash flow hedges
Interest rate swaps	(28)		(11)		9
Foreign currency swaps	(92)		578		409
Total	$	(120)	$	569	$	424