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Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
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:
 June 30, 2024December 31, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$33,285 $4 $456 $18,379 $75 $238 
Cash flow hedges
Interest rate swaps1,964 21 3 2,381 17 16 
Foreign currency swaps9,054 103 399 8,003 144 311 
Derivatives not designated as hedges
Interest rate contracts115,512 1,371 1,831 134,683 1,573 1,997 
Total$159,814 $1,499 $2,689 $163,446 $1,809 $2,563 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following amounts were recorded in the condensed 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)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Unsecured debt$36,614 $33,551 $1,220 $1,029 
 _________________
(a)Includes $852 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at June 30, 2024 and December 31, 2023.
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Income
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest Expense(a)
Operating Expenses(b)
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$62 $— $145 $— $192 $— $116 $— 
Interest rate swaps(130)— (165)— (287)— (120)— 
Cash flow hedges
Interest rate swaps4 — 10 — 11 — 19 — 
Hedged items - foreign currency swaps(c)
— 30 — (64)— 208 — (200)
Foreign currency swaps(34)(30)(37)64 (75)(206)(74)200 
Derivatives not designated as hedges
Interest rate contracts42 — 59 — 75 — 110 — 
Foreign currency contracts— (2)— — — — — — 
Total income (loss) recognized$(56)$(2)$12 $— $(84)$1 $52 $— 
_________________
(a)Total interest expense was $1.5 billion and $1.1 billion for the three months ended June 30, 2024 and 2023, and $2.9 billion and $2.1 billion for the six months ended June 30, 2024 and 2023.
(b)Total operating expenses were $479 million and $456 million for the three months ended June 30, 2024 and 2023, and $937 million and $899 million for the six months ended June 30, 2024 and 2023.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
 Gains (Losses) Recognized In
Accumulated Other Comprehensive Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash flow hedges
Interest rate swaps$17 $(5)$26 $(4)
Foreign currency swaps(74)45 (215)73 
Total$(57)$40 $(189)$70 
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash flow hedges
Interest rate swaps$(2)$(8)$(7)$(15)
Foreign currency swaps49 (21)212 (96)
Total$48 $(29)$206 $(111)