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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
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:
 September 30, 2025December 31, 2024
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$36,069 $100 $447 $36,145 $32 $621 
Cash flow hedges
Interest rate swaps2,061 19 28 1,873 35 4 
Foreign currency swaps9,231 576 61 8,363 80 508 
Derivatives not designated as hedges
Interest rate contracts127,486 491 705 123,346 833 1,294 
Foreign currency contracts181 — — — — — 
Total$175,028 $1,187 $1,241 $169,727 $981 $2,427 
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)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Unsecured debt$35,201 $36,664 $668 $1,281 
 _________________
(a)Includes $472 million and $719 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2025 and December 31, 2024.
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Income
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Interest Expense(a)
Operating Expenses(b)
Fair value hedges
Hedged items - interest rate swaps$(92)$— $(450)$— $(612)$— $(258)$— 
Interest rate swaps48 — 396 — 448 — 109 — 
Cash flow hedges
Interest rate swaps3 — 2 — 11 — 13 — 
Hedged items - foreign currency swaps(c)
— 21 — (413)— (971)— (205)
Foreign currency swaps(27)(22)(27)413 (78)970 (103)207 
Derivatives not designated as hedges
Interest rate contracts(17)— 2 — (31)— 77 — 
Foreign currency contracts— — — (3)— — — (3)
Total income (loss) recognized$(84)$(1)$(77)$(3)$(263)$(1)$(161)$(2)
_________________
(a)Total interest expense was $1.7 billion and $1.6 billion for the three months ended September 30, 2025 and 2024, and $4.9 billion and $4.4 billion for the nine months ended September 30, 2025 and 2024.
(b)Total operating expenses were $545 million and $478 million for the three months ended September 30, 2025 and 2024, and $1.6 billion and $1.4 billion for the nine months ended September 30, 2025 and 2024.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
 Gains (Losses) Recognized In
Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash flow hedges
Interest rate swaps$(2)$(5)$(26)$21 
Foreign currency swaps(68)246 578 31 
Total$(70)$241 $551 $52 
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash flow hedges
Interest rate swaps$(3)$(1)$(9)$(8)
Foreign currency swaps36 (291)(675)(78)
Total$33 $(292)$(684)$(86)