v3.26.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026December 31, 2025
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Derivatives designated as hedges
Fair value hedges
Interest rate swaps$32,554 $5 $923 $33,880 $88 $457 
Cash flow hedges
Interest rate swaps2,779 18 12 2,302 18 23 
Foreign currency swaps8,655 311 132 9,226 580 58 
Derivatives not designated as hedges
Interest rate contracts117,643 806 1,030 122,505 421 637 
Foreign currency contracts211 — — — — — 
Total$161,842 $1,140 $2,097 $167,913 $1,107 $1,175 
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, 2026December 31, 2025September 30, 2026December 31, 2025
Unsecured debt$32,474 $35,187 $1,230 $693 
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(a)Includes $362 million and $428 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2026 and December 31, 2025.
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,
2026202520262025
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$492 $— $(92)$— $537 $— $(612)$— 
Interest rate swaps(524)— 48 — (645)— 448 — 
Cash flow hedges
Interest rate swaps(5)— 3 — (8)— 11 — 
Hedged items - foreign currency swaps(c)
— 30 — 21 — 254 — (971)
Foreign currency swaps(26)(30)(27)(22)(81)(254)(78)970 
Derivatives not designated as hedges
Interest rate contracts(4)— (17)— (7)— (31)— 
Foreign currency contracts— — — — — — — — 
Total income (loss) recognized$(68)$— $(84)$(1)$(204)$— $(263)$(1)
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(a)Total interest expense was $1.6 billion and $1.7 billion for the three months ended September 30, 2026 and 2025, and $4.6 billion and $4.9 billion for the nine months ended September 30, 2026 and 2025.
(b)Total operating expenses were $642 million and $545 million for the three months ended September 30, 2026 and 2025, and $1.8 billion and $1.6 billion for the nine months ended September 30, 2026 and 2025.
(c)Transaction activity recorded in operating expenses related to foreign currency-denominated debt.
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
 Gains (Losses) Recognized In
Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cash flow hedges
Interest rate swaps$(1)$(2)$4 $(26)
Foreign currency swaps(43)(68)(200)578 
Total$(45)$(70)$(196)$551 
(Gains) Losses Reclassified From Accumulated Other
Comprehensive Income (Loss) Into Income (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cash flow hedges
Interest rate swaps$3 $(3)$4 $(9)
Foreign currency swaps42 36 253 (675)
Total$46 $33 $257 $(684)