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Collateral and Offsetting of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2020
Offsetting [Abstract]  
Table - Offsetting of Financial Assets and Liabilities
The tables below display offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.
Table 10.1 - Offsetting and Collateral Information of Financial Assets and Liabilities
 
 
September 30, 2020
 
 
Gross
Amount
Recognized
 
Amount 
Offset in the
Consolidated
Balance Sheets
 
Net Amount
Presented in the Consolidated
Balance Sheets
Gross Amount
Not Offset in the  Consolidated
Balance Sheets(2)
Net
Amount
(In millions)
 
 
Counterparty Netting
Cash Collateral Netting(1)
 
Assets:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

$10,047

 

($6,600
)

($2,659
)
 

$788


($763
)

$25

Cleared and exchange-traded derivatives
 
130

 
(1
)
105

 
234

—

234

Commitments
 
185

 
—

—

 
185

—

185

Other
 
75

 
—

—

 
75

—

75

Total derivatives
 
10,437

 
(6,601
)
(2,554
)
 
1,282

(763
)
519

Securities purchased under agreements to resell
 
102,049

 
(2,797
)
—

 
99,252

(99,252
)
—

Total
 

$112,486

 

($9,398
)

($2,554
)
 

$100,534


($100,015
)

$519

Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

($9,559
)
 

$6,600


$2,846

 

($113
)

$—


($113
)
Cleared and exchange-traded derivatives
 
(17
)
 
1

9

 
(7
)
—

(7
)
Commitments
 
(427
)
 
—

—

 
(427
)
—

(427
)
Other
 
(66
)
 
—

—

 
(66
)
—

(66
)
Total derivatives
 
(10,069
)
 
6,601

2,855

 
(613
)
—

(613
)
Securities sold under agreements to repurchase
 
(2,797
)
 
2,797

—

 
—

—

—

Total
 

($12,866
)
 

$9,398


$2,855

 

($613
)

$—


($613
)
Referenced footnotes are included after the next table.
 
 
December 31, 2019
 
 
Gross
Amount
Recognized
 
Amount 
Offset in the
Consolidated
Balance Sheets
 
Net Amount
Presented in the Consolidated
Balance Sheets
Gross Amount
Not Offset in the  Consolidated
Balance Sheets(2)
Net
Amount
(In millions)
 
 
Counterparty Netting
Cash Collateral Netting(1)
 
Assets:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

$7,045

 

($4,465
)

($2,075
)
 

$505


($485
)

$20

Cleared and exchange-traded derivatives
 
144

 
(5
)
123

 
262

—

262

Commitments
 
61

 
—

—

 
61

—

61

Other
 
16

 
—

—

 
16

—

16

Total derivatives
 
7,266

 
(4,470
)
(1,952
)
 
844

(485
)
359

Securities purchased under agreements to resell
 
66,114

 
(9,843
)
—

 
56,271

(56,271
)
—

Total
 

$73,380

 

($14,313
)

($1,952
)
 

$57,115


($56,756
)

$359

Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

($5,731
)
 

$4,465


$1,164

 

($102
)

$—


($102
)
Cleared and exchange-traded derivatives
 
(5
)
 
5

—

 
—

—

—

Commitments
 
(126
)
 
—

—

 
(126
)
—

(126
)
Other
 
(144
)
 
—

—

 
(144
)
—

(144
)
Total derivatives
 
(6,006
)
 
4,470

1,164

 
(372
)
—

(372
)
Securities sold under agreements to repurchase
 
(9,843
)
 
9,843

—

 
—

—

—

Total
 

($15,849
)
 

$14,313


$1,164

 

($372
)

$—


($372
)
(1)
Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.
(2)
Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For cleared and exchange-traded derivatives, does not include non-cash collateral posted by us as initial margin with an aggregate fair value of $2.6 billion and $3.5 billion as of September 30, 2020 and December 31, 2019, respectively. For commitments and securities purchased under agreements to resell, does not include cash and non-cash collateral deposited totaling $0.6 billion and $2.2 billion, respectively, as of September 30, 2020, and $0.2 billion and $0.3 billion, respectively, as of December 31, 2019.
Table - Offsetting of Financial Assets and Liabilities
The tables below display offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements.
Table 10.1 - Offsetting and Collateral Information of Financial Assets and Liabilities
 
 
September 30, 2020
 
 
Gross
Amount
Recognized
 
Amount 
Offset in the
Consolidated
Balance Sheets
 
Net Amount
Presented in the Consolidated
Balance Sheets
Gross Amount
Not Offset in the  Consolidated
Balance Sheets(2)
Net
Amount
(In millions)
 
 
Counterparty Netting
Cash Collateral Netting(1)
 
Assets:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

$10,047

 

($6,600
)

($2,659
)
 

$788


($763
)

$25

Cleared and exchange-traded derivatives
 
130

 
(1
)
105

 
234

—

234

Commitments
 
185

 
—

—

 
185

—

185

Other
 
75

 
—

—

 
75

—

75

Total derivatives
 
10,437

 
(6,601
)
(2,554
)
 
1,282

(763
)
519

Securities purchased under agreements to resell
 
102,049

 
(2,797
)
—

 
99,252

(99,252
)
—

Total
 

$112,486

 

($9,398
)

($2,554
)
 

$100,534


($100,015
)

$519

Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

($9,559
)
 

$6,600


$2,846

 

($113
)

$—


($113
)
Cleared and exchange-traded derivatives
 
(17
)
 
1

9

 
(7
)
—

(7
)
Commitments
 
(427
)
 
—

—

 
(427
)
—

(427
)
Other
 
(66
)
 
—

—

 
(66
)
—

(66
)
Total derivatives
 
(10,069
)
 
6,601

2,855

 
(613
)
—

(613
)
Securities sold under agreements to repurchase
 
(2,797
)
 
2,797

—

 
—

—

—

Total
 

($12,866
)
 

$9,398


$2,855

 

($613
)

$—


($613
)
Referenced footnotes are included after the next table.
 
 
December 31, 2019
 
 
Gross
Amount
Recognized
 
Amount 
Offset in the
Consolidated
Balance Sheets
 
Net Amount
Presented in the Consolidated
Balance Sheets
Gross Amount
Not Offset in the  Consolidated
Balance Sheets(2)
Net
Amount
(In millions)
 
 
Counterparty Netting
Cash Collateral Netting(1)
 
Assets:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

$7,045

 

($4,465
)

($2,075
)
 

$505


($485
)

$20

Cleared and exchange-traded derivatives
 
144

 
(5
)
123

 
262

—

262

Commitments
 
61

 
—

—

 
61

—

61

Other
 
16

 
—

—

 
16

—

16

Total derivatives
 
7,266

 
(4,470
)
(1,952
)
 
844

(485
)
359

Securities purchased under agreements to resell
 
66,114

 
(9,843
)
—

 
56,271

(56,271
)
—

Total
 

$73,380

 

($14,313
)

($1,952
)
 

$57,115


($56,756
)

$359

Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
OTC derivatives
 

($5,731
)
 

$4,465


$1,164

 

($102
)

$—


($102
)
Cleared and exchange-traded derivatives
 
(5
)
 
5

—

 
—

—

—

Commitments
 
(126
)
 
—

—

 
(126
)
—

(126
)
Other
 
(144
)
 
—

—

 
(144
)
—

(144
)
Total derivatives
 
(6,006
)
 
4,470

1,164

 
(372
)
—

(372
)
Securities sold under agreements to repurchase
 
(9,843
)
 
9,843

—

 
—

—

—

Total
 

($15,849
)
 

$14,313


$1,164

 

($372
)

$—


($372
)
(1)
Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.
(2)
Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets. For cleared and exchange-traded derivatives, does not include non-cash collateral posted by us as initial margin with an aggregate fair value of $2.6 billion and $3.5 billion as of September 30, 2020 and December 31, 2019, respectively. For commitments and securities purchased under agreements to resell, does not include cash and non-cash collateral deposited totaling $0.6 billion and $2.2 billion, respectively, as of September 30, 2020, and $0.2 billion and $0.3 billion, respectively, as of December 31, 2019.
Table - Collateral in the Form of Securities Pledged
The tables below summarize the fair value of the securities pledged as collateral by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge.
Table 10.2 - Collateral in the Form of Securities Pledged
 
 
September 30, 2020
(In millions)
 
Derivatives
Securities Sold Under Agreements to Repurchase
Other(3)
Total
Cash equivalents(1)
 

$—


$550


$—


$550

Debt securities of consolidated trusts(2)
 
602

—

180

782

Available-for-sale securities
 
—

—

613

613

Trading securities
 
2,007

2,115

1,383

5,505

Total securities pledged
 

$2,609


$2,665


$2,176


$7,450

 
 
December 31, 2019
(In millions)
 
Derivatives
Securities Sold Under Agreements to Repurchase
Other(3)
Total
Debt securities of consolidated trusts(2)
 

$562


$—


$280


$842

Trading securities
 
2,894

9,346

49

12,289

Total securities pledged
 

$3,456


$9,346


$329


$13,131


(1)
Represents U.S. Treasury securities accounted for as cash equivalents.
(2)
Represents debt securities of consolidated trusts held by us in our Capital Markets segment mortgage investments portfolio which are recorded as a reduction to debt securities of consolidated trusts held by third parties on our condensed consolidated balance sheets.
(3)
Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.
Table - Underlying Collateral Pledged
The table below summarizes the underlying collateral pledged and the remaining contractual maturity of our gross obligations under securities sold under agreements to repurchase.
Table 10.3 - Underlying Collateral Pledged
 
 
September 30, 2020
(In millions)
 
Overnight and Continuous
30 Days or Less
After 30 Days Through 90 Days
Greater Than 90 Days
Total
U.S. Treasury securities and other
 

$2,665


$—


$—


$—


$2,665