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Offsetting Assets and Liabilities
 6 Months Ended
Jun. 30, 2020
Offsetting Assets and Liabilities [Abstract]  
Offsetting Assets and Liabilities OFFSETTING ASSETS AND LIABILITIES
Gross and net information for selected financial instruments in the balance sheet is as follows:
June 30, 2020
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$634  $(368) $266  $—  $—  $266  
Derivatives (included in other assets)483  —  483  (1) —  482  
Total assets$1,117  $(368) $749  $(1) $—  $748  
Liabilities:
Federal funds purchased and other short-term borrowings
$1,228  $(368) $860  $—  $—  $860  
Derivatives (included in other liabilities)
40  —  40  (1) (32) 7  
Total Liabilities$1,268  $(368) $900  $(1) $(32) $867  
December 31, 2019
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$694  $(210) $484  $—  $—  $484  
Derivatives (included in other assets)153  —  153  (6) —  147  
Total assets$847  $(210) $637  $(6) $—  $631  
Liabilities:
Federal funds purchased and other short-term borrowings
$2,263  $(210) $2,053  $—  $—  $2,053  
Derivatives (included in other liabilities)
19  —  19  (6) (10) 3  
Total Liabilities$2,282  $(210) $2,072  $(6) $(10) $2,056  
Security repurchase and reverse repurchase (“resell”) agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds purchased and other short-term borrowings.” Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in the Bank’s balance sheet. See Note 7 for further information regarding derivative instruments.