Offsetting Assets and Liabilities

9 Months Ended

Sep. 30, 2021

Offsetting [Abstract]

OFFSETTING ASSETS AND LIABILITIES

OFFSETTING ASSETS AND LIABILITIES

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 our balance sheet. See Note 7 for further information regarding derivative instruments.

Gross and net information for certain financial instruments in the balance sheet is summarized as follows:

	September 30, 2021
							Gross amounts not offset in the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and security resell agreements	$	1,858	$	—	$	1,858	$	—	$	—	$	1,858
Derivatives (included in other assets)	262		—		262		(13)		—		249
Total assets	$	2,120	$	—	$	2,120	$	(13)	$	—	$	2,107
Liabilities:
Federal funds purchased and other short-term borrowings	$	579	$	—	$	579	$	—	$	—	$	579
Derivatives (included in other liabilities)	45		—		45		(13)		(3)		29
Total liabilities	$	624	$	—	$	624	$	(13)	$	(3)	$	608

	December 31, 2020
							Gross amounts not offset in the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and security resell agreements	$	6,457	$	(692)	$	5,765	$	—	$	—	$	5,765
Derivatives (included in other assets)	418		—		418		(4)		(3)		411
Total assets	$	6,875	$	(692)	$	6,183	$	(4)	$	(3)	$	6,176
Liabilities:
Federal funds purchased and other short-term borrowings	$	2,264	$	(692)	$	1,572	$	—	$	—	$	1,572
Derivatives (included in other liabilities)	38		—		38		(4)		(26)		8
Total liabilities	$	2,302	$	(692)	$	1,610	$	(4)	$	(26)	$	1,580