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Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES OFFSETTING ASSETS AND LIABILITIES
The following schedule presents gross and net information for selected financial instruments on the balance sheet:
December 31, 2023
(In millions)Gross amounts not offset on the balance sheet
DescriptionGross amounts recognizedGross amounts offset on the balance sheetNet amounts presented on the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and securities purchased under agreements to resell
$1,170 $(233)$937 $— $— $937 
Derivatives (included in Other assets)
420 — 420 (31)(357)32 
Total assets$1,590 $(233)$1,357 $(31)$(357)$969 
Liabilities:
Federal funds and other short-term borrowings
$4,612 $(233)$4,379 $— $— $4,379 
Derivatives (included in Other liabilities)
333 — 333 (31)(1)301 
Total liabilities$4,945 $(233)$4,712 $(31)$(1)$4,680 
December 31, 2022
(In millions)Gross amounts not offset on the balance sheet
DescriptionGross amounts recognizedGross amounts offset on the balance sheetNet amounts presented on the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and securities purchased under agreements to resell
$2,451 $(25)$2,426 $— $— $2,426 
Derivatives (included in Other assets)
386 — 386 (10)(367)9 
Total assets$2,837 $(25)$2,812 $(10)$(367)$2,435 
Liabilities:
Federal funds and other short-term borrowings
$10,442 $(25)$10,417 $— $— $10,417 
Derivatives (included in Other liabilities)
451 — 451 (10)— 441 
Total liabilities$10,893 $(25)$10,868 $(10)$— $10,858 
Security repurchase and reverse repurchase agreements are offset, when applicable, on the balance sheet according to master netting agreements. Security repurchase agreements are included in “Federal funds and other short-term borrowings.” on the consolidated balance sheet. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis on our balance sheet. See Note 7 for further information regarding derivative instruments.