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Offsetting Assets and Liabilities
 3 Months Ended
Mar. 31, 2024
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES OFFSETTING ASSETS AND LIABILITIES
The following schedules present gross and net information for selected financial instruments on the balance sheet:
March 31, 2024
Gross amounts not offset on the balance sheet
(In millions)Gross 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
$1,315 $(421)$894 $— $— $894 
Derivatives (included in other assets)481 — 481 (12)(455)14 
Total assets$1,796 $(421)$1,375 $(12)$(455)$908 
Liabilities:
Federal funds and other short-term borrowings
$5,316 $(421)$4,895 $— $— $4,895 
Derivatives (included in other liabilities)
388 — 388 (12)— 376 
Total liabilities$5,704 $(421)$5,283 $(12)$— $5,271 
December 31, 2023
Gross amounts not offset on the balance sheet
(In millions)Gross 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 
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.