Netting Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

The tables below display information related to derivatives and securities purchased under agreements to resell, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our consolidated balance sheets.


	As of December 31, 2022
			Gross Amount Offset(1)		Net Amount Presented in our Consolidated Balance Sheets			Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount							Financial Instruments(2)		Collateral(3)		Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	237	$	(234)	$	3		$	—	$	—		$	3
Cleared risk management derivatives	—		80		80			—		—			80
Mortgage commitment derivatives	89		—		89			(50)		(12)			27
Total derivative assets	326		(154)		172		(4)	(50)		(12)			110
Securities purchased under agreements to resell(5)	69,415		—		69,415			—		(69,415)			—
Total assets	$	69,741	$	(154)	$	69,587		$	(50)	$	(69,427)		$	110



Liabilities:
OTC risk management derivatives	$	(4,686)	$	4,662	$	(24)		$	—	$	—	$	(24)
Cleared risk management derivatives	—		—		—			—		—		—
Mortgage commitment derivatives	(78)		—		(78)			50		7		(21)


Total liabilities	$	(4,764)	$	4,662	$	(102)	(4)	$	50	$	7	$	(45)


	As of December 31, 2021
			Gross Amount Offset(1)		Net Amount Presented in our Consolidated Balance Sheets			Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount							Financial Instruments(2)		Collateral(3)		Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	239	$	(237)	$	2		$	—	$	—		$	2
Cleared risk management derivatives	—		—		—			—		—			—
Mortgage commitment derivatives	169		—		169			(133)		—			36
Total derivative assets	408		(237)		171		(4)	(133)		—			38
Securities purchased under agreements to resell(5)	64,843		—		64,843			—		(64,843)			—
Total assets	$	65,251	$	(237)	$	65,014		$	(133)	$	(64,843)		$	38

Liabilities:
OTC risk management derivatives	$	(1,188)	$	1,183	$	(5)		$	—	$	—		$	(5)
Cleared risk management derivatives	—		(10)		(10)			—		10			—
Mortgage commitment derivatives	(197)		—		(197)			133		56			(8)


Total liabilities	$	(1,385)	$	1,173	$	(212)	(4)	$	133	$	66		$	(13)

(1) Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest.

(2) Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our consolidated balance sheets.

(3) Represents collateral received that has not been recognized and not offset in our consolidated balance sheets as well as collateral posted which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $2.1 billion and $2.5 billion as of December 31, 2022 and 2021, respectively. The fair value of non-cash collateral received was $69.5 billion and $64.9 billion, of which $28.7 billion and $25.6 billion could be sold or repledged as of December 31, 2022 and 2021, respectively. None of the underlying collateral was sold or repledged as of December 31, 2022 and 2021.

(4) Excludes derivative assets recognized in our consolidated balance sheets of $3 million as of December 31, 2022, and derivative liabilities recognized in our consolidated balance sheets of $66 million and $21 million as of December 31, 2022 and 2021, respectively, that were not subject to enforceable master netting arrangements. We had no derivative assets recognized in our consolidated balance sheets as of December 31, 2021 that were not subject to enforceable master netting arrangements.

(5) Includes $45.2 billion and $29.1 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively. Includes $9.7 billion and $15.0 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively.