Netting Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Offsetting [Abstract]

Schedule of Offsetting

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, 2023
		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	$328	$(294)	$34		$—		$—	$34
Cleared risk management derivatives	—	11	11		—		—	11
Mortgage commitment derivatives	112	—	112		(23)		(9)	80
Total derivative assets	440	(283)	157	(4)	(23)		(9)	125
Securities purchased under agreements to resell(5)	65,425	—	65,425		—		(65,425)	—
Total assets	$65,865	$(283)	$65,582		$(23)		$(65,434)	$125

Liabilities:
OTC risk management derivatives	$(3,223)	$3,203	$(20)		$—	$—	$(20)
Cleared risk management derivatives	—	(3)	(3)		—	3	—
Mortgage commitment derivatives	(104)	—	(104)		23	77	(4)
Total liabilities	$(3,327)	$3,200	$(127)	(4)	$23	$80	$(24)

	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)

(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 $2.2 billion and

$2.1 billion as of December 31, 2023 and 2022, respectively. The fair value of non-cash collateral received was $65.5 billion and $69.5

billion, of which $55.4 billion and $28.7 billion could be sold or repledged as of December 31, 2023 and 2022, respectively. None of the

underlying collateral was sold or repledged as of December 31, 2023 and 2022.

(4)Excludes derivative assets recognized in our consolidated balance sheets of $45 million and $3 million as of December 31, 2023 and

2022, and derivative liabilities recognized in our consolidated balance sheets of $13 million and $66 million as of December 31, 2023 and

2022, respectively, that were not subject to enforceable master netting arrangements.

(5)Includes $21.8 billion and $45.2 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our

consolidated balance sheets as of December 31, 2023 and 2022, respectively. Includes $12.9 billion and $9.7 billion in securities

purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our consolidated balance sheets as of

December 31, 2023 and 2022, respectively.