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Offsetting Arrangements
 3 Months Ended
Mar. 31, 2015
Offsetting [Abstract]  
Offsetting Arrangements
Offsetting Arrangements
 We manage credit and counterparty risk by entering into enforceable netting agreements and other collateral arrangements with counterparties to derivative contracts and secured financing transactions, including resale and repurchase agreements, and principal securities borrowing and lending agreements. These netting agreements mitigate our counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement. In limited cases, a netting agreement may also provide for the periodic netting of settlement payments with respect to multiple different transaction types in the normal course of business. Refer to note 17 on pages 179 to 181 in the 2014 Form 10-K for information on offsetting arrangements and our related accounting policy.
As of March 31, 2015 and December 31, 2014, the fair value of securities received as collateral where we are permitted to transfer or re-pledge the securities totaled $11.48 billion and $2.60 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same date was $186 million and $125 million, respectively.
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:
 
March 31, 2015
 
December 31, 2014
(In millions)
 
Gross Amounts of Recognized Assets(1)
 
Gross Amounts Offset in Statement of Condition(2)
 
Net Amounts of Assets Presented in Statement of Condition
 
Gross Amounts of Recognized Assets(1)
 
Gross Amounts Offset in Statement of Condition(2)
 
Net Amounts of Assets Presented in Statement of Condition
Derivatives:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
16,116

 
$
(7,730
)
 
$
8,386

 
$
15,135

 
$
(6,275
)
 
$
8,860

Interest-rate contracts
 
141

 
(14
)
 
127

 
77

 
(21
)
 
56

Other derivative contracts
 
3

 
(2
)
 
1

 
2

 
(1
)
 
1

Cash collateral netting
 
—

 
(466
)
 
(466
)
 
—

 
(983
)
 
(983
)
Total derivatives
 
$
16,260

 
$
(8,212
)
 
$
8,048

 
$
15,214

 
$
(7,280
)
 
$
7,934

Other financial instruments:
 
 
 
 
 
 
 
 
Resale agreements and securities borrowing(3)
 
$
62,587

 
$
(31,407
)
 
$
31,180

 
$
47,488

 
$
(29,157
)
 
$
18,331

Total derivatives and other financial instruments
 
$
78,847

 
$
(39,619
)
 
$
39,228

 
$
62,702

 
$
(36,437
)
 
$
26,265

 
 
 
 
 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable.
(3) Included in the $31,180 million as of March 31, 2015 were $11,331 million of resale agreements and $19,849 million of collateral provided related to securities borrowing. Included in the $18,331 million as of December 31, 2014 were $2,390 million of resale agreements and $15,941 million of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions.
 
 
March 31, 2015
 
December 31, 2014
 
 
 
 
Gross Amounts Not Offset in Statement of Condition(1)
 
 
 
 
 
Gross Amounts Not Offset in Statement of Condition(1)
 
 
(In millions)
 
Net Amount of Assets Presented in Statement of Condition
 
Counterparty Netting
 
Collateral Received
 
Net Amount(2)
 
Net Amount of Assets Presented in Statement of Condition
 
Counterparty Netting
 
Collateral Received
 
Net Amount(2)
Derivatives
 
$
8,048

 
$
—

 
$
(1,442
)
 
$
6,606

 
$
7,934

 
$
—

 
$
(1,490
)
 
$
6,444

Resale agreements and securities borrowing
 
31,180

 
(283
)
 
(30,842
)
 
55

 
18,331

 
(128
)
 
(18,157
)
 
46

Total
 
$
39,228

 
$
(283
)
 
$
(32,284
)
 
$
6,661

 
$
26,265

 
$
(128
)
 
$
(19,647
)
 
$
6,490

 
 
 
 
 
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable.
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated:
Liabilities:
 
March 31, 2015
 
December 31, 2014
(In millions)
 
Gross Amounts of Recognized Liabilities(1)
 
Gross Amounts Offset in Statement of Condition(2)
 
Net Amounts of Liabilities Presented in Statement of Condition
 
Gross Amounts of Recognized Liabilities(1)
 
Gross Amounts Offset in Statement of Condition(2)
 
Net Amounts of Liabilities Presented in Statement of Condition
Derivatives:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
17,053

 
$
(7,730
)
 
$
9,323

 
$
14,925

 
$
(6,275
)
 
$
8,650

Interest-rate contracts
 
232

 
(14
)
 
218

 
239

 
(20
)
 
219

Other derivative contracts
 
112

 
(2
)
 
110

 
70

 
(1
)
 
69

Cash collateral netting
 
—

 
(2,661
)
 
(2,661
)
 
—

 
(2,630
)
 
(2,630
)
Total derivatives
 
$
17,397

 
$
(10,407
)
 
$
6,990

 
$
15,234

 
$
(8,926
)
 
$
6,308

Other financial instruments:
 
 
 
 
 
 
 
 
Repurchase agreements and securities lending(3)
 
$
48,718

 
$
(31,407
)
 
$
17,311

 
$
44,562

 
$
(29,157
)
 
$
15,405

Total derivatives and other financial instruments
 
$
66,115

 
$
(41,814
)
 
$
24,301

 
$
59,796

 
$
(38,083
)
 
$
21,713

 
 
 
 
 
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable.
(3) Included in the $17,311 million as of March 31, 2015 were $10,158 million of repurchase agreements and $7,153 million of collateral received related to securities lending. Included in the $15,405 million as of December 31, 2014 were $8,925 million of repurchase agreements and $6,480 million of collateral received related to securities lending. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions.
 
 
March 31, 2015
 
December 31, 2014
 
 
 
 
Gross Amounts Not Offset in Statement of Condition(1)
 
 
 
 
 
Gross Amounts Not Offset in Statement of Condition(1)
 
 
(In millions)
 
Net Amount of Liabilities Presented in Statement of Condition
 
Counterparty Netting
 
Collateral Provided
 
Net Amount(2)
 
Net Amount of Liabilities Presented in Statement of Condition
 
Counterparty Netting
 
Collateral Provided
 
Net Amount(2)
Derivatives
 
$
6,990

 
$
—

 
$
(110
)
 
$
6,880

 
$
6,308

 
$
—

 
$
(19
)
 
$
6,289

Repurchase agreements and securities lending
 
17,311

 
(283
)
 
(15,274
)
 
1,754

 
15,405

 
(128
)
 
(13,872
)
 
1,405

Total
 
$
24,301

 
$
(283
)
 
$
(15,384
)
 
$
8,634

 
$
21,713

 
$
(128
)
 
$
(13,891
)
 
$
7,694

 
 
 
 
 
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable.
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.