Offsetting Arrangements (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017
									Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁵⁾			Net Amount⁽⁶⁾
Derivatives:
Foreign exchange contracts	$	9,161	$	(4,940	)	$	4,221					$	4,221
Interest-rate contracts⁽⁷⁾	9		(3		)	6						6
Cash collateral and securities netting	NA		(1,211		)	(1,211		)	$	(28	)	(1,239		)
Total derivatives	9,170		(6,154		)	3,016			(28		)	2,988
Other financial instruments:
Resale agreements and securities borrowing⁽⁴⁾	62,135		(37,401		)	24,734			(24,734		)	—
Total derivatives and other financial instruments	$	71,305	$	(43,555	)	$	27,750		$	(24,762	)	$	2,988



Assets:	December 31, 2016
									Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Assets⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Assets Presented in Statement of Condition			Cash and Securities Received⁽⁵⁾			Net Amount⁽⁶⁾
Derivatives:
Foreign exchange contracts	$	16,484	$	(8,257	)	$	8,227					$	8,227
Interest-rate contracts	68		(68		)	—						—
Cash collateral and securities netting	NA		(906		)	(906		)	$	(247	)	(1,153		)
Total derivatives	16,552		(9,231		)	7,321			(247		)	7,074
Other financial instruments:
Resale agreements and securities borrowing⁽⁴⁾	58,677		(35,517		)	23,160			(22,939		)	221
Total derivatives and other financial instruments	$	75,229	$	(44,748	)	$	30,481		$	(23,186	)	$	7,295

NA: Not applicable.

⁽¹⁾Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

⁽²⁾Derivative amounts are carried at fair value and securities financing amounts are carried at amortized cost, except for securities collateral which is also carried at fair value. For additional information about the measurement basis of these instruments, refer to pages 131 to 142 in Notes 1 and 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2016 Form 10-K.

⁽³⁾Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

⁽⁴⁾Included in the $24,734 million as of March 31, 2017 were $2,181 million of resale agreements and $22,553 million of collateral provided related to securities borrowing. Included in the $23,160 million as of December 31, 2016 were $1,956 million of resale agreements and $21,204 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. Additional information about principal securities finance transactions is provided in Note 9 to the consolidated financial statements in this Form 10-Q.

⁽⁵⁾ Includes securities in connection with our securities borrowing transactions.

⁽⁶⁾Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

⁽⁷⁾

Offsetting Liabilities

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, 2017
									Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Cash and Securities Provided⁽⁵⁾			Net Amount⁽⁶⁾
Derivatives:
Foreign exchange contracts	$	8,892	$	(4,941	)	$	3,951					$	3,951
Interest-rate contracts⁽⁷⁾	113		(4		)	109						109
Other derivative contracts	389		—			389						389
Cash collateral and securities netting	NA		(393		)	(393		)	$	(96	)	(489		)
Total derivatives	9,394		(5,338		)	4,056			(96		)	3,960
Other financial instruments:
Repurchase agreements and securities lending⁽⁴⁾	46,503		(37,401		)	9,102			(6,915		)	2,187
Total derivatives and other financial instruments	$	55,897	$	(42,739	)	$	13,158		$	(7,011	)	$	6,147



Liabilities:	December 31, 2016
									Gross Amounts Not Offset in Statement of Condition
(In millions)	Gross Amounts of Recognized Liabilities⁽¹⁾⁽²⁾		Gross Amounts Offset in Statement of Condition⁽³⁾			Net Amounts of Liabilities Presented in Statement of Condition			Cash and Securities Provided⁽⁵⁾			Net Amount⁽⁶⁾
Derivatives:
Foreign exchange contracts	$	15,956	$	(8,253	)	$	7,703					$	7,703
Interest-rate contracts	348		(73		)	275						275
Other derivative contracts	380		—			380						380
Cash collateral and securities netting	NA		(2,356		)	(2,356		)	$	(180	)	(2,536		)
Total derivatives	16,684		(10,682		)	6,002			(180		)	5,822
Other financial instruments:
Resale agreements and securities lending⁽⁴⁾	44,933		(35,517		)	9,416			(7,059		)	2,357
Total derivatives and other financial instruments	$	61,617	$	(46,199	)	$	15,418		$	(7,239	)	$	8,179

NA: Not applicable.

⁽¹⁾Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement.

⁽³⁾Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition.

⁽⁴⁾Included in the $9,102 million as of March 31, 2017 were $4,003 million of repurchase agreements and $5,099 million of collateral received related to securities lending. Included in the $9,416 million as of December 31, 2016 were $4,400 million of repurchase agreements and $5,016 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. Additional information about principal securities finance transactions is provided in Note 9 to the consolidated financial statements in this Form 10-Q.

⁽⁵⁾ Includes securities provided in connection with our securities lending transactions.

⁽⁶⁾Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.

⁽⁷⁾Variation margin payments presented as settlements rather than collateral.

Securities Sold and Securities Loaned Under Repurchase Agreements

The following tables summarize our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated:



	Remaining Contractual Maturity of the Agreements
	As of March 31, 2017
(In millions)	Overnight and Continuous		Up to 30 days		30 – 90 days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	36,379	$	—	$	—	$	36,379
Total	36,379		—		—		36,379
Securities lending transactions:
Corporate debt securities	45		—		—		45
Equity securities	9,483		—		596		10,079
Total	9,528		—		596		10,124
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	45,907	$	—	$	596	$	46,503



	Remaining Contractual Maturity of the Agreements
	As of December 31, 2016
(In millions)	Overnight and Continuous		Up to 30 days		30 – 90 days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	35,509	$	—	$	—	$	35,509
Total	35,509		—		—		35,509
Securities lending transactions:
Corporate debt securities	53		—		—		53
Equity securities	8,337		—		1,034		9,371
Total	8,390		—		1,034		9,424
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	43,899	$	—	$	1,034	$	44,933