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Offsetting Arrangements (Tables)
 9 Months Ended
Sep. 30, 2017
Offsetting [Abstract]  
Offsetting Assets
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:
Assets:
 
September 30, 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(4)
 
Net Amount(5)
Derivatives:
 
 
 
 
 
 
Foreign exchange contracts
 
$
11,737

 
$
(6,389
)
 
$
5,348

 
 
 
$
5,348

Interest-rate contracts
 
3

 
(2
)
 
1

 
 
 
1

Cash collateral and securities netting
 
NA

 
(637
)
 
(637
)
 
$
(106
)
 
(743
)
Total derivatives
 
11,740

 
(7,028
)
 
4,712

 
(106
)
 
4,606

Other financial instruments:
 
 
 
 
 
 
Resale agreements and securities borrowing(6)
 
63,821

 
(36,728
)
 
27,093

 
(27,093
)
 
—

Total derivatives and other financial instruments
 
$
75,561

 
$
(43,756
)
 
$
31,805

 
$
(27,199
)
 
$
4,606


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(4)
 
Net Amount(5)
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(6)
 
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

 
 
 
 
 
(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) Includes securities in connection with our securities borrowing transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Included in the $27,093 million as of September 30, 2017 were $3,465 million of resale agreements and $23,628 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.
NA Not applicable
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:
 
September 30, 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(4)
 
Net Amount(5)
Derivatives:
 
 
 
 
 
 
Foreign exchange contracts
 
$
11,583

 
$
(6,390
)
 
$
5,193

 
 
 
$
5,193

Interest-rate contracts(6)
 
107

 
(1
)
 
106

 
 
 
106

Other derivative contracts
 
319

 
—

 
319

 
 
 
319

Cash collateral and securities netting
 
NA

 
(1,074
)
 
(1,074
)
 
$
(262
)
 
(1,336
)
Total derivatives
 
12,009

 
(7,465
)
 
4,544

 
(262
)
 
4,282

Other financial instruments:
 
 
 
 
 


Repurchase agreements and securities lending(7)
 
45,864

 
(36,728
)
 
9,136

 
(6,564
)
 
2,572

Total derivatives and other financial instruments
 
$
57,873

 
$
(44,193
)
 
$
13,680

 
$
(6,826
)
 
$
6,854


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(4)
 
Net Amount(5)
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(7)
 
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

 
 
 
 
 
(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) Includes securities provided in connection with our securities lending transactions.
(5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements.
(6) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $9,136 million as of September 30, 2017 were $3,867 million of repurchase agreements and $5,269 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.
NA Not applicable
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 September 30, 2017
(In millions)
 
Overnight and Continuous
 
Up to 30 days
 
30 – 90 days
 
Total
Repurchase agreements:
 
 
 
 
 
 
 
 
U.S. Treasury and agency securities
 
$
35,009

 

 

 
$
35,009

Total
 
35,009

 
—

 
—

 
35,009

Securities lending transactions:
 
 
 
 
 
 
 
 
Corporate debt securities
 
103

 

 

 
103

Equity securities
 
10,433

 

 
297

 
10,730

Non-U.S. sovereign debt
 
22

 

 

 
22

Total
 
10,558

 
—

 
297

 
10,855

Gross amount of recognized liabilities for repurchase agreements and securities lending
 
$
45,567

 
$
—

 
$
297

 
$
45,864


 
 
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