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Offsetting Arrangements (Tables)
 3 Months Ended
Mar. 31, 2018
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:
 
March 31, 2018
 
 
 
 
 
 
 
 
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
 
$
11,049

 
$
(6,325
)
 
$
4,725

 
 
 
$
4,725

Interest-rate contracts(6)
 
4

 
—

 
4

 
 
 
4

Other derivative contracts
 
1

 
—

 
—

 
 
 
—

Cash collateral and securities netting
 
NA

 
(777
)
 
(777
)
 
$
(259
)
 
(1,036
)
Total derivatives
 
11,054

 
(7,102
)
 
3,952

 
(259
)
 
3,693

Other financial instruments:
 
 
 
 
 
 
Resale agreements and securities borrowing(7)
 
62,561

 
(36,468
)
 
26,093

 
(26,093
)
 
—

Total derivatives and other financial instruments
 
$
73,615

 
$
(43,570
)
 
$
30,045

 
$
(26,352
)
 
$
3,693


Assets:
 
December 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(4)
 
Net Amount(5)
Derivatives:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
11,597

 
$
(5,548
)
 
$
6,049

 
 
 
$
6,049

Interest-rate contracts(6)
 
8

 
—

 
8

 
 
 
8

Other derivative contracts
 
1

 
—

 
1

 
 
 
1

Cash collateral and securities netting
 
NA

 
(2,045
)
 
(2,045
)
 
$
(124
)
 
(2,169
)
Total derivatives
 
11,606

 
(7,593
)
 
4,013

 
(124
)
 
3,889

Other financial instruments:
 
 
 
 
 
 
 
 
 
 
Resale agreements and securities borrowing(7)
 
70,079

 
(47,434
)
 
22,645

 
(22,645
)
 
—

Total derivatives and other financial instruments
 
$
81,685

 
$
(55,027
)
 
$
26,658

 
$
(22,769
)
 
$
3,889

 
 
 
 
 
(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 127 to 138 in Notes 1 and 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2017 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) Variation margin payments presented as settlements rather than collateral.
(7) Included in the $26,093 million as of March 31, 2018 were $5,136 million of resale agreements and $20,957 million of collateral provided related to securities borrowing. Included in the $22,645 million as of December 31, 2017 were $3,241 million of resale agreements and $19,404 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 9 for additional information with respect to principal securities finance transactions.
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:
 
March 31, 2018
 
 
 
 
 
 
 
 
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
 
$
11,173

 
$
(6,325
)
 
$
4,848

 
 
 
$
4,848

Interest-rate contracts(6)
 
96

 
—

 
96

 
 
 
96

Other derivative contracts
 
288

 
—

 
288

 
 
 
288

Cash collateral and securities netting
 
NA

 
(1,315
)
 
(1,315
)
 
$
(105
)
 
(1,420
)
Total derivatives
 
11,557

 
(7,640
)
 
3,917

 
(105
)
 
3,812

Other financial instruments:
 
 
 
 
 
 
Repurchase agreements and securities lending(7)
 
50,051

 
(36,468
)
 
13,583

 
(13,052
)
 
531

Total derivatives and other financial instruments
 
$
61,608

 
$
(44,108
)
 
$
17,500

 
$
(13,157
)
 
$
4,343


Liabilities:
 
December 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(4)
 
Net Amount(5)
Derivatives:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
11,467

 
$
(5,548
)
 
$
5,919

 
 
 
$
5,919

Interest-rate contracts(6)
 
100

 
—

 
100

 
 
 
100

Other derivative contracts
 
285

 
—

 
285

 
 
 
285

Cash collateral and securities netting
 
NA

 
(422
)
 
(422
)
 
$
(450
)
 
(872
)
Total derivatives
 
11,852

 
(5,970
)
 
5,882

 
(450
)
 
5,432

Other financial instruments:
 
 
 
 
 
 
 
 
 
 
Repurchase agreements and securities lending(7)
 
54,127

 
(47,434
)
 
6,693

 
(4,299
)
 
2,394

Total derivatives and other financial instruments
 
$
65,979

 
$
(53,404
)
 
$
12,575

 
$
(4,749
)
 
$
7,826

 
 
 
 
 
(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 127 to 138 in Notes 1 and 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2017 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 $13,583 million as of March 31, 2018 were $2,020 million of repurchase agreements and $11,563 million of collateral received related to securities lending transactions. Included in the $6,693 million as of December 31, 2017 were $2,842 million of repurchase agreements and $3,851 million of collateral received related to securities lending transactions. 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 9 for additional information with respect to principal securities finance transactions.
NA Not applicable
Securities Sold and Securities Loaned Under Repurchase Agreements
The following table summarizes our enhanced custody 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 (1)
(In millions)
 
As of March 31, 2018
 
As of December 31, 2017
Repurchase agreements:
 
 
 
 
U.S. Treasury and agency securities
 
$
33,442

 
$
43,072

Total
 
33,442

 
43,072

Securities lending transactions:
 
 
 
 
US Treasury and agency securities
 
640

 
—

Corporate debt securities
 
103

 
35

Equity securities
 
10,116

 
11,020

Others
 
5,750

 
—

Total
 
16,609

 
11,055

Gross amount of recognized liabilities for repurchase agreements and securities lending
 
$
50,051

 
$
54,127


 
 
 
 
 
(1) All balances as of March 31, 2018 and December 31, 2017 reflect overnight and continuous maturities.