XML 146 R48.htm IDEA: XBRL DOCUMENT

Offsetting Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated:


Assets:	December 31, 2020
	Gross Amounts of Recognized Assets(1)(2)		Gross Amounts Offset in Statement of Condition(3)		Net Amounts of Assets Presented in Statement of Condition		Gross Amounts Not Offset in Statement of Condition
(In millions)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	25,943	$	(14,271)	$	11,672	$	—	$	11,672
Interest rate contracts(6)	1		—		1		—		1



Cash collateral and securities netting	NA		(5,869)		(5,869)		(1,105)		(6,974)
Total derivatives	25,944		(20,140)		5,804		(1,105)		4,699
Other financial instruments:


Resale agreements and securities borrowing(7)(8)	174,461		(153,025)		21,436		(20,568)		868
Total derivatives and other financial instruments	$	200,405	$	(173,165)	$	27,240	$	(21,673)	$	5,567


Assets:	December 31, 2019
	Gross Amounts of Recognized Assets(1)(2)		Gross Amounts Offset in Statement of Condition(3)		Net Amounts of Assets Presented in Statement of Condition		Gross Amounts Not Offset in Statement of Condition
(In millions)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	15,140	$	(8,081)	$	7,059	$	—	$	7,059
Interest rate contracts(6)	8		(4)		4		—		4



Cash collateral and securities netting	NA		(2,310)		(2,310)		(685)		(2,995)
Total derivatives	15,148		(10,395)		4,753		(685)		4,068
Other financial instruments:
Resale agreements and securities borrowing(7)(8)	179,989		(159,978)		20,011		(19,572)		439
Total derivatives and other financial instruments	$	195,137	$	(170,373)	$	24,764	$	(20,257)	$	4,507

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

(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.

(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 $21.44 billion as of December 31, 2020 were $3.11 billion of resale agreements and $18.33 billion of collateral provided related to securities borrowing. Included in the $20.01 billion as of December 31, 2019 were $1.49 billion of resale agreements and $18.52 billion 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 12 for additional information with respect to principal securities finance transactions.

(8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.

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:	December 31, 2020
	Gross Amounts of Recognized Liabilities(1)(2)		Gross Amounts Offset in Statement of Condition(3)		Net Amounts of Liabilities Presented in Statement of Condition		Gross Amounts Not Offset in Statement of Condition
(In millions)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	25,927	$	(14,271)	$	11,656	$	—	$	11,656
Interest rate contracts(6)	42		—		42		—		42
Other derivative contracts	157		—		157		—		157
Cash collateral and securities netting	NA		(1,287)		(1,287)		(1,732)		(3,019)
Total derivatives	26,126		(15,558)		10,568		(1,732)		8,836
Other financial instruments:


Repurchase agreements and securities lending(7)(8)	165,793		(153,025)		12,768		(12,448)		320
Total derivatives and other financial instruments	$	191,919	$	(168,583)	$	23,336	$	(14,180)	$	9,156


Liabilities:	December 31, 2019
	Gross Amounts of Recognized Liabilities(1)(2)		Gross Amounts Offset in Statement of Condition(3)		Net Amounts of Liabilities Presented in Statement of Condition		Gross Amounts Not Offset in Statement of Condition
(In millions)							Cash and Securities Received(4)		Net Amount(5)
Derivatives:
Foreign exchange contracts	$	15,150	$	(8,081)	$	7,069	$	—	$	7,069
Interest rate contracts(6)	49		(4)		45		—		45
Other derivative contracts	182		—		182		—		182
Cash collateral and securities netting	NA		(837)		(837)		(557)		(1,394)
Total derivatives	15,381		(8,922)		6,459		(557)		5,902
Other financial instruments:
Repurchase agreements and securities lending(7)(8)	171,853		(159,977)		11,876		(10,793)		1,083
Total derivatives and other financial instruments	$	187,234	$	(168,899)	$	18,335	$	(11,350)	$	6,985

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

(2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments.

(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 $12.77 billion as of December 31, 2020 were $3.41 billion of repurchase agreements and $9.36 billion of collateral received related to securities lending transactions. Included in the $11.88 billion as of December 31, 2019 were $1.10 billion of repurchase agreements and $10.77 billion 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 12 for additional information with respect to principal securities finance transactions.

(8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system.

NA Not applicable

Securities Sold and Securities Loaned Under Repurchase Agreements

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




	As of December 31, 2020								As of December 31, 2019
(In millions)	Overnight and Continuous		Up to 30 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		Greater than 90 Days		Total
Repurchase agreements:
U.S. Treasury and agency securities	$	152,140	$	—	$	—	$	152,140	$	156,465	$	—	$	—	$	156,465
Total	152,140		—		—		152,140		156,465		—		—		156,465
Securities lending transactions:
US Treasury and agency securities	—		—		—		—		15		—		—		15
Corporate debt securities	110		—		—		110		354		—		—		354
Equity securities	7,578		56		1,156		8,790		7,389		—		130		7,519
Other(1)	4,753		—		—		4,753		7,500		—		—		7,500
Total	12,441		56		1,156		13,653		15,258		—		130		15,388
Gross amount of recognized liabilities for repurchase agreements and securities lending	$	164,581	$	56	$	1,156	$	165,793	$	171,723	$	—	$	130	$	171,853

(1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.