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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated:
(In millions)March 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Interest rate contracts:
Futures$10,698 $9,604 
Foreign exchange contracts:
Forward, swap and spot2,523,696 2,569,449 
Options purchased911 328 
Options written460 210 
Futures1,980 2,359 
Other:
Stable value contracts(1)
33,343 32,868 
Deferred value awards(2)
423 308 
Derivatives designated as hedging instruments:
Interest rate contracts:
Swap agreements21,155 15,100 
Foreign exchange contracts:
Forward and swap6,840 6,700 
(1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values.
(2) Represents grants of deferred value awards to employees; refer to page 158 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K.
Schedule of Derivative Assets at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Foreign exchange contracts$20,775 $15,216 $21,154 $15,790 
Other derivative contracts— — 299 301 
Total$20,775 $15,216 $21,453 $16,091 
Derivatives designated as hedging instruments:
Foreign exchange contracts$144 $59 $54 $35 
Interest rate contracts9 2 — — 
Total$153 $61 $54 $35 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivative Liabilities at Fair Value
The following table presents the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8.
Derivative Assets(1)
Derivative Liabilities(2)
(In millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Derivatives not designated as hedging instruments:
Foreign exchange contracts$20,775 $15,216 $21,154 $15,790 
Other derivative contracts— — 299 301 
Total$20,775 $15,216 $21,453 $16,091 
Derivatives designated as hedging instruments:
Foreign exchange contracts$144 $59 $54 $35 
Interest rate contracts9 2 — — 
Total$153 $61 $54 $35 
(1) Derivative assets are included within other assets in our consolidated statement of condition.
(2) Derivative liabilities are included within other liabilities in our consolidated statement of condition.
Schedule of Derivatives
The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships:
March 31, 2022
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$11,018 $(307)$474 
Available-for-sale securities7,575 (210)20 
December 31, 2021
Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount
(In millions)Carrying Amount of Hedged Assets/LiabilitiesActive
De-designated(1)
Long-term debt$9,026 $(64)$514 
Available-for-sale securities3,551 — 24 
(1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
Impact of Derivative Financial Instruments On Statement of Income
The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended March 31,
20222021
(In millions)Location of Gain (Loss) on
Derivative in Consolidated
Statement of Income		Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income
Derivatives not designated as hedging instruments:
Foreign exchange contractsForeign exchange trading services revenue$239 $242 
Foreign exchange contractsInterest expense13 21 
Interest rate contractsForeign exchange trading services revenue6 — 
Other derivative contractsCompensation and employee benefits(54)(79)
Total$204 $184 
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated:
Three Months Ended March 31,Three Months Ended March 31,
2022202120222021
(In millions)Location of Gain (Loss) on Derivative in Consolidated Statement of IncomeAmount of Gain
(Loss) on Derivative
Recognized in
Consolidated
Statement of Income		Hedged Item in Fair Value Hedging RelationshipLocation of Gain (Loss) on Hedged Item in Consolidated Statement of IncomeAmount of Gain
(Loss) on Hedged
Item Recognized in
Consolidated
Statement of Income
Derivatives designated as fair value hedges:
Interest rate contractsNet interest income$210 $16 
Available-for-sale securities(1)
Net interest income
$(210)$(16)
Interest rate contractsNet interest income(243)(12)Long-term debtNet interest income243 11 
Total$(33)$4 $33 $(5)
(1) In the first quarter of 2022, approximately $157 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $12 million of net unrealized gains in the same period in 2021.
Three Months Ended March 31,Three Months Ended March 31,
20222021Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income20222021
(In millions)Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as cash flow hedges:
Interest rate contracts(1)
$(291)$(16)Net interest income$19 $18 
Foreign exchange contracts47 36 Net interest income3 3 
Total derivatives designated as cash flow hedges$(244)$20 $22 $21 
Derivatives designated as net investment hedges:
Foreign exchange contracts$64 $135 Gains (Losses) related to investment securities, net$— $— 
Total derivatives designated as net investment hedges64 135 — — 
Total$(180)$155 $22 $21 
(1) As of March 31, 2022, the maximum maturity date of the underlying hedged items is approximately 5.0 years.