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Offsetting Assets and Liabilities
 9 Months Ended
Sep. 30, 2020
Offsetting Assets and Liabilities [Abstract]  
OFFSETTING ASSETS AND LIABILITIES OFFSETTING ASSETS AND LIABILITIES
Gross and net information for selected financial instruments in the balance sheet is as follows:
September 30, 2020
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$2,809 $(5)$2,804 $— $— $2,804 
Derivatives (included in other assets)467 — 467 (1)(1)465 
Total assets$3,276 $(5)$3,271 $(1)$(1)$3,269 
Liabilities:
Federal funds purchased and other short-term borrowings
$1,257 $(5)$1,252 $— $— $1,252 
Derivatives (included in other liabilities)
36 — 36 (1)(30)5 
Total Liabilities$1,293 $(5)$1,288 $(1)$(30)$1,257 
December 31, 2019
(In millions)Gross amounts not offset in the balance sheet
DescriptionGross amounts recognizedGross amounts offset in the balance sheetNet amounts presented in the balance sheetFinancial instrumentsCash collateral received/pledgedNet amount
Assets:
Federal funds sold and security resell agreements
$694 $(210)$484 $— $— $484 
Derivatives (included in other assets)153 — 153 (6)— 147 
Total assets$847 $(210)$637 $(6)$— $631 
Liabilities:
Federal funds purchased and other short-term borrowings
$2,263 $(210)$2,053 $— $— $2,053 
Derivatives (included in other liabilities)
19 — 19 (6)(10)3 
Total Liabilities$2,282 $(210)$2,072 $(6)$(10)$2,056 
Security repurchase and reverse repurchase (“resell”) agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds purchased and other short-term borrowings.” Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in the Bank’s balance sheet. See Note 7 for further information regarding derivative instruments.