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Offsetting Assets and Liabilities
 6 Months Ended
Jun. 30, 2021
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES OFFSETTING ASSETS AND LIABILITIES
Gross and net information for selected financial instruments in the balance sheet is as follows:
June 30, 2021
(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
$1,714 $— $1,714 $— $— $1,714 
Derivatives (included in other assets)285 — 285 (15)(2)268 
Total assets$1,999 $— $1,999 $(15)$(2)$1,982 
Liabilities:
Federal funds purchased and other short-term borrowings
$741 $— $741 $— $— $741 
Derivatives (included in other liabilities)
44 — 44 (15)(6)23 
Total liabilities$785 $— $785 $(15)$(6)$764 
December 31, 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
$6,457 $(692)$5,765 $— $— $5,765 
Derivatives (included in other assets)418 — 418 (4)(3)411 
Total assets$6,875 $(692)$6,183 $(4)$(3)$6,176 
Liabilities:
Federal funds purchased and other short-term borrowings
$2,264 $(692)$1,572 $— $— $1,572 
Derivatives (included in other liabilities)
38 — 38 (4)(26)8 
Total liabilities$2,302 $(692)$1,610 $(4)$(26)$1,580 
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 our balance sheet. See Note 7 for further information regarding derivative instruments.