Offsetting Assets and Liabilities

3 Months Ended

Mar. 31, 2023

Offsetting [Abstract]

OFFSETTING ASSETS AND LIABILITIES

OFFSETTING ASSETS AND LIABILITIES

The following schedules present gross and net information for selected financial instruments on the balance sheet.

	March 31, 2023
							Gross amounts not offset in the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell	$	688	$	—	$	688	$	—	$	—	$	688
Derivatives (included in other assets)	369		—		369		(23)		(326)		20
Total assets	$	1,057	$	—	$	1,057	$	(23)	$	(326)	$	708
Liabilities:
Federal funds and other short-term borrowings	$	12,124	$	—	$	12,124	$	—	$	—	$	12,124
Derivatives (included in other liabilities)	353		—		353		(23)		—		330
Total liabilities	$	12,477	$	—	$	12,477	$	(23)	$	—	$	12,454

	December 31, 2022
							Gross amounts not offset in the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell	$	2,451	$	(25)	$	2,426	$	—	$	—	$	2,426
Derivatives (included in other assets)	386		—		386		(10)		(367)		9
Total assets	$	2,837	$	(25)	$	2,812	$	(10)	$	(367)	$	2,435
Liabilities:
Federal funds and other short-term borrowings	$	10,442	$	(25)	$	10,417	$	—	$	—	$	10,417
Derivatives (included in other liabilities)	451		—		451		(10)		—		441
Total liabilities	$	10,893	$	(25)	$	10,868	$	(10)	$	—	$	10,858

Security repurchase and reverse repurchase agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds 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.