Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)

6 Months Ended

Jun. 30, 2015

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Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions

The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions at June 30, 2015:

(Dollars in Millions)	Overnight and Continuous		Less Than 30 Days		Total
Repurchase Agreements
U.S. Treasury and agencies	$	26	$	14	$	40
Residential agency mortgage-backed securities		497		438		935
Total repurchase agreements		523		452		975
Securities Loaned
Corporate debt securities		190		–		190
Total securities loaned		190		–		190
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	713	$	452	$	1,165

Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross Recognized Assets		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet						Net Amount
(Dollars in Millions)								Financial Instruments (b)			Collateral Received (c)
June 30, 2015
Derivative assets (d)	$	2,010	$	(916	)	$	1,094	$	(88	)	$	–		$	1,006
Reverse repurchase agreements		178		–			178		(26	)		(152	)		–
Securities borrowed		789		–			789		(43	)		(722	)		24
Total	$	2,977	$	(916	)	$	2,061	$	(157	)	$	(874	)	$	1,030
December 31, 2014
Derivative assets (d)	$	1,847	$	(870	)	$	977	$	(58	)	$	–		$	919
Reverse repurchase agreements		40		–			40		(40	)		–			–
Securities borrowed		638		–			638		–			(620	)		18
Total	$	2,525	$	(870	)	$	1,655	$	(98	)	$	(620	)	$	937

(a) Includes $220 million and $258 million of cash collateral related payables that were netted against derivative assets at June 30, 2015 and December 31, 2014, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $289 million and $221 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at June 30, 2015 and December 31, 2014, respectively.

	Gross Recognized Liabilities		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet						Net Amount
(Dollars in Millions)								Financial Instruments (b)			Collateral Pledged (c)
June 30, 2015
Derivative liabilities (d)	$	1,962	$	(1,366	)	$	596	$	(88	)	$	–		$	508
Repurchase agreements		975		–			975		(26	)		(949	)		–
Securities loaned		190		–			190		(43	)		(145	)		2
Total	$	3,127	$	(1,366	)	$	1,761	$	(157	)	$	(1,094	)	$	510
December 31, 2014
Derivative liabilities (d)	$	1,847	$	(1,317	)	$	530	$	(58	)	$	–		$	472
Repurchase agreements		948		–			948		(40	)		(908	)		–
Securities loaned		47		–			47		–			(46	)		1
Total	$	2,842	$	(1,317	)	$	1,525	$	(98	)	$	(954	)	$	473

(a) Includes $670 million and $705 million of cash collateral related receivables that were netted against derivative liabilities at June 30, 2015 and December 31, 2014, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $368 million and $342 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at June 30, 2015 and December 31, 2014, respectively.