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Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 3 Months Ended
Mar. 31, 2020
Text Block [Abstract]  
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:
 
                                         
(Dollars in Millions)   Overnight and
Continuous		      Less Than
30 Days		     
30-89

Days		      Greater Than
90 Days		      Total  
March 31, 2020
              
Repurchase agreements
              
U.S. Treasury and agencies
  
$
185
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
185
 
Residential agency mortgage-backed securities
  
 
339
 
   
 
276
 
   
 
–
 
   
 
–
 
   
 
615
 
Corporate debt securities
  
 
845
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
845
 
Total repurchase agreements
  
 
1,369
 
   
 
276
 
   
 
–
 
   
 
–
 
   
 
1,645
 
Securities loaned
              
Corporate debt securities
  
 
151
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
151
 
Total securities loaned
  
 
151
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
151
 
Gross amount of recognized liabilities
  
$
1,520
 
   
$
276
 
   
$
–
 
   
$
–
 
   
$
1,796
 
December 31, 2019
              
Repurchase agreements
              
U.S. Treasury and agencies
  
$
289
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
289
 
Residential agency mortgage-backed securities
  
 
266
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
266
 
Corporate debt securities
  
 
610
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
610
 
Total repurchase agreements
  
 
1,165
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
1,165
 
Securities loaned
              
Corporate debt securities
  
 
50
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
50
 
Total securities loaned
  
 
50
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
50
 
Gross amount of recognized liabilities
  
$
1,215
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
1,215
 
 
 
 
 
 
 
 
 
 
 
 
 
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets 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:
 
                                                 
(Dollars in Millions)
  
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
  
   Financial
Instruments (b)		     Collateral
Received (c)		  
March 31, 2020
              
Derivative assets (d)
  
$
7,144
 
   
$
(3,099
) 
  
$
4,045
 
   
$
(147
) 
  
$
(313
) 
  
$
3,585
 
Reverse repurchase agreements
  
 
233
 
   
 
–
 
  
 
233
 
   
 
(173
) 
  
 
(60
) 
  
 
–
 
Securities borrowed
  
 
1,583
 
   
 
–
 
  
 
1,583
 
   
 
–
 
  
 
(1,555
) 
  
 
28
 
Total
  
$
8,960
 
   
$
(3,099
) 
  
$
5,861
 
   
$
(320
) 
  
$
(1,928
) 
  
$
3,613
 
December 31, 2019
              
Derivative assets (d)
  
$
2,857
 
   
$
(982
) 
  
$
1,875
 
   
$
(80
) 
  
$
(116
) 
  
$
1,679
 
Reverse repurchase agreements
  
 
1,021
 
   
 
–
 
  
 
1,021
 
   
 
(152
) 
  
 
(869
) 
  
 
–
 
Securities borrowed
  
 
1,624
 
   
 
–
 
  
 
1,624
 
   
 
–
 
  
 
(1,569
) 
  
 
55
 
Total
  
$
5,502
 
   
$
(982
) 
  
$
4,520
 
   
$
(232
) 
  
$
(2,554
) 
  
$
1,734
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Includes $1.5
billion
and $429 million of cash collateral related payables that were netted against derivative assets at March 31, 2020 and December 31, 2019, 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 $252
 
million and $40 million at March 31, 2020 and December 31, 2019, respectively, of derivative assets not subject to netting arrangements.
 
 
 
 
 
 
 
 
 
 
 
 
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default
                                                 
(Dollars in Millions)   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		        
   Financial
Instruments (b)		     Collateral
Pledged (c)		    
Net Amount
  
March 31, 2020
                                                  
Derivative liabilities (d)
  
$
4,380
 
   
$
(2,852
) 
  
$
1,528
 
   
$
(147
) 
  
$
–
 
  
$
1,381
 
Repurchase agreements
  
 
1,645
 
   
 
–
 
  
 
1,645
 
   
 
(173
) 
  
 
(1,472
) 
  
 
–
 
Securities loaned
  
 
151
 
   
 
–
 
  
 
151
 
   
 
--
 
  
 
(150
) 
  
 
1
 
Total
  
$
6,176
 
   
$
(2,852
) 
  
$
3,324
 
   
$
(320
) 
  
$
(1,622
) 
  
$
1,382
 
December 31, 2019
              
Derivative liabilities (d)
  
$
1,816
 
   
$
(1,067
) 
  
$
749
 
   
$
(80
) 
  
$
–
 
  
$
669
 
Repurchase agreements
  
 
1,165
 
   
 
–
 
  
 
1,165
 
   
 
(152
) 
  
 
(1,012
) 
  
 
1
 
Securities loaned
  
 
50
 
   
 
–
 
  
 
50
 
   
 
–
 
  
 
(49
) 
  
 
1
 
Total
  
$
3,031
 
   
$
(1,067
) 
  
$
1,964
 
   
$
(232
) 
  
$
(1,061
) 
  
$
671
 
 
 
 
 
 
 
 
 
 
 
(a)
Includes $1.2
b
illion and $514 million of cash collateral related receivables that were netted against derivative liabilities at March 31, 2020 and December 31, 2019, 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 $181 million and $167 million at March 31, 2020 and December 31, 2019, respectively, of derivative liabilities not subject to netting arrangements.