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Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 9 Months Ended
Sep. 30, 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  
September 30, 2020
              
Repurchase agreements
              
U.S. Treasury and agencies
  
$
242
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
242
 
Residential agency mortgage-backed securities
  
 
600
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
600
 
Corporate debt securities
  
 
668
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
668
 
Total repurchase agreements
  
 
1,510
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
1,510
 
Securities loaned
              
Corporate debt securities
  
 
288
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
288
 
Total securities loaned
  
 
288
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
288
 
Gross amount of recognized liabilities
  
$
1,798
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
1,798
 
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)		  
September 30, 2020
              
Derivative assets (d)
  
$
5,756
 
   
$
(1,885
) 
  
$
3,871
 
   
$
(87
) 
  
$
(331
) 
  
$
3,453
 
Reverse repurchase agreements
  
 
289
 
   
 
–
 
  
 
289
 
   
 
(227
) 
  
 
(62
) 
  
 
–
 
Securities borrowed
  
 
1,701
 
   
 
–
 
  
 
1,701
 
   
 
–
 
  
 
(1,649
) 
  
 
52
 
Total
  
$
7,746
 
   
$
(1,885
) 
  
$
5,861
 
   
$
(314
) 
  
$
(2,042
) 
  
$
3,505
 
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 $1.1 billion and $429 million of cash collateral related payables that were netted against derivative assets at September 30, 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 $299 million and $40 million at September 30, 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		    
Net Amount
  
   Financial
Instruments (b)		     Collateral
Pledged (c)		  
September 30, 2020
              
Derivative liabilities (d)
  
$
2,973
 
   
$
(2,067
) 
  
$
906
 
   
$
(87
) 
  
$
–
 
  
$
819
 
Repurchase agreements
  
 
1,510
 
   
 
–
 
  
 
1,510
 
   
 
(227
) 
  
 
(1,281
) 
  
 
2
 
Securities loaned
  
 
288
 
   
 
–
 
  
 
288
 
   
 
–
 
  
 
(284
) 
  
 
4
 
Total
  
$
4,771
 
   
$
(2,067
) 
  
$
2,704
 
   
$
(314
) 
  
$
(1,565
) 
  
$
825
 
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 $1.3 billion and $514 million of cash collateral related receivables that were netted against derivative liabilities at September 30, 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 $199 million and $167 million at September 30, 2020 and December 31, 2019, respectively, of derivative liabilities not subject to netting arrangements.