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Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021
                                            
Repurchase agreements
                                            
U.S. Treasury and agencies
  
$
568
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
568
 
Residential agency mortgage-backed securities
  
 
838
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
838
 
Corporate debt securities
  
 
692
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
692
 
Total repurchase agreements
  
 
2,098
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
2,098
 
Securities loaned
                                            
Corporate debt securities
  
 
166
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
166
 
Total securities loaned
  
 
166
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
166
 
Gross amount of recognized liabilities
  
$
2,264
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
2,264
 
December 31, 2020
                                            
Repurchase agreements
                                            
U.S. Treasury and agencies
  
$
472
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
472
 
Residential agency mortgage-backed securities
  
 
398
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
398
 
Corporate debt securities
  
 
560
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
560
 
Total repurchase agreements
  
 
1,430
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
1,430
 
Securities loaned
                                            
Corporate debt securities
  
 
218
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
218
 
Total securities loaned
  
 
218
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
218
 
Gross amount of recognized liabilities
  
$
1,648
 
   
$
–
 
   
$
–
 
   
$
–
 
   
$
1,648
 
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, 2021
                                                  
Derivative assets (d)
  
$
4,275
 
   
$
(1,858
) 
  
$
2,417
 
   
$
(104
) 
  
$
(141
) 
  
$
2,172
 
Reverse repurchase agreements
  
 
418
 
   
 
–
 
  
 
418
 
   
 
(317
) 
  
 
(101
) 
  
 
–
 
Securities borrowed
  
 
1,978
 
   
 
–
 
  
 
1,978
 
   
 
–
 
  
 
(1,925
) 
  
 
53
 
Total
  
$
6,671
 
   
$
(1,858
) 
  
$
4,813
 
   
$
(421
) 
  
$
(2,167
) 
  
$
2,225
 
December 31, 2020
                                                  
Derivative assets (d)
  
$
5,744
 
   
$
(1,874
) 
  
$
3,870
 
   
$
(109
) 
  
$
(287
) 
  
$
3,474
 
Reverse repurchase agreements
  
 
377
 
   
 
–
 
  
 
377
 
   
 
(262
) 
  
 
(115
) 
  
 
–
 
Securities borrowed
  
 
1,716
 
   
 
–
 
  
 
1,716
 
   
 
–
 
  
 
(1,670
) 
  
 
46
 
Total
  
$
7,837
 
   
$
(1,874
) 
  
$
5,963
 
   
$
(371
) 
  
$
(2,072
) 
  
$
3,520
 
 
(a)
Includes $750 million and $898 million of cash collateral related payables that were netted against derivative assets at September 30, 2021 and December 31, 2020, 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 $93 million and $257 million at September 30, 2021 and December 31, 2020, 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, 2021
                                                  
Derivative liabilities (d)
  
$
2,809
 
   
$
(1,697
) 
  
$
1,112
 
   
$
(104
) 
  
$
–
 
  
$
1,008
 
Repurchase agreements
  
 
2,098
 
   
 
–
 
  
 
2,098
 
   
 
(317
) 
  
 
(1,779
) 
  
 
2
 
Securities loaned
  
 
166
 
   
 
–
 
  
 
166
 
   
 
–
 
  
 
(164
) 
  
 
2
 
Total
  
$
5,073
 
   
$
(1,697
) 
  
$
3,376
 
   
$
(421
) 
  
$
(1,943
) 
  
$
1,012
 
December 31, 2020
                                                  
Derivative liabilities (d)
  
$
3,419
 
   
$
(2,312
) 
  
$
1,107
 
   
$
(109
) 
  
$
–
 
  
$
998
 
Repurchase agreements
  
 
1,430
 
   
 
–
 
  
 
1,430
 
   
 
(262
) 
  
 
(1,168
) 
  
 
–
 
Securities loaned
  
 
218
 
   
 
–
 
  
 
218
 
   
 
–
 
  
 
(215
) 
  
 
3
 
Total
  
$
5,067
 
   
$
(2,312
) 
  
$
2,755
 
   
$
(371
) 
  
$
(1,383
) 
  
$
1,001
 
 
(a)
Includes $589 million and $1.3 billion of cash collateral related receivables that were netted against derivative liabilities at September 30, 2021 and December 31, 2020, 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 $173 million and $183 million at September 30, 2021 and December 31, 2020, respectively, of derivative liabilities not subject to netting arrangements.