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Offsetting Assets and Liabilities
12 Months Ended
Dec. 31, 2018
Offsetting [Abstract]  
Offsetting Assets and Liabilities [Text Block] Offsetting Assets and Liabilities
Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments, repurchase agreements and securities borrowing and lending agreements are subject to master netting arrangements and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. Securities borrowed and securities loaned are primarily equity securities. The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms.
The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
 
December 31, 2018
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Amounts of Assets Presented in the Consolidated Balance Sheets
 

Gross Amounts Not Offset in the
Consolidated Balance Sheets
 
Net Amount
Financial Instruments (1)
 
Cash Collateral
 
Securities Collateral
(in millions)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC
$
2,525

 
$

 
$
2,525

 
$
(2,075
)
 
$
(403
)
 
$
(26
)
 
$
21

OTC cleared
34

 

 
34

 
(23
)
 

 

 
11

Exchange-traded
15

 

 
15

 
(1
)
 

 

 
14

Total derivatives
2,574

 

 
2,574

 
(2,099
)
 
(403
)
 
(26
)
 
46

Securities borrowed
179

 

 
179

 
(37
)
 

 
(139
)
 
3

Total
$
2,753

 
$

 
$
2,753

 
$
(2,136
)
 
$
(403
)
 
$
(165
)
 
$
49

 
December 31, 2017
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Amounts of Assets Presented in the Consolidated Balance Sheets
 

Gross Amounts Not Offset in the
Consolidated Balance Sheets
 
Net Amount
Financial Instruments (1)
 
Cash Collateral
 
Securities Collateral
(in millions)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC
$
3,520

 
$

 
$
3,520

 
$
(2,653
)
 
$
(760
)
 
$
(88
)
 
$
19

OTC cleared
21

 

 
21

 
(15
)
 

 

 
6

Exchange-traded
22

 

 
22

 
(1
)
 

 

 
21

Total derivatives
3,563

 

 
3,563

 
(2,669
)
 
(760
)
 
(88
)
 
46

Securities borrowed
103

 

 
103

 
(19
)
 

 
(82
)
 
2

Total
$
3,666

 
$

 
$
3,666

 
$
(2,688
)
 
$
(760
)
 
$
(170
)
 
$
48

(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
 
December 31, 2018
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Amounts of Liabilities Presented in the Consolidated Balance Sheets
 

Gross Amounts Not Offset in the
Consolidated Balance Sheets
 
Net Amount
Financial Instruments (1)
 
Cash Collateral
 
Securities Collateral
(in millions)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC
$
2,597

 
$

 
$
2,597

 
$
(2,075
)
 
$
(89
)
 
$
(430
)
 
$
3

OTC cleared
24

 

 
24

 
(23
)
 

 

 
1

Exchange-traded
10

 

 
10

 
(1
)
 

 

 
9

Total derivatives
2,631

 

 
2,631

 
(2,099
)
 
(89
)
 
(430
)
 
13

Securities loaned
188

 

 
188

 
(37
)
 

 
(146
)
 
5

Repurchase agreements
50

 

 
50

 

 

 
(50
)
 

Total
$
2,869

 
$

 
$
2,869

 
$
(2,136
)
 
$
(89
)
 
$
(626
)
 
$
18

 
December 31, 2017
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Amounts of Liabilities Presented in the Consolidated Balance Sheets
 

Gross Amounts Not Offset in the
Consolidated Balance Sheets
 
Net Amount
Financial Instruments (1)
 
Cash Collateral
 
Securities Collateral
(in millions)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
OTC
$
3,309

 
$

 
$
3,309

 
$
(2,653
)
 
$
(70
)
 
$
(579
)
 
$
7

OTC cleared
16

 

 
16

 
(15
)
 

 

 
1

Exchange-traded
3

 

 
3

 
(1
)
 

 

 
2

Total derivatives
3,328

 

 
3,328

 
(2,669
)
 
(70
)
 
(579
)
 
10

Securities loaned
118

 

 
118

 
(19
)
 

 
(94
)
 
5

Repurchase agreements
50

 

 
50

 

 

 
(50
)
 

Total
$
3,496

 
$

 
$
3,496

 
$
(2,688
)
 
$
(70
)
 
$
(723
)
 
$
15

(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.
When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.
Freestanding derivative instruments are reflected in other assets and other liabilities. Cash collateral pledged by the Company is reflected in other assets and cash collateral accepted by the Company is reflected in other liabilities. Repurchase agreements are reflected in short-term borrowings. Securities borrowing and lending agreements are reflected in receivables and other liabilities, respectively. See Note 17 for additional disclosures related to the Company’s derivative instruments, Note 14 for additional disclosures related to the Company’s repurchase agreements and Note 5 for information related to derivatives held by consolidated investment entities.