Securities Financing Activities

3 Months Ended

Mar. 31, 2020

Offsetting [Abstract]

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure

Securities Financing Activities

Securities purchased under resale agreements are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The following table presents securities borrowed or purchased under resale agreements:

(Dollars in millions)	March 31, 2020		December 31, 2019
Securities purchased under resale agreements	$	1,295	$	986
Securities borrowed	501		431
Total securities borrowed or purchased under resale agreements	$	1,796	$	1,417

For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to "Note 13. Commitments and Contingencies" for additional information related to pledged securities. Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:

	March 31, 2020						December 31, 2019
(Dollars in millions)	Overnight and Continuous		Up to 30 days		Total		Overnight and Continuous		Up to 30 days		30-90 days		Total
U.S. Treasury	$	230	$	—	$	230	$	115	$	35	$	—	$	150
GSE	171		4		175		87		37		—		124
Agency MBS - residential	575		145		720		928		41		100		1,069
Corporate and other debt securities	192		212		404		310		316		—		626
Total securities sold under agreements to repurchase	$	1,168	$	361	$	1,529	$	1,440	$	429	$	100	$	1,969

There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented.