XML 34 R11.htm IDEA: XBRL DOCUMENT v3.22.0.1
Securities Financing Activities
 12 Months Ended
Dec. 31, 2021
Offsetting [Abstract]  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure Securities Financing Activities
Securities purchased under agreements to resell 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 Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. At December 31, 2021 and 2020, the total market value of collateral held was $4.0 billion and $1.7 billion, of which $1.1 billion and $27 million was repledged, respectively. The following table presents securities borrowed or purchased under agreements to resell:
December 31,
(Dollars in millions)		20212020
Securities purchased under agreements to resell$3,460 $1,158 
Securities borrowed568 587 
Total securities borrowed or purchased under agreements to resell$4,028 $1,745 

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 16. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:
December 31,
(Dollars in millions)		20212020
Overnight and ContinuousUp to 30 daysTotalOvernight and ContinuousUp to 30 daysTotal
U.S. Treasury$749 $409 $1,158 $305 $31 $336 
GSE53 25 78 45 9 54 
Agency MBS - residential720 141 861 442 6 448 
Corporate and other debt securities213 125 338 204 179 383 
Total securities sold under agreements to repurchase$1,735 $700 $2,435 $996 $225 $1,221 

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