Securities Financing Activities

9 Months Ended

Sep. 30, 2022

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. The following table presents securities borrowed or purchased under agreements to resell:

(Dollars in millions)	Sep 30, 2022		Dec 31, 2021
Securities purchased under agreements to resell	$	1,665	$	3,460
Securities borrowed	903		568
Total securities borrowed or purchased under agreements to resell	$	2,568	$	4,028
Fair value of collateral permitted to be resold or repledged	$	2,533	$	4,005
Fair value of securities resold or repledged	792		1,141

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 14. 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:

	September 30, 2022						December 31, 2021
(Dollars in millions)	Overnight and Continuous		Up to 30 days		Total		Overnight and Continuous		Up to 30 days		Total
U.S. Treasury	$	873	$	10	$	883	$	749	$	409	$	1,158
State and Municipal	244		—		244		—		—		—
GSE	46		6		52		53		25		78
Agency MBS - residential	593		70		663		720		141		861
Corporate and other debt securities	142		209		351		213		125		338
Total securities sold under agreements to repurchase	$	1,898	$	295	$	2,193	$	1,735	$	700	$	2,435

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