v3.26.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Offsetting [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 DaysGreater Than 90 DaysTotal
June 30, 2026
Repurchase agreements
U.S. Treasury and agencies$73,086 $2,058 $— $— $75,144 
Residential agency mortgage-backed securities265 — — — 265 
Corporate debt securities4,431 150 12 — 4,593 
Asset-backed securities425 — — — 425 
Total repurchase agreements78,207 2,208 12 — 80,427 
Securities loaned
Corporate debt securities119 — — — 119 
Total securities loaned119 — — — 119 
Gross amount of recognized liabilities$78,326 $2,208 $12 $— $80,546 
December 31, 2025
Repurchase agreements
U.S. Treasury and agencies$54,117 $— $— $— $54,117 
Residential agency mortgage-backed securities293 — — — 293 
Corporate debt securities3,015 100 — — 3,115 
Asset-backed securities419 — — — 419 
Total repurchase agreements57,844 100 — — 57,944 
Securities loaned
Corporate debt securities84 — — — 84 
Total securities loaned84 — — — 84 
Gross amount of recognized liabilities$57,928 $100 $— $— $58,028 
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets
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:
Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Received(c)
June 30, 2026
Derivative assets(d)
$7,078 $(3,212)$3,866 $(205)$(17)$3,644 
Reverse repurchase agreements77,477 (71,776)5,701 (61)(5,602)38 
Securities borrowed2,020 — 2,020 (31)(1,906)83 
Total$86,575 $(74,988)$11,587 $(297)$(7,525)$3,765 
December 31, 2025
Derivative assets(d)
$6,832 $(3,151)$3,681 $(116)$(23)$3,542 
Reverse repurchase agreements61,078 (48,708)12,370 (454)(11,888)28 
Securities borrowed1,844 — 1,844 — (1,769)75 
Total$69,754 $(51,859)$17,895 $(570)$(13,680)$3,645 
(a)Includes $1.1 billion and $1.2 billion of cash collateral related payables that were netted against derivative assets at June 30, 2026 and December 31, 2025, 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 $22 million and $20 million at June 30, 2026 and December 31, 2025, respectively, of derivative assets not subject to netting arrangements.
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities
Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Pledged(c)
June 30, 2026
Derivative liabilities(d)
$7,558 $(3,946)$3,612 $(205)$— $3,407 
Repurchase agreements80,427 (71,776)8,651 (61)(8,589)1 
Securities loaned119 — 119 (31)(86)2 
Total$88,104 $(75,722)$12,382 $(297)$(8,675)$3,410 
December 31, 2025
Derivative liabilities(d)
$6,692 $(3,392)$3,300 $(116)$— $3,184 
Repurchase agreements57,944 (48,708)9,236 (454)(8,779)3 
Securities loaned84 — 84 — (82)2 
Total$64,720 $(52,100)$12,620 $(570)$(8,861)$3,189 
(a)Includes $1.9 billion and $1.5 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2026 and December 31, 2025, 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 $76 million and $100 million at June 30, 2026 and December 31, 2025, respectively, of derivative liabilities not subject to netting arrangements.