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Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 9 Months Ended
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Sep. 30, 2025
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 Days | Greater Than 90 Days | Total
September 30, 2025 |  |  |  |  |
Repurchase agreements |  |  |  |  |
U.S. Treasury and agencies | $ | 23,411 |  | $ | — |  | $ | — |  | $ | — |  | $ | 23,411 |
Residential agency mortgage-backed securities | 325 |  | — |  | — |  | — |  | 325 |
Corporate debt securities | 2,652 |  | — |  | — |  | — |  | 2,652 |
Asset-backed securities | 400 |  | — |  | — |  | — |  | 400 |
Total repurchase agreements | 26,788 |  | — |  | — |  | — |  | 26,788 |
Securities loaned |  |  |  |  |
Corporate debt securities | 152 |  | — |  | — |  | — |  | 152 |
Total securities loaned | 152 |  | — |  | — |  | — |  | 152 |
Gross amount of recognized liabilities | $ | 26,940 |  | $ | — |  | $ | — |  | $ | — |  | $ | 26,940 |
December 31, 2024 |  |  |  |  |
Repurchase agreements |  |  |  |  |
U.S. Treasury and agencies | $ | 5,918 |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,918 |
Residential agency mortgage-backed securities | 319 |  | — |  | — |  | — |  | 319 |
Corporate debt securities | 1,116 |  | — |  | — |  | — |  | 1,116 |
Asset-backed securities | 270 |  | 22 |  | — |  | — |  | 292 |
Total repurchase agreements | 7,623 |  | 22 |  | — |  | — |  | 7,645 |
Securities loaned |  |  |  |  |
Corporate debt securities | 90 |  | — |  | — |  | — |  | 90 |
Total securities loaned | 90 |  | — |  | — |  | — |  | 90 |
Gross amount of recognized liabilities | $ | 7,713 |  | $ | 22 |  | $ | — |  | $ | — |  | $ | 7,735 |
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 Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount
(Dollars in Millions) | Financial Instruments(b) | Collateral Received(c)
September 30, 2025 |  |  |  |  |  |
Derivative assets(d) | $ | 6,941 |  | $ | (3,282) |  | $ | 3,659 |  | $ | (124) |  | $ | (11) |  | $ | 3,524 |
Reverse repurchase agreements | 24,974 |  | (19,637) |  | 5,337 |  | (32) |  | (5,300) |  | 5 |
Securities borrowed | 1,852 |  | — |  | 1,852 |  | (1) |  | (1,782) |  | 69 |
Total | $ | 33,767 |  | $ | (22,919) |  | $ | 10,848 |  | $ | (157) |  | $ | (7,093) |  | $ | 3,598 |
December 31, 2024 |  |  |  |  |  |
Derivative assets(d) | $ | 6,422 |  | $ | (2,979) |  | $ | 3,443 |  | $ | (177) |  | $ | (5) |  | $ | 3,261 |
Reverse repurchase agreements | 6,383 |  | — |  | 6,383 |  | (851) |  | (5,508) |  | 24 |
Securities borrowed | 1,516 |  | — |  | 1,516 |  | — |  | (1,453) |  | 63 |
Total | $ | 14,321 |  | $ | (2,979) |  | $ | 11,342 |  | $ | (1,028) |  | $ | (6,966) |  | $ | 3,348 |
(a)Includes $1.1 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at September 30, 2025 and December 31, 2024, 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 $31 million and $15 million at September 30, 2025 and December 31, 2024, 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 Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount
(Dollars in Millions) | Financial Instruments(b) | Collateral Pledged(c)
September 30, 2025 |  |  |  |  |  |
Derivative liabilities(d) | $ | 6,850 |  | $ | (3,838) |  | $ | 3,012 |  | $ | (124) |  | $ | — |  | $ | 2,888 |
Repurchase agreements | 26,788 |  | (19,637) |  | 7,151 |  | (32) |  | (7,119) |  | — |
Securities loaned | 152 |  | — |  | 152 |  | (1) |  | (147) |  | 4 |
Total | $ | 33,790 |  | $ | (23,475) |  | $ | 10,315 |  | $ | (157) |  | $ | (7,266) |  | $ | 2,892 |
December 31, 2024 |  |  |  |  |  |
Derivative liabilities(d) | $ | 8,081 |  | $ | (2,949) |  | $ | 5,132 |  | $ | (177) |  | $ | — |  | $ | 4,955 |
Repurchase agreements | 7,645 |  | — |  | 7,645 |  | (851) |  | (6,787) |  | 7 |
Securities loaned | 90 |  | — |  | 90 |  | — |  | (88) |  | 2 |
Total | $ | 15,816 |  | $ | (2,949) |  | $ | 12,867 |  | $ | (1,028) |  | $ | (6,875) |  | $ | 4,964 |
(a)Includes $1.7 billion and $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at both September 30, 2025 and December 31, 2024. (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 $119 million and $79 million at September 30, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.

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