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SECURITIES REPURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS

Schedule of resale agreements, repurchase agreements and the respective collateral received or pledged in the form of other financial instruments, which are generally marketable securities



		As of December 31, 2014
		(In thousands)
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Assets Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheets
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments					Collateral Received					Net Amount
Resale agreements		$	1,425,000			$	(200,000	)		$	1,225,000			$	(425,000	)	⁽¹⁾		$	(797,172	)	⁽²⁾		$	2,828

		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Liabilities Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheets
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments					Collateral Posted					Net Amount
Repurchase agreements		$	995,000			$	(200,000	)		$	795,000			$	(425,000	)	⁽¹⁾		$	(370,000	)	⁽³⁾		$	—



		As of December 31, 2013
		(In thousands)
		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Assets Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheets
Assets		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments					Collateral Received					Net Amount
Resale agreements		$	1,400,000			$	—			$	1,400,000		⁽⁴⁾	$	(495,000	)	⁽¹⁾		$	(905,000	)	⁽²⁾		$	—

		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet				Net Amounts of Liabilities Presented on the Consolidated Balance Sheet				Gross Amounts Not Offset on the Consolidated Balance Sheets
Liabilities		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Consolidated Balance Sheet								Financial Instruments					Collateral Posted					Net Amount
Repurchase agreements		$	995,000			$	—			$	995,000			$	(495,000	)	⁽¹⁾		$	(500,000	)	⁽³⁾		$	—


(1)	Includes financial instruments subject to enforceable master netting arrangements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default has occurred.


(2)	Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty.


(3)	Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty.


(4)	Of the $1.40 billion resale agreements as of December 31, 2013, $100.0 million was recorded in cash and cash equivalents and $1.30 billion was recorded in securities under resale agreements in the consolidated balance sheet.