Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2020

Offsetting [Abstract]

Summary of Gross Presentation, Financial Instruments that are Eligible for Offset Not Offset in Consolidated Statement of Condition

The following tables provide a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability (after netting is applied) and, therefore, instances of overcollateralization are not presented. In the tables below, the Net Amount Presented of the derivative assets and liabilities can be reconciled to the fair value of the Company’s derivative financial instruments in Note 13. The Company’s derivative contracts with commercial customers and customer repurchase agreements are not subject to master netting arrangements and, therefore, have been excluded from the tables below.

	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented		Gross Amounts Not Offset
							Financial Instruments				Net Amount
As of March 31, 2020 (in millions)									Collateral
Financial assets:
Interest rate swaps:
Counterparty A	$	—	$	—	$	—	$	—	$	—	$	—
Counterparty B	—		—		—		—		—		—
Counterparty C	—		—		—		—		—		—
Counterparty D	—		—		—		—		—		—
Counterparty E	27.5		—		27.5		—		—		27.5
Other counterparties	—		—		—		—		—		—
Foreign exchange contracts	8.6		—		8.6		—		—		8.6
Total	$	36.1	$	—	$	36.1	$	—	$	—	$	36.1
Financial liabilities:
Interest rate swaps:
Counterparty A	$	6.4	$	—	$	6.4	$	—	$	(6.4)	$	—
Counterparty B	9.9		—		9.9		—		(9.9)		—
Counterparty C	64.2		—		64.2		—		(64.2)		—
Counterparty D	24.6		—		24.6		—		(24.6)		—
Counterparty E	—		—		—		—		—		—
Other counterparties	83.0		—		83.0		—		(83.0)		—
Foreign exchange contracts	9.2		—		9.2		—		—		9.2
Total	$	197.3	$	—	$	197.3	$	—	$	(188.1)	$	9.2

	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented		Gross Amounts Not Offset
							Financial Instruments				Net Amount
As of December 31, 2019 (in millions)									Collateral
Financial assets:
Interest rate swaps:
Counterparty A	$	0.2	$	—	$	0.2	$	(0.2)	$	—	$	—
Counterparty B	0.1		—		0.1		(0.1)		—		—
Counterparty C	0.4		—		0.4		(0.4)		—		—
Counterparty D	0.1		—		0.1		(0.1)		—		—
Counterparty E	15.3		—		15.3		—		—		15.3
Other counterparties	1.1		—		1.1		(1.1)		—		—
Foreign exchange contracts	1.2		—		1.2		—		—		1.2
Total	$	18.4	$	—	$	18.4	$	(1.9)	$	—	$	16.5
Financial liabilities:
Interest rate swaps:
Counterparty A	$	2.3	$	—	$	2.3	$	(0.2)	$	(2.1)	$	—
Counterparty B	5.5		—		5.5		(0.1)		(5.4)		—
Counterparty C	28.2		—		28.2		(0.4)		(27.8)		—
Counterparty D	10.9		—		10.9		(0.1)		(10.8)		—
Counterparty E	—		—		—		—		—		—
Other counterparties	32.9		—		32.9		(1.1)		(31.8)		—
Foreign exchange contracts	1.8		—		1.8		—		—		1.8
Total	$	81.6	$	—	$	81.6	$	(1.9)	$	(77.9)	$	1.8

Summary of Collateral Swaps

The following tables show the extent to which assets and liabilities exchanged under resale and repurchase agreements have been offset in the Consolidated Statements of Condition. These agreements: (i) are entered into simultaneously with the same financial institution counterparty; (ii) have the same principal amounts and inception/maturity dates; and (iii) are subject to a master netting arrangement that contains a conditional right of offset upon default. At March 31, 2020 and 
December 31, 2019, the Company posted as collateral marketable securities with fair values of $454.2 million and $462.4 million, respectively, and, in turn, accepted as collateral marketable securities with fair values of $464.0 million and $457.5 million, respectively.

As of March 31, 2020 (in millions)	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented
Total resale agreements	$	450.0	$	(450.0)	$	—
Total repurchase agreements	$	450.0	$	(450.0)	$	—
As of December 31, 2019 (in millions)	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented
Total resale agreements	$	450.0	$	(450.0)	$	—
Total repurchase agreements	$	450.0	$	(450.0)	$	—