Securities Financing Activities

Netting of Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase

The Company has various financial assets and liabilities that are subject to enforceable master netting agreements or similar agreements. The Company's derivatives that are subject to enforceable master netting agreements or similar transactions are discussed in Note 6, Derivatives and Hedging. The Company enters into agreements under which it purchases or sells securities subject to an obligation to resell or repurchase the same or similar securities. Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recorded at the amounts at which the securities were purchased or sold plus accrued interest. The securities pledged as collateral are generally U.S. Treasury securities and other U.S. government agency securities and mortgage-backed securities.

Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a MRA. Under the terms of the MRA, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received or pledged. The Company offsets the assets and liabilities under netting arrangements for the balance sheet presentation of securities purchased under agreements to resell and securities sold under agreements to repurchase provided certain criteria are met that permit balance sheet netting.



	Gross Amounts Recognized		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amount Presented in the Condensed Consolidated Balance Sheets		Financial Instruments Collateral Received/Pledged (1)		Cash Collateral Received/ Pledged (1)		Net Amount
	(In Thousands)
September 30, 2020
Securities purchased under agreements to resell:
Subject to a master netting arrangement	$	3,616,312	$	3,472,218	$	144,094	$	144,094	$	—	$	—

Securities sold under agreements to repurchase:
Subject to a master netting arrangement	$	3,661,692	$	3,472,218	$	189,474	$	189,474	$	—	$	—

December 31, 2019
Securities purchased under agreements to resell:
Subject to a master netting arrangement	$	656,504	$	477,590	$	178,914	$	178,914	$	—	$	—

Securities sold under agreements to repurchase:
Subject to a master netting arrangement	$	650,618	$	477,590	$	173,028	$	173,028	$	—	$	—


(1)	The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted.

Collateral Associated with Securities Financing Activities

Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company's related activity, by collateral type and remaining contractual maturity.



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater Than 90 days		Total
	(In Thousands)
September 30, 2020
Securities sold under agreements to repurchase:
U.S. Treasury and other U.S. government agencies	$	2,668,963	$	249,229	$	106,750	$	636,750	$	3,661,692
Mortgage-backed securities	—		—		—		—		—
Total	$	2,668,963	$	249,229	$	106,750	$	636,750	$	3,661,692

December 31, 2019
Securities sold under agreements to repurchase:
U.S. Treasury and other U.S. government agencies	$	321,310	$	—	$	—	$	305,750	$	627,060
Mortgage-backed securities	—		—		23,558		—		23,558
Total	$	321,310	$	—	$	23,558	$	305,750	$	650,618

In the event of a significant decline in fair value of the collateral pledged for the securities sold under agreements to repurchase, the Company would be required to provide additional collateral. The Company minimizes the risk by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions.

At September 30, 2020, the fair value of collateral received related to securities purchased under agreements to resell was $4.3 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $4.3 billion. At December 31, 2019, the fair value of collateral received related to securities purchased under agreements to resell was $648 million and the fair value of collateral pledged for securities sold under agreements to repurchase was $644 million.