Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Offsetting and Repurchase Agreements

Balance Sheet Offsetting. Certain financial instruments, including resell and repurchase agreements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Our derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, we do not generally offset such financial instruments for financial reporting purposes.

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of March 31, 2019 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
March 31, 2019
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	2,172	$	—	$	2,172
Commodity swaps and options	5,933		—		5,933
Foreign currency forward contracts	—		—		—
Total derivatives	8,105		—		8,105
Resell agreements	9,642		—		9,642
Total	$	17,747	$	—	$	17,747
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	13,053	$	—	$	13,053
Commodity swaps and options	7,792		—		7,792
Foreign currency forward contracts	48		—		48
Total derivatives	20,893		—		20,893
Repurchase agreements	1,210,224		—		1,210,224
Total	$	1,231,117	$	—	$	1,231,117



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
March 31, 2019
Financial assets:
Derivatives:
Counterparty A	$	320	$	(320	)	$	—		$	—
Counterparty B	3,022		(3,022		)	—			—
Counterparty C	34		(34		)	—			—
Other counterparties	4,729		(3,969		)	(235		)	525
Total derivatives	8,105		(7,345		)	(235		)	525
Resell agreements	9,642		—			(9,642		)	—
Total	$	17,747	$	(7,345	)	$	(9,877	)	$	525
Financial liabilities:
Derivatives:
Counterparty A	$	4,753	$	(320	)	$	(4,433	)	$	—
Counterparty B	6,033		(3,022		)	(3,011		)	—
Counterparty C	183		(34		)	(149		)	—
Other counterparties	9,924		(3,969		)	(5,670		)	285
Total derivatives	20,893		(7,345		)	(13,263		)	285
Repurchase agreements	1,210,224		—			(1,210,224		)	—
Total	$	1,231,117	$	(7,345	)	$	(1,223,487	)	$	285

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2018 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2018
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	3,100	$	—	$	3,100
Commodity swaps and options	24,749		—		24,749
Foreign currency forward contracts	—		—		—
Total derivatives	27,849		—		27,849
Resell agreements	11,642		—		11,642
Total	$	39,491	$	—	$	39,491
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	9,120	$	—	$	9,120
Commodity swaps and options	1,918		—		1,918
Foreign currency forward contracts	147		—		147
Total derivatives	11,185		—		11,185
Repurchase agreements	1,360,298		—		1,360,298
Total	$	1,371,483	$	—	$	1,371,483



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2018
Financial assets:
Derivatives:
Counterparty A	$	598	$	(598	)	$	—		$	—
Counterparty B	7,255		(3,380		)	(3,875		)	—
Counterparty C	81		(81		)	—			—
Other counterparties	19,915		(2,084		)	(17,776		)	55
Total derivatives	27,849		(6,143		)	(21,651		)	55
Resell agreements	11,642		—			(11,642		)	—
Total	$	39,491	$	(6,143	)	$	(33,293	)	$	55
Financial liabilities:
Derivatives:
Counterparty A	$	4,293	$	(598	)	$	(3,651	)	$	44
Counterparty B	3,380		(3,380		)	—			—
Counterparty C	326		(81		)	(245		)	—
Other counterparties	3,186		(2,084		)	(725		)	377
Total derivatives	11,185		(6,143		)	(4,621		)	421
Repurchase agreements	1,360,298		—			(1,360,298		)	—
Total	$	1,371,483	$	(6,143	)	$	(1,364,919	)	$	421

Repurchase Agreements. We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of March 31, 2019 and December 31, 2018 is presented in the following tables.



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
March 31, 2019
Repurchase agreements:
U.S. Treasury	$	1,098,844	$	—	$	—	$	—	$	1,098,844
Residential mortgage-backed securities	111,380		—		—		—		111,380
Total borrowings	$	1,210,224	$	—	$	—	$	—	$	1,210,224
Gross amount of recognized liabilities for repurchase agreements									$	1,210,224
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2018
Repurchase agreements:
U.S. Treasury	$	1,334,063	$	—	$	—	$	—	$	1,334,063
Residential mortgage-backed securities	26,235		—		—		—		26,235
Total borrowings	$	1,360,298	$	—	$	—	$	—	$	1,360,298
Gross amount of recognized liabilities for repurchase agreements									$	1,360,298
Amounts related to agreements not included in offsetting disclosures above									$	—