XML 29 R16.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Balance Sheet Offsetting
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Balance Sheet Offsetting 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, 2024 is presented in the following tables.
Gross Amount
Recognized		Gross Amount
Offset		Net Amount
Recognized
March 31, 2024
Financial assets:
Derivatives:
Interest rate contracts$80,817 $— $80,817 
Commodity contracts22,074 — 22,074 
Total derivatives102,891 — 102,891 
Resell agreements84,650 — 84,650 
Total$187,541 $— $187,541 
Financial liabilities:
Derivatives:
Interest rate contracts$9,899 $— $9,899 
Commodity contracts30,911 — 30,911 
Total derivatives40,810 — 40,810 
Repurchase agreements3,943,207 — 3,943,207 
Total$3,984,017 $— $3,984,017 
Gross Amounts Not Offset
Net Amount
Recognized		Financial
Instruments		CollateralNet
Amount
March 31, 2024
Financial assets:
Derivatives:
Counterparty H$31,738 $(12,183)$(19,555)$— 
Counterparty F17,484 (15,966)(1,136)382 
Counterparty B22,234 (2,775)(19,459)— 
Counterparty E15,519 (2,228)(13,080)211 
Other counterparties15,916 (7,323)(8,270)323 
Total derivatives102,891 (40,475)(61,500)916 
Resell agreements84,650 — (84,650)— 
Total$187,541 $(40,475)$(146,150)$916 
Financial liabilities:
Derivatives:
Counterparty H$12,183 $(12,183)$— $— 
Counterparty F15,966 (15,966)— — 
Counterparty B2,775 (2,775)— — 
Counterparty E2,228 (2,228)— — 
Other counterparties7,658 (7,323)(335)— 
Total derivatives40,810 (40,475)(335)— 
Repurchase agreements3,943,207 — (3,943,207)— 
Total$3,984,017 $(40,475)$(3,943,542)$— 
Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2023 is presented in the following tables.
Gross Amount
Recognized		Gross Amount
Offset		Net Amount
Recognized
December 31, 2023
Financial assets:
Derivatives:
Interest rate contracts$70,233 $— $70,233 
Commodity contracts49,489 — 49,489 
Foreign currency contracts1 — 1 
Total derivatives119,723 — 119,723 
Resell agreements84,650 — 84,650 
Total$204,373 $— $204,373 
Financial liabilities:
Derivatives:
Interest rate contracts$20,293 $— $20,293 
Commodity contracts20,999 — 20,999 
Foreign currency contracts19 — 19 
Total derivatives41,311 — 41,311 
Repurchase agreements4,127,188 — 4,127,188 
Total$4,168,499 $— $4,168,499 
Gross Amounts Not Offset
Net Amount
Recognized		Financial
Instruments		CollateralNet
Amount
December 31, 2023
Financial assets:
Derivatives:
Counterparty H$36,551 $(8,870)$(27,170)$511 
Counterparty F31,202 (7,444)(22,954)804 
Counterparty B23,829 (5,151)(18,472)206 
Counterparty E13,271 (4,548)(8,723)— 
Other counterparties14,870 (6,418)(7,520)932 
Total derivatives119,723 (32,431)(84,839)2,453 
Resell agreements84,650 — (84,650)— 
Total$204,373 $(32,431)$(169,489)$2,453 
Financial liabilities:
Derivatives:
Counterparty H$8,870 $(8,870)$— $— 
Counterparty F7,444 (7,444)— — 
Counterparty B5,151 (5,151)— — 
Counterparty E4,548 (4,548)— — 
Other counterparties15,298 (6,418)(8,580)300 
Total derivatives41,311 (32,431)(8,580)300 
Repurchase agreements4,127,188 — (4,127,188)— 
Total$4,168,499 $(32,431)$(4,135,768)$300 
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, 2024 and December 31, 2023 is presented in the following tables.
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
March 31, 2024
Repurchase agreements:
U.S. Treasury$2,575,020 $— $— $— $2,575,020 
Residential mortgage-backed securities1,368,187 — — — 1,368,187 
Total borrowings$3,943,207 $— $— $— $3,943,207 
Gross amount of recognized liabilities for repurchase agreements$3,943,207 
Amounts related to agreements not included in offsetting disclosures above$— 
December 31, 2023
Repurchase agreements:
U.S. Treasury$3,300,662 $— $— $— $3,300,662 
Residential mortgage-backed securities826,526 — — — 826,526 
Total borrowings$4,127,188 $— $— $— $4,127,188 
Gross amount of recognized liabilities for repurchase agreements$4,127,188 
Amounts related to agreements not included in offsetting disclosures above$—