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Disclosures About Offsetting Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Offsetting [Abstract]  
Financial Assets and Derivative Assets that are Subject to Offset

The following table provides information about financial assets and derivative assets that are subject to offset as of March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

 

As of March 31, 2022

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

234,927

 

 

$

807,664

 

 

$

74,646

 

 

$

1,117,237

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

234,927

 

 

 

807,664

 

 

 

74,646

 

 

 

1,117,237

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(63,746

)

 

 

(145,189

)

 

 

(15,708

)

 

 

(224,643

)

Available collateral

 

 

(152,808

)

 

 

(660,294

)

 

 

(58,938

)

 

 

(872,040

)

Net amount

 

$

18,373

 

 

$

2,181

 

 

$

—

 

 

$

20,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

260,586

 

 

$

579,866

 

 

$

52,129

 

 

$

892,581

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

260,586

 

 

 

579,866

 

 

 

52,129

 

 

 

892,581

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(40,259

)

 

 

(52,413

)

 

 

(25,149

)

 

 

(117,821

)

Available collateral

 

 

(208,720

)

 

 

(525,843

)

 

 

(26,980

)

 

 

(761,543

)

Net amount

 

$

11,607

 

 

$

1,610

 

 

$

—

 

 

$

13,217

 
(1)
Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations.
(2)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $806.2 million and $578.1 million at March 31, 2022 and December 31, 2021, respectively.
(3)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $76.8 million and $95.5 million at March 31, 2022 and December 31, 2021, respectively.
Financial Liabilities and Derivative Liabilities that are Subject to Offset

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

As of March 31, 2022

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(372,936

)

 

$

(530,195

)

 

$

(74,658

)

 

$

(977,789

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(372,936

)

 

 

(530,195

)

 

 

(74,658

)

 

 

(977,789

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

63,746

 

 

 

145,189

 

 

 

15,708

 

 

 

224,643

 

Collateral pledged

 

 

309,048

 

 

 

385,006

 

 

 

58,950

 

 

 

753,004

 

Net amount

 

$

(142

)

 

$

—

 

 

$

—

 

 

$

(142

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(149,219

)

 

$

(385,528

)

 

$

(52,147

)

 

$

(586,894

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(149,219

)

 

 

(385,528

)

 

 

(52,147

)

 

 

(586,894

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

40,259

 

 

 

52,413

 

 

 

25,149

 

 

 

117,821

 

Collateral pledged

 

 

108,955

 

 

 

333,115

 

 

 

26,998

 

 

 

469,068

 

Net amount

 

$

(5

)

 

$

—

 

 

$

—

 

 

$

(5

)

 

 

(4)
Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations.
(5)
Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $538.4 million and $392.7 million at March 31, 2022 and December 31, 2021, respectively.
(6)
Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $23.5 million and $35.7 million at March 31, 2022 and December 31, 2021, respectively.