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Summary of Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2016
Offsetting [Abstract]  
Summary of Offsetting Assets and Liabilities
Summary of Offsetting Assets and Liabilities
 
The Company enters into derivative transactions with several approved counterparties. The Company’s derivative transactions are generally governed by MSFTA or ISDA Master Agreements which provide for legally enforceable set-off and close-out netting in the event of default or bankruptcy of the Company’s counterparties.  The Company’s MSFTA and ISDA Master Agreements generally include provisions which require both the pledging and accepting of collateral in connection with its derivative transactions. These provisions have the effect of securing each party’s position to the extent of collateral held.  The following tables summarize the effect of master netting arrangements on the Company’s financial position in the normal course of business and in the event of default or bankruptcy of the Company’s counterparties: 
 
 
December 31, 2016
 
 
 
 
Gross fair value not offset
 
 
 
 
 
 
in balance sheets
 
 
 
 
Gross fair value of
 
Financial
 
Cash collateral
 
Net
Financial instruments:
 
recognized assets/liabilities (1)
 
instruments
 
received/(pledged)
 
fair value
Derivative instruments (assets) (2)
 
$
119,862

 
$
(26,254
)
 
$
92,756

 
$
852

Derivative instruments (liabilities) (3)
 
26,254

 
(26,254
)
 
—

 
—

 
 
 
December 31, 2015
 
 
 
 
Gross fair value not offset
 
 
 
 
 
 
in balance sheets
 
 
 
 
Gross fair value of
 
Financial
 
Cash collateral
 
Net
Financial instruments:
 
recognized assets/liabilities (1)
 
instruments
 
received/(pledged)
 
fair value
Derivative instruments (assets) (2)
 
$
66,435

 
$
(38,236
)
 
$
19,060

 
$
9,139

Derivative instruments (liabilities) (3)
 
76,107

 
(38,236
)
 
(37,871
)
 
—

 

(1) The gross fair value of derivative instruments is not netted against offsetting liabilities for presentation on the consolidated balance sheets.
(2) The estimated fair value of derivative instrument assets is reported in other assets in the consolidated balance sheets. Derivative transactions entered into under ISDA master agreements include income and expense accruals.
(3) The estimated fair value of derivative instrument liabilities is reported in other liabilities in the consolidated balance sheets. Derivative transactions entered into under ISDA master agreements include income and expense accruals.