Offsetting Assets and Liabilities

3 Months Ended

Mar. 31, 2013

Reverse Repurchase Agreements Securities Lending Transactions [Abstract]

Offsetting Assets and Liabilities

Note 3 – Offsetting Assets and Liabilities

United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting.

United also enters into derivative transactions that are subject to master netting arrangements; however there were no offsetting positions at March 31, 2013, December 31, 2012 or March 31, 2012.

The following table presents a summary of amounts outstanding under master netting agreements as of March 31, 2013 and December 31, 2012, and March 31, 2012 (in thousands).

				Gross
	Gross			Amounts					Gross Amounts not Offset
	Amounts of			Offset on the						in the Balance Sheet
	Recognized			Balance			Net Asset			Financial		Collateral
March 31, 2013	Assets			Sheet			Balance			Instruments		Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	332,000		$	(250,000	)	$	82,000		$	—	$	—	$	82,000
Derivatives		602			—			602			—		—		602
Total	$	332,602		$	(250,000	)	$	82,602		$	—	$	—	$	82,602
Weighted average interest rate of reverse repurchase agreements		1.28	%
				Gross
	Gross			Amounts						Gross Amounts not Offset
	Amounts of			Offset on the			Net			in the Balance Sheet
	Recognized			Balance			Liability			Financial		Collateral
	Liabilities			Sheet			Balance			Instruments		Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	250,000		$	(250,000	)	$	—		$	—	$	—	$	—
Derivatives		14,556			—			14,556			—		14,585		—
Total	$	264,556		$	(250,000	)	$	14,556		$	—	$	14,585	$	—
Weighted average interest rate of repurchase agreements		.37	%
				Gross
	Gross			Amounts						Gross Amounts not Offset
	Amounts of			Offset on the						in the Balance Sheet
	Recognized			Balance			Net Asset			Financial		Collateral
December 31, 2012	Assets			Sheet			Balance			Instruments		Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	325,000		$	(265,000	)	$	60,000		$	—	$	—	$	60,000
Securities lending transactions		50,000			(50,000	)		—			—		—		—
Derivatives		658			—			658			—		—		658
Total	$	375,658		$	(315,000	)	$	60,658		$	—	$	—	$	60,658
Weighted average interest rate of reverse repurchase agreements		1.18	%
				Gross
	Gross			Amounts						Gross Amounts not Offset
	Amounts of			Offset on the			Net			in the Balance Sheet
	Recognized			Balance			Liability			Financial		Collateral
	Liabilities			Sheet			Balance			Instruments		Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	265,000		$	(265,000	)	$	—		$	—	$	—	$	—
Securities lending transactions		50,000			(50,000	)		—			—		—		—
Derivatives		12,543			—			12,543			—		11,493		1,050
Total	$	327,543		$	(315,000	)	$	12,543		$	—	$	11,493	$	1,050
Weighted average interest rate of repurchase agreements		.43	%
				Gross
	Gross			Amounts						Gross Amounts not Offset
	Amounts of			Offset on the						in the Balance Sheet
	Recognized			Balance			Net Asset			Financial		Collateral
March 31, 2012	Assets			Sheet			Balance			Instruments		Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	406,000		$	(171,000	)	$	235,000		$	—	$	—	$	235,000
Derivatives		73			—			73			—		—		73
Total	$	406,073		$	(171,000	)	$	235,073		$	—	$	—	$	235,073
Weighted average interest rate of reverse repurchase agreements		1.17	%
				Gross
	Gross			Amounts						Gross Amounts not Offset
	Amounts of			Offset on the			Net			in the Balance Sheet
	Recognized			Balance			Liability			Financial		Collateral
	Liabilities			Sheet			Balance			Instruments		Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	171,000		$	(171,000	)	$	—		$	—	$	—	$	—
Derivatives		2,599			—			2,599			—		2,919		—
Total	$	173,599		$	(171,000	)	$	2,599		$	—	$	2,919	$	—
Weighted average interest rate of repurchase agreements		.32	%