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Financial Statement Offsetting (Tables)
 6 Months Ended
Jun. 30, 2017
Offsetting [Abstract]  
Summary of Offsetting Assets
The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.
(In thousands)
Gross
Amounts
 
Netting in Consolidated Statements of Financial Condition
 
Net Amounts in Consolidated Statements of Financial Condition
 
Additional Amounts Available for Setoff (1)
 
Available Collateral (2)
 
Net Amount (3)
Assets at June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Derivative contracts
$
3,066,577

 
$
(2,873,083
)
 
$
193,494

 
$
—

 
$
—

 
$
193,494

Securities borrowing arrangements
$
7,900,395

 
$
—

 
$
7,900,395

 
$
(765,075
)
 
$
(1,291,875
)
 
$
5,843,445

Reverse repurchase agreements
$
13,041,366

 
$
(8,695,905
)
 
$
4,345,461

 
$
(587,698
)
 
$
(3,698,540
)
 
$
59,223

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities at June 30, 2017
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
3,324,730

 
$
(2,860,565
)
 
$
464,165

 
$
—

 
$
—

 
$
464,165

Securities lending arrangements
$
3,446,853

 
$
—

 
$
3,446,853

 
$
(765,075
)
 
$
(2,622,311
)
 
$
59,467

Repurchase agreements
$
17,317,332

 
$
(8,695,905
)
 
$
8,621,427

 
$
(587,698
)
 
$
(6,617,668
)
 
$
1,416,061

 
 
 
 
 
 
 
 
 
 
 
 
Assets at December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
4,627,076

 
$
(4,255,998
)
 
$
371,078

 
$
—

 
$
—

 
$
371,078

Securities borrowing arrangements
$
7,743,562

 
$
—

 
$
7,743,562

 
$
(710,611
)
 
$
(647,290
)
 
$
6,385,661

Reverse repurchase agreements
$
14,083,144

 
$
(10,220,656
)
 
$
3,862,488

 
$
(176,275
)
 
$
(3,591,654
)
 
$
94,559

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities at December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
4,880,022

 
$
(4,229,213
)
 
$
650,809

 
$
—

 
$
—

 
$
650,809

Securities lending arrangements
$
2,819,132

 
$
—

 
$
2,819,132

 
$
(710,611
)
 
$
(2,064,299
)
 
$
44,222

Repurchase agreements
$
17,012,332

 
$
(10,220,656
)
 
$
6,791,676

 
$
(176,275
)
 
$
(5,780,909
)
 
$
834,492


(1)
Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement.  These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other provisions of GAAP are not met.  Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received.
(2)
Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.
(3)
At June 30, 2017, amounts include $5,793.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,620.1 million, and $1,396.9 million of repurchase agreements, for which we have pledged securities collateral of $1,438.0 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.  At December 31, 2016, amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million, and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.
Summary of Offsetting Liabilities
The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position.
(In thousands)
Gross
Amounts
 
Netting in Consolidated Statements of Financial Condition
 
Net Amounts in Consolidated Statements of Financial Condition
 
Additional Amounts Available for Setoff (1)
 
Available Collateral (2)
 
Net Amount (3)
Assets at June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Derivative contracts
$
3,066,577

 
$
(2,873,083
)
 
$
193,494

 
$
—

 
$
—

 
$
193,494

Securities borrowing arrangements
$
7,900,395

 
$
—

 
$
7,900,395

 
$
(765,075
)
 
$
(1,291,875
)
 
$
5,843,445

Reverse repurchase agreements
$
13,041,366

 
$
(8,695,905
)
 
$
4,345,461

 
$
(587,698
)
 
$
(3,698,540
)
 
$
59,223

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities at June 30, 2017
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
3,324,730

 
$
(2,860,565
)
 
$
464,165

 
$
—

 
$
—

 
$
464,165

Securities lending arrangements
$
3,446,853

 
$
—

 
$
3,446,853

 
$
(765,075
)
 
$
(2,622,311
)
 
$
59,467

Repurchase agreements
$
17,317,332

 
$
(8,695,905
)
 
$
8,621,427

 
$
(587,698
)
 
$
(6,617,668
)
 
$
1,416,061

 
 
 
 
 
 
 
 
 
 
 
 
Assets at December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
4,627,076

 
$
(4,255,998
)
 
$
371,078

 
$
—

 
$
—

 
$
371,078

Securities borrowing arrangements
$
7,743,562

 
$
—

 
$
7,743,562

 
$
(710,611
)
 
$
(647,290
)
 
$
6,385,661

Reverse repurchase agreements
$
14,083,144

 
$
(10,220,656
)
 
$
3,862,488

 
$
(176,275
)
 
$
(3,591,654
)
 
$
94,559

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities at December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Derivative contracts
$
4,880,022

 
$
(4,229,213
)
 
$
650,809

 
$
—

 
$
—

 
$
650,809

Securities lending arrangements
$
2,819,132

 
$
—

 
$
2,819,132

 
$
(710,611
)
 
$
(2,064,299
)
 
$
44,222

Repurchase agreements
$
17,012,332

 
$
(10,220,656
)
 
$
6,791,676

 
$
(176,275
)
 
$
(5,780,909
)
 
$
834,492


(1)
Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement.  These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other provisions of GAAP are not met.  Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received.
(2)
Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.
(3)
At June 30, 2017, amounts include $5,793.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,620.1 million, and $1,396.9 million of repurchase agreements, for which we have pledged securities collateral of $1,438.0 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.  At December 31, 2016, amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million, and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million, which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.