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Offsetting Assets and Liabilities
 6 Months Ended
Jun. 30, 2013
Offsetting Assets and Liabilities  
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities
 
The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on the Company’s consolidated balance sheet at June 30, 2013 and December 31, 2012:
 
Offsetting of Financial Assets and Derivative Assets
 

 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Amounts of Assets Presented in the Consolidated Balance Sheet
 
Gross Amounts Not Offset in 
the Consolidated Balance Sheet
 
 Net Amount
(In Thousands) 
Financial
Instruments
 
Cash 
Collateral 
Received
June 30, 2013
 


 


 


 


 


 


Derivative hedging instruments, at fair value
 
$
7,140

 
$
—

 
$
7,140

 
$
(7,140
)
 
$
—

 
$
—

Total
 
$
7,140

 
$
—

 
$
7,140

 
$
(7,140
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 


 


 


 


 


 


Derivative hedging instruments, at fair value
 
$
203

 
$
—

 
$
203

 
$
(203
)
 
$
—

 
$
—

Total
 
$
203

 
$
—

 
$
203

 
$
(203
)
 
$
—

 
$
—


 
Offsetting of Financial Liabilities and Derivative Liabilities
 

 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
 
Gross Amounts Not Offset in the 
Consolidated Balance Sheet
 
Net Amount 
(In Thousands)
Financial 
Instruments (1)
 
Cash 
Collateral 
Pledged (1)
June 30, 2013
 


 


 


 


 


 


Derivative hedging instruments, at fair value (2)
 
$
39,107

 
$
—

 
$
39,107

 
$
(36,087
)
 
$
(3,020
)
 
$
—

Repurchase agreements (3)
 
8,909,283

 
—

 
8,909,283

 
(8,909,283
)
 
—

 
—

Total
 
$
8,948,390

 
$
—

 
$
8,948,390

 
$
(8,945,370
)
 
$
(3,020
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 


 


 


 


 


 


Derivative hedging instruments, at fair value (2)
 
$
63,034

 
$
—

 
$
63,034

 
$
(58,018
)
 
$
(5,016
)
 
$
—

Repurchase agreements (3)
 
8,752,472

 
—

 
8,752,472

 
(8,752,472
)
 
—

 
—

Total
 
$
8,815,506

 
$
—

 
$
8,815,506

 
$
(8,810,490
)
 
$
(5,016
)
 
$
—

 
(1) Amounts disclosed in the Financial Instruments column of the table above represents collateral pledged that is available to be offset against liability balances associated with repurchase agreement and derivative transactions.  Amounts disclosed in the Cash Collateral Pledged column of the table above represents amounts pledged as collateral against derivative transactions.
(2) The fair value of securities pledged against the Company’s Swaps was $41.3 million and $68.9 million at June 30, 2013 and December 31, 2012, respectively.
(3) The fair value of securities pledged against the Company’s repurchase agreements was $10.755 billion and $10.550 billion at June 30, 2013 and December 31, 2012, respectively.
 
Nature of Setoff Rights
 
In the Company’s consolidated balance sheets, all balances associated with the repurchase agreement and derivatives transactions are presented on a gross basis.
 
Certain of the Company’s repurchase agreement and derivative transactions are governed by underlying agreements that generally provide for a right of setoff in the event of default or in the event of a bankruptcy of either party to the transaction.  For one repurchase agreement counterparty, the underlying agreements provide for an unconditional right of setoff.