Offsetting Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

Offsetting [Abstract]

Schedule of information about certain assets that are subject to master netting arrangements (or similar agreements)

The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) and may potentially be offset on the Company’s consolidated balance sheets at September 30, 2018 and December 31, 2017:

Offsetting of Financial Assets and Derivative Assets

	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in  the Consolidated Balance Sheets					Net Amount
(In Thousands)							Financial Instruments			Cash  Collateral  Received
September 30, 2018
Swaps, at fair value	$	22,311	$	—	$	22,311	$	(22,311	)	$	—	$	—
Total	$	22,311	$	—	$	22,311	$	(22,311	)	$	—	$	—
December 31, 2017
Swaps, at fair value	$	679	$	—	$	679	$	(679	)	$	—	$	—
Total	$	679	$	—	$	679	$	(679	)	$	—	$	—

Schedule of information about certain liabilities that are subject to master netting arrangements (or similar agreements)

Offsetting of Financial Liabilities and Derivative Liabilities

	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the  Consolidated Balance Sheets						Net Amount
(In Thousands)							Financial  Instruments (1)			Cash  Collateral  Pledged (1)
September 30, 2018
Swaps, at fair value (2)	$	—	$	—	$	—	$	—		$	—		$	—
Repurchase agreements (3)(4)	7,278,289		—		7,278,289		(7,271,800		)	(6,489		)	—
Total	$	7,278,289	$	—	$	7,278,289	$	(7,271,800	)	$	(6,489	)	$	—
December 31, 2017
Swaps, at fair value (2)	$	—	$	—	$	—	$	—		$	—		$	—
Repurchase agreements (3)(4)	6,614,907		—		6,614,907		(6,608,005		)	(6,902		)	—
Total	$	6,614,907	$	—	$	6,614,907	$	(6,608,005	)	$	(6,902	)	$	—

(1) Amounts disclosed in the Financial Instruments column of the above table represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements.  Amounts disclosed in the Cash Collateral Pledged column of the above table represent amounts pledged as collateral against repurchase agreements.

(2) The fair value of securities pledged against the Company’s Swaps was $2.9 million and $21.8 million at September 30, 2018 and December 31, 2017, respectively. Beginning in January 2017, variation margin payments on the Company’s cleared Swaps are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap.

(3) The fair value of financial instruments pledged against the Company’s repurchase agreements was $9.0 billion and $8.1 billion at September 30, 2018 and December 31, 2017, respectively.

(4) Excludes $19,000 and $206,000 of unamortized debt issuance costs at September 30, 2018 and December 31, 2017, respectively.