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Offsetting of Assets and Liabilities
 3 Months Ended
Mar. 31, 2020
Offsetting of Assets and Liabilities [Abstract]  
Offsetting of Assets and Liabilities Offsetting of Assets and Liabilities
The Company generally records financial instruments at fair value as described in Note 2. Financial instruments are generally recorded on a gross basis on the Condensed Consolidated Balance Sheet. In connection with the vast majority of its derivative, reverse repurchase and repurchase agreements, and the related trading agreements, the Company and its counterparties are required to pledge collateral. Cash or other collateral is exchanged as required with each of the Company's counterparties in connection with open derivative positions, and reverse repurchase and repurchase agreements.
The following tables present information about certain assets and liabilities representing financial instruments as of March 31, 2020 and December 31, 2019. The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's reverse repurchase and repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of net settlement, as well as a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.
March 31, 2020:
Description
 
Gross Amounts of Assets (Liabilities) in the Condensed Consolidated Balance Sheet
 
Gross Amounts Offset in the Condensed Consolidated Balance Sheet
 
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)
 
Financial Instruments Available for Offset
 
Financial Instruments Transferred or Pledged as Collateral(2)(3)
 
Cash Collateral (Received) Pledged(2)(3)
 
Net Amount
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial derivatives–assets
 
$
31,752

 
$
—

 
$
31,752

 
$
(11,711
)
 
$
—

 
$
(11,493
)
 
$
8,548

Reverse repurchase agreements
 
51,132

 
(37,893
)
 
13,239

 
(13,239
)
 
—

 
—

 
—

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial derivatives–liabilities
 
(47,772
)
 
—

 
(47,772
)
 
11,711

 
—

 
29,667

 
(6,394
)
Repurchase agreements
 
(2,071,009
)
 
36,784

 
(2,034,225
)
 
2,034,225

 
(98,657
)
 
98,657

 
—

(1)
In the Company's Condensed Consolidated Balance Sheet, all balances associated with financial derivatives are presented on a gross basis.
(2)
For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of March 31, 2020 was $2.3 billion. As of March 31, 2020, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged (received) of $(14) thousand and $11.4 million, respectively.
(3)
When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.
December 31, 2019:
Description
 
Amount of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet(1)
 
Financial Instruments Available for Offset
 
Financial Instruments Transferred or Pledged as Collateral(2)(3)
 
Cash Collateral (Received) Pledged(2)(3)
 
Net Amount
(In thousands)
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Financial derivatives–assets
 
$
16,788

 
$
(12,755
)
 
$
—

 
$
(807
)
 
$
3,226

Reverse repurchase agreements
 
73,639

 
(73,639
)
 
—

 
—

 
—

Liabilities
 
 
 
 
 
 
 
 
 
 
Financial derivatives–liabilities
 
(27,621
)
 
12,755

 
—

 
12,233

 
(2,633
)
Repurchase agreements
 
(2,445,300
)
 
73,639

 
2,340,656

 
31,005

 
—

(1)
In the Company's Condensed Consolidated Balance Sheet, all balances associated with repurchase agreements, reverse repurchase agreements, and financial derivatives are presented on a gross basis.
(2)
For the purpose of this presentation, for each row the total amount of financial instruments transferred or pledged and cash collateral (received) or pledged may not exceed the applicable gross amount of assets or (liabilities) as presented here. Therefore, the Company has reduced the amount of financial instruments transferred or pledged as collateral related to the Company's reverse repurchase agreements and cash collateral pledged on the Company's financial derivative liabilities. Total financial instruments transferred or pledged as collateral on the Company's reverse repurchase agreements as of December 31, 2019 was $2.8 billion. As of December 31, 2019, total cash collateral on financial derivative assets and liabilities excludes excess net cash collateral pledged of $4.3 million and $23.4 million, respectively.
(3)
When collateral is pledged to or pledged by a counterparty, it is often pledged or posted with respect to all positions with such counterparty, and in such cases such collateral cannot be specifically identified as relating to a particular asset or liability. As a result, in preparing the above tables, the Company has made assumptions in allocating pledged or posted collateral among the various rows.