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Offsetting Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2017
Offsetting [Abstract]  
Offsetting Assets and Liabilities
The following table presents information about the Company’s resale agreements and securities lending activity to enable the users of the Company’s financial statements to evaluate the potential effect of rights of setoff between these recognized assets and recognized liabilities at March 31, 2017 and December 31, 2016.

 
 
 
 
 
 
 
Gross Amounts Not Offset in the
Condensed Consolidated
Balance Sheets
 
 
 
 
Gross
Assets/
Liabilities
 
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheets
 
Net Amounts
Presented in the
Condensed
Consolidated
Balance Sheets
 
Counterparty
Offsetting
 
Collateral
 
Net
Amount
March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Resale agreements (1)
 
$
8,465

 
$
—

 
$
8,465

 
$
—

 
$
(8,465
)
(2) 
 
$
—

Securities borrowed (3)
 
441

 
—

 
441

 
(304
)
 
(136
)
 
 
1

Total
 
$
8,906

 
$
—

 
$
8,906

 
$
(304
)
 
$
(8,601
)
 
 
$
1

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities loaned (4,5)
 
$
1,869

 
$
—

 
$
1,869

 
$
(304
)
 
$
(1,443
)
 
 
$
122

Total
 
$
1,869

 
$
—

 
$
1,869

 
$
(304
)
 
$
(1,443
)
 
 
$
122

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Resale agreements (1)
 
$
9,547

 
$
—

 
$
9,547

 
$
—

 
$
(9,547
)
(2) 
 
$
—

Securities borrowed (3)
 
393

 
—

 
393

 
(200
)
 
(189
)
 
 
4

Total
 
$
9,940

 
$
—

 
$
9,940

 
$
(200
)
 
$
(9,736
)
 
 
$
4

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities loaned (4,5)
 
$
1,996

 
$
—

 
$
1,996

 
$
(200
)
 
$
(1,660
)
 
 
$
136

Total
 
$
1,996

 
$
—

 
$
1,996

 
$
(200
)
 
$
(1,660
)
 
 
$
136

(1) 
Included in cash and investments segregated and on deposit for regulatory purposes in the Company’s condensed consolidated balance sheets.
(2) 
Actual collateral was greater than or equal to 102% of the related assets. At March 31, 2017 and December 31, 2016, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $8.6 billion and $9.8 billion, respectively.
(3) 
Included in receivables from brokers, dealers, and clearing organizations in the Company’s condensed consolidated balance sheets.
(4) 
Included in payables to brokers, dealers, and clearing organizations in the Company’s condensed consolidated balance sheets.
(5) 
Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities.
Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged
The following table summarizes the fair value of client securities available, under such regulations, for the Company to utilize as collateral, and the amounts pledged by the Company:

 
 
 
 
 
 
March 31, 2017
 
December 31, 2016
Fair value of client securities available to be pledged
 
$
21,441

 
$
21,516

   Fair value of client securities pledged for:
 
 
 
 
     Securities lending to other broker-dealers
 
1,566

 
1,626

     Fulfillment of client short sales
 
2,183

 
2,048

     Fulfillment of requirements with the Options Clearing Corporation (1)
 
1,546

 
1,519

   Total collateral pledged
 
$
5,295

 
$
5,193

Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $65 million as of March 31, 2017 and $58 million as of December 31, 2016.
(1) Client securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation.