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Financial Assets and Liabilities | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities | Financial Assets and Liabilities Financial Instruments Measured at Fair Value The fair value of equities, options, on the run U.S. government obligations and exchange traded notes is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain financial instruments noted in the preceding paragraph, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts and other U.S. and non-U.S. government obligations have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from broadly distributed bank and broker dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange. As of March 31, 2017, the Company began pricing certain financial instruments held for trading at fair value based on theoretical prices which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2. The Company concluded that this is a change in accounting estimate and no retrospective adjustments were necessary. Fair value measurements for those items measured on a recurring basis are summarized below as of March 31, 2018:
|  | March 31, 2018
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 956,518 |  |  | $ | 1,139,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,095,987 |
U.S. and Non-U.S. government obligations |  | 800 |  |  | 18,207 |  |  | — |  |  | — |  |  | 19,007 |
Corporate Bonds |  | — |  |  | 75,534 |  |  | — |  |  | — |  |  | 75,534 |
Exchange traded notes |  | 64,730 |  |  | 30,368 |  |  | — |  |  | — |  |  | 95,098 |
Currency forwards |  | — |  |  | 702,889 |  |  | — |  |  | (700,655 | ) |  | 2,234 |
Options |  | 9,210 |  |  | — |  |  | — |  |  | — |  |  | 9,210 |
|  | 1,031,258 |  |  | 1,966,467 |  |  | — |  |  | (700,655 | ) |  | 2,297,070 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 309,313 |  |  | $ | 262,684 |  |  | $ | — |  |  | $ | — |  |  | $ | 571,997 |
U.S. and Non-U.S. government obligations |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 200 |
Exchange traded notes |  | 22,418 |  |  | 15,921 |  |  | — |  |  | — |  |  | 38,339 |
|  | 331,931 |  |  | 278,605 |  |  | — |  |  | — |  |  | 610,536 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | — |  |  | $ | 42,478 |
Exchange stock |  | 2,154 |  |  | — |  |  | — |  |  | — |  |  | 2,154 |
Other(1) |  | — |  |  | 56,179 |  |  | — |  |  | — |  |  | 56,179 |
|  | 2,154 |  |  | 56,179 |  |  | 42,478 |  |  | — |  |  | 100,811 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,584,268 |  |  | $ | 1,132,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,716,628 |
U.S. and Non-U.S. government obligations |  | 1,998 |  |  | 25,207 |  |  | — |  |  | — |  |  | 27,205 |
Corporate Bonds |  | 40,007 |  |  | — |  |  | — |  |  | — |  |  | 40,007 |
Exchange traded notes |  | 3,714 |  |  | 38,393 |  |  | — |  |  | — |  |  | 42,107 |
Currency forwards |  | — |  |  | 725,422 |  |  | — |  |  | (720,464 | ) |  | 4,958 |
Options |  | 15,548 |  |  | — |  |  | — |  |  | — |  |  | 15,548 |
|  | $ | 1,645,535 |  |  | $ | 1,921,382 |  |  | $ | — |  |  | $ | (720,464 | ) |  | $ | 2,846,453 |
(1) | Other primarily consists of a $56.2 million receivable from Bats related to the sale of KCG Hotspot.
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2017:
|  | December 31, 2017
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 758,596 |  |  | $ | 1,167,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,926,591 |
Non-U.S. government obligations |  | 5,968 |  |  | 16,815 |  |  | — |  |  | — |  |  | 22,783 |
Corporate Bonds |  | — |  |  | 60,975 |  |  | — |  |  | — |  |  | 60,975 |
Exchange traded notes |  | 13,576 |  |  | 68,819 |  |  | — |  |  | — |  |  | 82,395 |
Currency forwards |  | — |  |  | 2,045,487 |  |  | — |  |  | (2,027,697 | ) |  | 17,790 |
Options |  | 7,045 |  |  | — |  |  | — |  |  | — |  |  | 7,045 |
|  | $ | 785,185 |  |  | $ | 3,360,091 |  |  | $ | — |  |  | $ | (2,027,697 | ) |  | $ | 2,117,579 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 410,670 |  |  | $ | 175,581 |  |  | $ | — |  |  | $ | — |  |  | $ | 586,251 |
U.S. and Non-U.S. government obligations |  | 99 |  |  | — |  |  | — |  |  | — |  |  | 99 |
Exchange traded notes |  | 82 |  |  | 8,611 |  |  | — |  |  | — |  |  | 8,693 |
|  | $ | 410,851 |  |  | $ | 184,192 |  |  | $ | — |  |  | $ | — |  |  | $ | 595,043 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 40,588 |  |  | $ | — |  |  | $ | 40,588 |
Exchange stock |  | 1,952 |  |  | — |  |  | — |  |  | — |  |  | 1,952 |
Other(2) |  | — |  |  | 55,824 |  |  | — |  |  | — |  |  | 55,824 |
|  | $ | 1,952 |  |  | $ | 55,824 |  |  | $ | 40,588 |  |  | $ | — |  |  | $ | 98,364 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 847,816 |  |  | $ | 1,355,616 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,203,432 |
Exchange traded notes |  | 1,514 |  |  | 54,248 |  |  | — |  |  | — |  |  | 55,762 |
Currency forwards |  | — |  |  | 2,032,017 |  |  | — |  |  | (2,024,991 | ) |  | 7,026 |
Options |  | 5,839 |  |  | — |  |  | — |  |  | — |  |  | 5,839 |
|  | $ | 874,109 |  |  | $ | 3,535,480 |  |  | $ | — |  |  | $ | (2,024,991 | ) |  | $ | 2,384,598 |
(2) Other primarily consists of a $55.8 million receivable from Bats related to the sale of KCG Hotspot. SBI Investment As of March 31, 2018, the fair value of SBI Investment was determined using the discounted cash flow method, an income approach, with the discount rate of 15.0% applied to the cash flow forecasts. The Company also used a market approach based on 14 x average price/earnings multiples of comparable companies to corroborate the income approach. The fair value of the SBI Investment at March 31, 2018 was determined by taking the weighted average of enterprise valuations based on discounted cash flow on projected income from the next five years, the implied enterprise valuations on comparable companies, and the implied enterprise valuations on comparable transactions. The fair value measurement is highly sensitive to significant changes in the unobservable inputs and significant increases (decreases) in discount rate or decreases (increases) in price/earnings multiples would result in a significantly lower (higher) fair value measurement. Changes in the fair value of the SBI Investment are reflected in other, net in the condensed consolidated statements of comprehensive income. There were no transfers of financial instruments between levels during the three months ended March 31, 2018 and 2017. Receivable from Bats Global Markets, Inc. (“Bats”) In March 2015, KCG sold KCG Hotspot, an institutional spot foreign exchange electronic communications networks (“ECN”), to Bats, which is now a subsidiary of CBOE Holdings, Inc. KCG and Bats agreed to share certain tax benefits, which as of March 31, 2018 comprise a $50.0 million payment and an annual payment of up to $6.6 million, both of which were paid in April 2018. The Company has elected the fair value option related to the receivable from Bats and considers the receivable to be a Level 2 asset in the fair value hierarchy as the fair value is derived from observable significant inputs such as contractual cash flows and market discount rates. The remaining additional potential payments of $56.6 million are recorded at a fair value of $56.2 million in other assets on the condensed consolidated statements of financial condition as of March 31, 2018. Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the condensed consolidated statement of financial condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is categorized as Level 2 in the fair value hierarchy, which is based on quoted prices from the market. The table below summarizes financial assets and liabilities not measured at fair value on a recurring basis as of March 31, 2018:
| March 31, 2018
|  |  |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Carrying Value |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 637,308 |  |  | $ | 637,308 |  |  | $ | 637,308 |  |  | $ | — |  |  | $ | — |
Securities borrowed | 1,232,048 |  |  | 1,232,048 |  |  | — |  |  | 1,232,048 |  |  | — |
Securities purchased under agreements to resell | 602 |  |  | 602 |  |  | — |  |  | 602 |  |  | — |
Receivables from broker dealers and clearing organizations | 1,434,039 |  |  | 1,434,039 |  |  | 70,143 |  |  | 1,363,896 |  |  | — |
Total Assets | $ | 3,303,997 |  |  | $ | 3,303,997 |  |  | $ | 707,451 |  |  | $ | 2,596,546 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 20,944 |  |  | $ | 20,944 |  |  | $ | — |  |  | $ | 20,944 |  |  | $ | — |
Long-term borrowings | 1,121,464 |  |  | 1,193,167 |  |  | — |  |  | 1,193,167 |  |  | — |
Securities loaned | 936,061 |  |  | 936,061 |  |  | — |  |  | 936,061 |  |  | — |
Securities sold under agreements to repurchase | 265,401 |  |  | 265,401 |  |  | — |  |  | 265,401 |  |  | — |
Payables to broker dealer and clearing organizations | 648,788 |  |  | 648,788 |  |  | 861 |  |  | 647,927 |  |  | — |
Total Liabilities | $ | 2,992,658 |  |  | $ | 3,064,361 |  |  | $ | 861 |  |  | $ | 3,063,500 |  |  | $ | — |
The table below summarizes financial assets and liabilities not measured at fair value on a recurring basis as of December 31, 2017:
| December 31, 2017
|  |  |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Carrying Value |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 532,887 |  |  | $ | 532,887 |  |  | $ | 532,887 |  |  | $ | — |  |  | $ | — |
Securities borrowed | 1,471,172 |  |  | 1,471,172 |  |  | — |  |  | 1,471,172 |  |  | — |
Receivables from broker dealers and clearing organizations | 972,018 |  |  | 972,018 |  |  | 36,513 |  |  | 935,505 |  |  | — |
Total Assets | $ | 2,976,077 |  |  | $ | 2,976,077 |  |  | $ | 569,400 |  |  | $ | 2,406,677 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 27,883 |  |  | $ | 27,883 |  |  | $ | — |  |  | $ | 27,883 |  |  | $ | — |
Long-term borrowings | 1,388,548 |  |  | 1,465,489 |  |  | — |  |  | 1,465,489 |  |  | — |
Securities loaned | 754,687 |  |  | 754,687 |  |  | — |  |  | 754,687 |  |  | — |
Securities sold under agreements to repurchase | 390,642 |  |  | 390,642 |  |  | — |  |  | 390,642 |  |  | — |
Payables to broker dealer and clearing organizations | 716,205 |  |  | 716,205 |  |  | 2,925 |  |  | 713,280 |  |  | — |
Total Liabilities | $ | 3,277,965 |  |  | $ | 3,354,906 |  |  | $ | 2,925 |  |  | $ | 3,351,981 |  |  | $ | — |
The following presents the changes in Level 3 financial instruments measured at fair value on a recurring basis:
|  | March 31, 2018
(in thousands) |  | December 31, 2017 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | March 31, 2018 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2018
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 40,588 |  |  | $ | — |  |  | $ | 1,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | 1,890 |
Total |  | $ | 40,588 |  |  | $ | — |  |  | $ | 1,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | 1,890 |
|  | December 31, 2017
(in thousands) |  | December 31, 2016 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | December 31, 2017 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2017
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 36,031 |  |  | $ | — |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,588 |  |  | $ | 4,557 |
Other |  | — |  |  | 3,000 |  |  | — |  |  | — |  |  | (3,000 | ) |  | — |  |  | — |
Total |  | $ | 36,031 |  |  | $ | 3,000 |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | (3,000 | ) |  | $ | 40,588 |  |  | $ | 4,557 |
Offsetting of Financial Assets and Liabilities The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the condensed consolidated statements of financial condition. In the tables below, the amounts of financial instruments owned that are not offset in the condensed consolidated statements of financial condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments. The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of March 31, 2018 and December 31, 2017.
|  | March 31, 2018
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,232,048 |  |  | $ | — |  |  | $ | 1,232,048 |  |  | $ | (1,202,760 | ) |  | $ | (2,624 | ) |  | $ | 26,664 |
Securities purchased under agreements to resell |  | 602 |  |  | — |  |  | 602 |  |  | (602 | ) |  | — |  |  | — |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 702,889 |  |  | (700,655 | ) |  | 2,234 |  |  | — |  |  | — |  |  | 2,234 |
Options |  | 9,210 |  |  | — |  |  | 9,210 |  |  | (1 | ) |  | — |  |  | 9,209 |
Total |  | $ | 1,944,749 |  |  | $ | (700,655 | ) |  | $ | 1,244,094 |  |  | $ | (1,203,363 | ) |  | $ | (2,624 | ) |  | $ | 38,107 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 936,061 |  |  | $ | — |  |  | $ | 936,061 |  |  | $ | (929,457 | ) |  | $ | (884 | ) |  | $ | 5,720 |
Securities sold under agreements to repurchase |  | 265,401 |  |  | — |  |  | 265,401 |  |  | (265,401 | ) |  | — |  |  | — |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 725,422 |  |  | (720,464 | ) |  | 4,958 |  |  | — |  |  |  |  | 4,958 |
Options |  | 15,548 |  |  | — |  |  | 15,548 |  |  | (1 | ) |  | — |  |  | 15,547 |
Total |  | $ | 1,942,432 |  |  | $ | (720,464 | ) |  | $ | 1,221,968 |  |  | $ | (1,194,859 | ) |  | $ | (884 | ) |  | $ | 26,225 |
|  | December 31, 2017
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,471,172 |  |  | $ | — |  |  | $ | 1,471,172 |  |  | $ | (1,418,672 | ) |  | $ | (13,318 | ) |  | $ | 39,182 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 2,045,487 |  |  | (2,027,697 | ) |  | 17,790 |  |  | — |  |  | — |  |  | 17,790 |
Options |  | 7,045 |  |  | — |  |  | 7,045 |  |  | (45 | ) |  | — |  |  | 7,000 |
Total |  | $ | 3,523,704 |  |  | $ | (2,027,697 | ) |  | $ | 1,496,007 |  |  | $ | (1,418,717 | ) |  | $ | (13,318 | ) |  | $ | 63,972 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 754,687 |  |  | $ | — |  |  | $ | 754,687 |  |  | $ | (737,731 | ) |  | $ | (10,776 | ) |  | $ | 6,180 |
Securities sold under agreements to repurchase |  | 390,642 |  |  | — |  |  | 390,642 |  |  | (390,642 | ) |  | — |  |  | — |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 2,032,017 |  |  | (2,024,991 | ) |  | 7,026 |  |  | — |  |  |  |  |  | 7,026 |
Options |  | 5,839 |  |  | — |  |  | 5,839 |  |  | (56 | ) |  | — |  |  | 5,783 |
Total |  | $ | 3,183,185 |  |  | $ | (2,024,991 | ) |  | $ | 1,158,194 |  |  | $ | (1,128,429 | ) |  | $ | (10,776 | ) |  | $ | 18,989 |
The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged.
|  | March 31, 2018
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Total
Repurchase agreements: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 401 |  |  | $ | — |  |  | $ | 65,000 |  |  | $ | 200,000 |  |  | $ | 265,401 |
U.S. and Non-U.S. government obligations |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 401 |  |  | $ | — |  |  | $ | 65,000 |  |  | $ | 200,000 |  |  | $ | 265,401 |
Securities lending transactions: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 936,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 936,061 |
Total |  | $ | 936,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 936,061 |
|  | December 31, 2017
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Total
Repurchase agreements: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 100,000 |  |  | $ | 90,000 |  |  | $ | 200,000 |  |  | $ | 390,000 |
U.S. and Non-U.S. government obligations |  | 642 |  |  | — |  |  | — |  |  | — |  |  | 642 |
Total |  | $ | 642 |  |  | $ | 100,000 |  |  | $ | 90,000 |  |  | $ | 200,000 |  |  | $ | 390,642 |
Securities lending transactions: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 754,687 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 754,687 |
Total |  | $ | 754,687 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 754,687 |

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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