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Balance Sheet Offsetting | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Balance Sheet Offsetting | Balance Sheet Offsetting and Repurchase Agreements Balance Sheet Offsetting. Certain financial instruments, including resell and repurchase agreements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Our derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, we do not generally offset such financial instruments for financial reporting purposes. Information about financial instruments that are eligible for offset in the consolidated balance sheet as of September 30, 2024, is presented in the following tables.
| Gross Amount Recognized |  | Gross Amount Offset |  | Net Amount Recognized
September 30, 2024 |  |  |  |  |
Financial assets: |  |  |  |  |
Derivatives: |  |  |  |  |
Interest rate contracts | $ | 46,705 |  |  | $ | — |  |  | $ | 46,705 |
Commodity contracts | 50,003 |  |  | — |  |  | 50,003 |
Total derivatives | 96,708 |  |  | — |  |  | 96,708 |
Resell agreements | 9,650 |  |  | — |  |  | 9,650 |
Total | $ | 106,358 |  |  | $ | — |  |  | $ | 106,358 |
Financial liabilities: |  |  |  |  |
Derivatives: |  |  |  |  |
Interest rate contracts | $ | 30,034 |  |  | $ | — |  |  | $ | 30,034 |
Commodity contracts | 14,022 |  |  | — |  |  | 14,022 |
Total derivatives | 44,056 |  |  | — |  |  | 44,056 |
Repurchase agreements | 4,014,037 |  |  | — |  |  | 4,014,037 |
Total | $ | 4,058,093 |  |  | $ | — |  |  | $ | 4,058,093 |
|  |  | Gross Amounts Not Offset |  |
| Net Amount Recognized |  | Financial Instruments |  | Collateral |  | Net Amount
September 30, 2024 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Counterparty H | $ | 37,881 |  |  | $ | (9,014) |  |  | $ | (28,867) |  |  | $ | — |
Counterparty F | 20,090 |  |  | (1,987) |  |  | (17,170) |  |  | 933 |
Counterparty B | 22,591 |  |  | (4,525) |  |  | (18,066) |  |  | — |
Counterparty E | 8,941 |  |  | (8,823) |  |  | — |  |  | 118 |
Other counterparties | 7,205 |  |  | (3,325) |  |  | (3,880) |  |  | — |
Total derivatives | 96,708 |  |  | (27,674) |  |  | (67,983) |  |  | 1,051 |
Resell agreements | 9,650 |  |  | — |  |  | (9,650) |  |  | — |
Total | $ | 106,358 |  |  | $ | (27,674) |  |  | $ | (77,633) |  |  | $ | 1,051 |
Financial liabilities: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Counterparty H | $ | 9,014 |  |  | $ | (9,014) |  |  | $ | — |  |  | $ | — |
Counterparty F | 1,987 |  |  | (1,987) |  |  | — |  |  | — |
Counterparty B | 4,525 |  |  | (4,525) |  |  | — |  |  | — |
Counterparty E | 8,823 |  |  | (8,823) |  |  | — |  |  | — |
Other counterparties | 19,707 |  |  | (3,325) |  |  | (16,382) |  |  | — |
Total derivatives | 44,056 |  |  | (27,674) |  |  | (16,382) |  |  | — |
Repurchase agreements | 4,014,037 |  |  | — |  |  | (4,014,037) |  |  | — |
Total | $ | 4,058,093 |  |  | $ | (27,674) |  |  | $ | (4,030,419) |  |  | $ | — |
Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2023, is presented in the following tables.
| Gross Amount Recognized |  | Gross Amount Offset |  | Net Amount Recognized |  |
December 31, 2023 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | $ | 70,233 |  |  | $ | — |  |  | $ | 70,233 |  |  |
Commodity contracts | 49,489 |  |  | — |  |  | 49,489 |  |  |
Foreign currency contracts | 1 |  |  | — |  |  | 1 |  |  |
Total derivatives | 119,723 |  |  | — |  |  | 119,723 |  |  |
Resell agreements | 84,650 |  |  | — |  |  | 84,650 |  |  |
Total | $ | 204,373 |  |  | $ | — |  |  | $ | 204,373 |  |  |
Financial liabilities: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | $ | 20,293 |  |  | $ | — |  |  | $ | 20,293 |  |  |
Commodity contracts | 20,999 |  |  | — |  |  | 20,999 |  |  |
Foreign currency contracts | 19 |  |  | — |  |  | 19 |  |  |
Total derivatives | 41,311 |  |  | — |  |  | 41,311 |  |  |
Repurchase agreements | 4,127,188 |  |  | — |  |  | 4,127,188 |  |  |
Total | $ | 4,168,499 |  |  | $ | — |  |  | $ | 4,168,499 |  |  |
|  |  | Gross Amounts Not Offset |  |
| Net Amount Recognized |  | Financial Instruments |  | Collateral |  | Net Amount
December 31, 2023 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Counterparty H | $ | 36,551 |  |  | $ | (8,870) |  |  | $ | (27,170) |  |  | $ | 511 |
Counterparty F | 31,202 |  |  | (7,444) |  |  | (22,954) |  |  | 804 |
Counterparty B | 23,829 |  |  | (5,151) |  |  | (18,472) |  |  | 206 |
Counterparty E | 13,271 |  |  | (4,548) |  |  | (8,723) |  |  | — |
Other counterparties | 14,870 |  |  | (6,418) |  |  | (7,520) |  |  | 932 |
Total derivatives | 119,723 |  |  | (32,431) |  |  | (84,839) |  |  | 2,453 |
Resell agreements | 84,650 |  |  | — |  |  | (84,650) |  |  | — |
Total | $ | 204,373 |  |  | $ | (32,431) |  |  | $ | (169,489) |  |  | $ | 2,453 |
Financial liabilities: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Counterparty H | $ | 8,870 |  |  | $ | (8,870) |  |  | $ | — |  |  | $ | — |
Counterparty F | 7,444 |  |  | (7,444) |  |  | — |  |  | — |
Counterparty B | 5,151 |  |  | (5,151) |  |  | — |  |  | — |
Counterparty E | 4,548 |  |  | (4,548) |  |  | — |  |  | — |
Other counterparties | 15,298 |  |  | (6,418) |  |  | (8,580) |  |  | 300 |
Total derivatives | 41,311 |  |  | (32,431) |  |  | (8,580) |  |  | 300 |
Repurchase agreements | 4,127,188 |  |  | — |  |  | (4,127,188) |  |  | — |
Total | $ | 4,168,499 |  |  | $ | (32,431) |  |  | $ | (4,135,768) |  |  | $ | 300 |
Repurchase Agreements. We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of September 30, 2024 and December 31, 2023, is presented in the following tables.
| Remaining Contractual Maturity of the Agreements
| Overnight and Continuous |  | Up to 30 Days |  | 30-90 Days |  | Greater than 90 Days |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |
Repurchase agreements: |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 2,072,367 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,072,367 |
Residential mortgage-backed securities | 1,941,670 |  |  | — |  |  | — |  |  | — |  |  | 1,941,670 |
Total borrowings | $ | 4,014,037 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,014,037 |
Gross amount of recognized liabilities for repurchase agreements |  | $ | 4,014,037 |
Amounts related to agreements not included in offsetting disclosures above |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |
Repurchase agreements: |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,300,662 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,300,662 |
Residential mortgage-backed securities | 826,526 |  |  | — |  |  | — |  |  | — |  |  | 826,526 |
Total borrowings | $ | 4,127,188 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,127,188 |
Gross amount of recognized liabilities for repurchase agreements |  | $ | 4,127,188 |
Amounts related to agreements not included in offsetting disclosures above |  | $ | — |

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