Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2025, is presented in the following tables.


	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
March 31, 2025
Financial assets:
Derivatives:
Interest rate contracts	$	52,575	$	—	$	52,575
Commodity contracts	35,531		—		35,531
Foreign currency contracts	95		—		95
Total derivatives	88,201		—		88,201
Resell agreements	9,650		—		9,650
Total	$	97,851	$	—	$	97,851
Financial liabilities:
Derivatives:
Interest rate contracts	$	17,189	$	—	$	17,189
Commodity contracts	44,223		—		44,223
Foreign currency contracts	30		—		30
Total derivatives	61,442		—		61,442
Repurchase agreements	4,467,470		—		4,467,470
Total	$	4,528,912	$	—	$	4,528,912


			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments		Collateral		Net Amount
March 31, 2025
Financial assets:
Derivatives:
Counterparty H	$	30,470	$	(16,263)	$	(14,207)	$	—
Counterparty F	22,372		(19,374)		(2,998)		—
Counterparty B	16,547		(8,613)		(7,934)		—
Counterparty E	10,467		(4,607)		(5,860)		—
Other counterparties	8,345		(4,684)		(3,661)		—
Total derivatives	88,201		(53,541)		(34,660)		—
Resell agreements	9,650		—		(9,650)		—
Total	$	97,851	$	(53,541)	$	(44,310)	$	—
Financial liabilities:
Derivatives:
Counterparty H	$	16,263	$	(16,263)	$	—	$	—
Counterparty F	19,374		(19,374)		—		—
Counterparty B	8,613		(8,613)		—		—
Counterparty E	4,607		(4,607)		—		—
Other counterparties	12,585		(4,684)		(6,910)		991
Total derivatives	61,442		(53,541)		(6,910)		991
Repurchase agreements	4,467,470		—		(4,467,470)		—
Total	$	4,528,912	$	(53,541)	$	(4,474,380)	$	991

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2024, is presented in the following tables.


	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2024
Financial assets:
Derivatives:
Interest rate contracts	$	70,054	$	—	$	70,054
Commodity contracts	31,275		—		31,275

Total derivatives	101,329		—		101,329
Resell agreements	9,650		—		9,650
Total	$	110,979	$	—	$	110,979
Financial liabilities:
Derivatives:
Interest rate contracts	$	9,068	$	—	$	9,068
Commodity contracts	16,951		—		16,951

Total derivatives	26,019		—		26,019
Repurchase agreements	4,342,941		—		4,342,941
Total	$	4,368,960	$	—	$	4,368,960


			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments		Collateral		Net Amount
December 31, 2024
Financial assets:
Derivatives:
Counterparty H	$	36,286	$	(10,129)	$	(26,157)	$	—
Counterparty F	15,505		(2,322)		(11,759)		1,424
Counterparty B	22,338		(4,522)		(17,816)		—
Counterparty E	14,219		(2,109)		(12,100)		10
Other counterparties	12,981		(6,632)		(6,325)		24
Total derivatives	101,329		(25,714)		(74,157)		1,458
Resell agreements	9,650		—		(9,650)		—
Total	$	110,979	$	(25,714)	$	(83,807)	$	1,458
Financial liabilities:
Derivatives:
Counterparty H	$	10,129	$	(10,129)	$	—	$	—
Counterparty F	2,322		(2,322)		—		—
Counterparty B	4,522		(4,522)		—		—
Counterparty E	2,109		(2,109)		—		—
Other counterparties	6,937		(6,632)		(305)		—
Total derivatives	26,019		(25,714)		(305)		—
Repurchase agreements	4,342,941		—		(4,342,941)		—
Total	$	4,368,960	$	(25,714)	$	(4,343,246)	$	—

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 March 31, 2025 and December 31, 2024, 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
March 31, 2025
Repurchase agreements:
U.S. Treasury	$	2,503,184	$	—	$	—	$	—	$	2,503,184

Residential mortgage-backed securities	1,964,286		—		—		—		1,964,286
Total borrowings	$	4,467,470	$	—	$	—	$	—	$	4,467,470
Gross amount of recognized liabilities for repurchase agreements									$	4,467,470
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2024
Repurchase agreements:
U.S. Treasury	$	2,170,482	$	—	$	—	$	—	$	2,170,482

Residential mortgage-backed securities	2,172,459		—		—		—		2,172,459
Total borrowings	$	4,342,941	$	—	$	—	$	—	$	4,342,941
Gross amount of recognized liabilities for repurchase agreements									$	4,342,941
Amounts related to agreements not included in offsetting disclosures above									$	—