v2.4.1.9

Offsetting of Assets and Liabilities | 12 Months Ended
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Dec. 31, 2014
Offsetting of Assets and Liabilities [Abstract] |
Offsetting of Assets and Liabilities [Text Block] | Offsetting of Assets and Liabilities The Company records financial instruments at fair value as described in Note 2. All financial instruments are recorded on a gross basis on the Condensed Statement of Assets, Liabilities, and Equity. In connection with the vast majority of its derivative, repurchase and reverse 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, repurchase agreements, and reverse repurchase agreements. The following tables present information about certain assets and liabilities representing financial instruments as of December 31, 2014 and December 31, 2013. The Company has not entered into master netting agreements with any of its counterparties. Certain of the Company's repurchase and reverse repurchase agreements and financial derivative transactions are governed by underlying agreements that generally provide a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction. December 31, 2014:
Description |  | Amount of Assets (Liabilities) Presented in the Consolidated Statements of Assets, Liabilities, and Equity(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 |  | $ | 80,029 |  |  | $ | (40,671 | ) |  | $ | — |  |  | $ | (5,578 | ) |  | $ | 33,780 |
Repurchase agreements |  | 172,001 |  |  | (172,001 | ) |  | — |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial derivatives–liabilities |  | (66,116 | ) |  | 26,758 |  |  | — |  |  | 17,393 |  |  | (21,965 | )
Reverse repurchase agreements |  | (1,669,433 | ) |  | 172,001 |  |  | 1,483,187 |  |  | 14,245 |  |  | — |
December 31, 2013:
Description |  | Amount of Assets (Liabilities) Presented in the Consolidated Statements of Assets, Liabilities, and Equity(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 |  | $ | 59,664 |  |  | $ | (24,162 | ) |  | $ | — |  |  | $ | (17,273 | ) |  | $ | 18,229 |
Repurchase agreements |  | 27,962 |  |  | (27,962 | ) |  | — |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial derivatives–liabilities |  | (44,791 | ) |  | 24,162 |  |  | — |  |  | 20,629 |  |  | — |
Reverse repurchase agreements |  | (1,236,166 | ) |  | 27,962 |  |  | 1,205,278 |  |  | 2,926 |  |  | — |
(1) | In the Company's Consolidated Statement of Assets, Liabilities, and Equity, 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, 2014 and December 31, 2013 were $1.94 billion and $1.48 billion, respectively. As of December 31, 2014 and December 31, 2013, total cash collateral on financial derivative assets excludes excess net cash collateral pledged of $22.7 million and $3.2 million, respectively. As of December 31, 2014 and December 31, 2013, total cash collateral on financial derivative liabilities excludes excess cash collateral pledged of $23.2 million and $36.4 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 specific 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.

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- Definition The entire disclosure for derivatives, repurchase agreements, and reverse repurchase agreements that are subject to offsetting. [Text Block] + References No definition available. + Details
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