OFFSETTING ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

NOTE 7: OFFSETTING ASSETS AND LIABILITIES

Our policy is to recognize amounts related to our security borrowing and lending agreements subject to master netting arrangements on a gross basis on the unaudited condensed consolidated balance sheets although they are eligible for offset under GAAP. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Substantially all securities borrowing and lending agreements have an open contractual term and may be terminated upon notice by either party. Within these agreements, one has a contractual term of 30 days with a daily minimum commitment of $25 million and another has a contractual term of 21 days with a daily minimum commitment of $35 million.

Our assets and liabilities subject to master netting arrangements are as follows:


	December 31,		March 31,
(in millions)	2021		2022
Assets	Securities borrowed
Gross amount of securities borrowed	$	0.3	$	0.6
Gross amount offset on the unaudited condensed consolidated balance sheets	—		—
Amounts of assets presented on the unaudited condensed consolidated balance sheets(1)	0.3		0.6
Gross amount of securities borrowed not offset on the unaudited condensed consolidated balance sheets:
Securities borrowed	0.3		0.6
Security collateral received	(0.3)		(0.6)
Net amount	$	—	$	—

Liabilities	Securities loaned
Gross amount of securities loaned	$	3,651.0	$	2,150.9
Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets	—		—
Amounts of liabilities presented on the unaudited condensed consolidated balance sheets	3,651.0		2,150.9
Gross amount of securities loaned not offset on the unaudited condensed consolidated balance sheets:
Securities loaned	3,651.0		2,150.9
Security collateral pledged	(3,426.8)		(1,976.7)
Net amount	$	224.2	$	174.2

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(1)Securities borrowed are included in receivables from brokers, dealers and clearing organizations on the unaudited condensed consolidated balance sheets.

We also obtain securities under margin agreements on terms which permit us to pledge and/or transfer securities to others. As of December 31, 2021 and March 31, 2022, we were permitted to re-pledge securities with a fair value of $9.21 billion and $7.23 billion under the margin agreements and $0.3 million and $0.6 million under the securities lending agreements. As of March 31, 2022, we re-pledged $234.0 million of the permitted amount with clearing organizations to meet deposit requirements.