2020 Q1 Form 10-K Financial Statement

#000082667520000013 Filed on February 25, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q3
Revenue $39.80M $42.00M $44.50M
YoY Change -0.5% 31.25% 65.43%
Cost Of Revenue $22.10M $25.80M $31.30M
YoY Change -15.97% 35.08% 111.49%
Gross Profit $17.70M $16.20M $13.20M
YoY Change 29.2% 24.62% 8.2%
Gross Profit Margin 44.47% 38.57% 29.66%
Selling, General & Admin $4.600M $4.000M $3.800M
YoY Change 15.0% 14.29% -5.0%
% of Gross Profit 25.99% 24.69% 28.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $500.0K $500.0K
YoY Change 150.0% 66.67% 66.67%
% of Gross Profit 2.82% 3.09% 3.79%
Operating Expenses $5.000M $4.000M $3.700M
YoY Change 19.05% 0.0% -13.95%
Operating Profit $12.70M $12.20M $9.500M
YoY Change 33.68% 35.56% 20.25%
Interest Expense $22.10M $25.77M $31.26M
YoY Change -15.89% 35.23% 111.89%
% of Operating Profit 174.02% 211.2% 329.01%
Other Income/Expense, Net
YoY Change
Pretax Income -$98.50M $55.10M -$36.60M
YoY Change 88.7% -170.19% -242.97%
Income Tax
% Of Pretax Income
Net Earnings -$98.48M $55.10M -$36.60M
YoY Change 88.61% -170.19% -243.06%
Net Earnings / Revenue -247.43% 131.19% -82.26%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.283M $2.406M -$1.512M
COMMON SHARES
Basic Shares Outstanding 22.95M shares 22.95M shares 24.66M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.40M $62.60M $41.80M
YoY Change -8.05% 80.92% -24.41%
Cash & Equivalents $51.41M $62.58M $41.78M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.527B $26.20M $24.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.578B $88.80M $65.90M
YoY Change 1824.51% 59.71% -12.02%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.728B $5.198B $5.313B
YoY Change -23.19% 38.2% 60.66%
Other Assets $59.20M $71.60M $97.20M
YoY Change -31.8% 32.35% 66.72%
Total Long-Term Assets $3.796B $5.282B $5.422B
YoY Change -23.36% 37.89% 60.72%
TOTAL ASSETS
Total Short-Term Assets $1.578B $88.80M $65.90M
Total Long-Term Assets $3.796B $5.282B $5.422B
Total Assets $5.374B $5.371B $5.487B
YoY Change 6.73% 38.2% 59.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $9.600M $15.60M $7.200M
YoY Change -25.58% 51.46% 26.32%
Deferred Revenue
YoY Change
Short-Term Debt $4.408B $4.752B $4.873B
YoY Change 3.65% 45.42% 81.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.806B $4.780B $4.897B
YoY Change 8.63% 42.66% 69.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.200M $2.700M $3.000M
YoY Change -31.25% -22.86% -18.92%
Other Long-Term Liabilities $15.90M $4.500M $3.200M
YoY Change 367.65% 0.0% -37.25%
Total Long-Term Liabilities $18.10M $7.200M $6.200M
YoY Change 174.24% -10.0% -29.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.806B $4.780B $4.897B
Total Long-Term Liabilities $18.10M $7.200M $6.200M
Total Liabilities $4.824B $4.788B $4.903B
YoY Change 8.87% 42.53% 68.98%
SHAREHOLDERS EQUITY
Retained Earnings -$729.3M -$612.2M -$653.6M
YoY Change 56.29% 53.43% 113.47%
Common Stock $858.2M $858.3M $858.1M
YoY Change -1.58% 4.82% 7.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $550.6M $583.0M $584.4M
YoY Change
Total Liabilities & Shareholders Equity $5.374B $5.371B $5.487B
YoY Change 6.73% 38.2% 59.14%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$98.48M $55.10M -$36.60M
YoY Change 88.61% -170.19% -243.06%
Depreciation, Depletion And Amortization $500.0K $500.0K $500.0K
YoY Change 150.0% 66.67% 66.67%
Cash From Operating Activities $43.98M $53.20M $37.20M
YoY Change 9.14% 26.67% -18.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $76.50M -$32.90M
YoY Change -100.0% -111.72% -89.91%
Cash From Investing Activities $287.9M $76.50M -$32.90M
YoY Change -128.58% -111.72% -89.91%
FINANCING ACTIVITIES
Cash Dividend Paid $15.03M
YoY Change -32.59%
Common Stock Issuance & Retirement, Net $206.0K
YoY Change -100.38%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$352.3M -134.4M 23.30M
YoY Change -134.51% -122.93% -86.77%
NET CHANGE
Cash From Operating Activities $43.98M 53.20M 37.20M
Cash From Investing Activities $287.9M 76.50M -32.90M
Cash From Financing Activities -$352.3M -134.4M 23.30M
Net Change In Cash -$20.43M -4.700M 27.60M
YoY Change -137.86% -81.05% -126.44%
FREE CASH FLOW
Cash From Operating Activities $43.98M $53.20M $37.20M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2018 us-gaap Net Income Loss
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7023000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
33893000 USD
CY2019 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
5190000 USD
CY2018 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1200000 USD
CY2017 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-577000 USD
CY2019 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
5277000 USD
CY2018 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
6574000 USD
CY2017 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
578000 USD
CY2019 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-186949000 USD
CY2018 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-3461000 USD
CY2017 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
3044000 USD
CY2019 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-5755000 USD
CY2018 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-23373000 USD
CY2017 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-11530000 USD
CY2019 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-56000 USD
CY2018 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
52000 USD
CY2017 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
75000 USD
CY2019 us-gaap Adjustment For Amortization
AdjustmentForAmortization
133690000 USD
CY2018 us-gaap Adjustment For Amortization
AdjustmentForAmortization
143036000 USD
CY2017 us-gaap Adjustment For Amortization
AdjustmentForAmortization
157706000 USD
CY2019 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1684000 USD
CY2018 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1232000 USD
CY2017 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1287000 USD
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
1205000 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1231000 USD
CY2018 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
4210000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
1954000 USD
CY2019 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1412000 USD
CY2018 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
4118000 USD
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-42000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
175346000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
180560000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
204448000 USD
CY2019 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2991311000 USD
CY2018 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1789272000 USD
CY2017 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1317959000 USD
CY2019 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
537481000 USD
CY2018 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
188898000 USD
CY2017 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
307133000 USD
CY2019 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1033066000 USD
CY2018 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
733064000 USD
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1073093000 USD
CY2019 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
2103000 USD
CY2019 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-738000 USD
CY2018 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-2094000 USD
CY2017 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
3386000 USD
CY2019 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
184920000 USD
CY2018 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
6135000 USD
CY2017 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-21986000 USD
CY2019 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
121000 USD
CY2018 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
102000 USD
CY2017 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
206000 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1603702000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-869337000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
87433000 USD
CY2019 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
102505318000 USD
CY2018 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
105236233000 USD
CY2017 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
84876542000 USD
CY2019 us-gaap Repayments Of Debt
RepaymentsOfDebt
101020954000 USD
CY2018 us-gaap Repayments Of Debt
RepaymentsOfDebt
104534151000 USD
CY2017 us-gaap Repayments Of Debt
RepaymentsOfDebt
85209592000 USD
CY2017 us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-938000 USD
CY2019 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
19924000 USD
CY2018 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1599000 USD
CY2017 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
31350000 USD
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
63889000 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
41858000 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
47182000 USD
CY2019 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
185000 USD
CY2018 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
10000 USD
CY2017 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
61000 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25034000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
296000 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
364000 USD
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
521000 USD
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
68042000 USD
CY2018 us-gaap Payments Of Dividends
PaymentsOfDividends
52790000 USD
CY2017 us-gaap Payments Of Dividends
PaymentsOfDividends
47532000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1473882000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
690281000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-303570000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
45526000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1504000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-11689000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88704000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
87200000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98889000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134230000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88704000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
87200000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
108986000 USD
CY2018 us-gaap Interest Paid Net
InterestPaidNet
53205000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
35851000 USD
CY2019 us-gaap Nature Of Operations
NatureOfOperations
<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Organization</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-indent:36pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Dynex Capital, Inc. (“Company”) was incorporated in the Commonwealth of Virginia on December 18, 1987 and commenced operations in February 1988. The Company primarily earns income from investing on a leveraged basis in debt securities, the majority of which are specified pools of Agency and non-Agency mortgage-backed securities (“MBS”) consisting of residential MBS (“RMBS”), commercial MBS (“CMBS”) and CMBS interest-only (“IO”) securities that are issued or guaranteed by U.S. Government sponsored agencies (“Agency MBS”) and MBS issued by others (“non-Agency MBS”). The Company also invests in other types of mortgage-related securities, such as to-be-announced securities (“TBAs” or “TBA securities”).</span></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span></div><div style="text-indent:36pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. The most significant estimates used by management include, but are not limited to, amortization of premiums and discounts and fair value measurements of its investments. These items are discussed further below within this note to the consolidated financial statements.</span></div>
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
62582000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34598000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
71648000 USD
CY2019Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0201
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
54106000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134230000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88704000 USD
CY2019 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">As previously disclosed in the 2018 Form 10-K, the receiver (the “Receiver”) for one of the plaintiffs awarded damages in a judgment (the "DCI Judgment") against Dynex Commercial, Inc. ("DCI"), a subsidiary of a former affiliate of the Company, filed a separate claim in May 2018 against the Company seeking payment of the damages awarded in connection with the DCI Judgment, alleging that the Company breached a litigation cost sharing agreement, as amended (the "Agreement", which is discussed further in </span><span style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration: underline;"><a href="#i7ab385930d5545c0992cfdb33dc271a2_55" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration: underline;">Note 9</a></span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">) that was initially entered into by the Company and DCI in December 2000. On November 21, 2019, the U.S. District Court, Northern District of Texas ("Northern District Court") granted in part and denied in part summary judgment on the Receiver’s claim and the Company’s claim for offset and recoupment. The Northern District Court found that the Company breached the Agreement and therefore must pay damages to the Receiver. The Northern District Court simultaneously granted the Company’s motion for summary judgment finding that DCI also breached the Agreement and that the Company can recover amounts due to it from DCI under the Agreement. The Receiver subsequently filed a claim for damages with the Northern District Court of approximately $12,600, while the Company filed claims for damages ranging from $13,300 to $30,600, including interest. The Receiver filed objections (the "Objections") with the Northern District Court to, among other things, the Company recovering amounts incurred prior to entry into the Agreement and amounts incurred under the Agreement after January 31, 2006, including interest, which is the date that DCI’s corporate existence ceased under Virginia law. The Company has disputed, among other things, that the Receiver's </span>Objections as not supportable under Virginia law and has further refined its damages claim to range from $13,300 based on simple interest to $17,800 based on a combination of simple and compound interest, which the Company believes is supportable under Virginia law. After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.
CY2019 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
12600 USD
CY2019 us-gaap Loss Contingency Inestimable Loss
LossContingencyInestimableLoss
a law. After consultation with litigation counsel, the Company believes, based upon information currently available and its evaluation of Virginia law, that the likelihood of loss is not probable, and given the range of potential claims for damages by the Company to offset the Receiver's claims, the amount of possible loss cannot be reasonably estimated, and therefore, no contingent liability has been recorded.
CY2019 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
547000 USD
CY2019Q4 dx Parvalueofavailableforsaledebtsecurity
Parvalueofavailableforsaledebtsecurity
4455808000 USD
CY2019Q4 dx Investments Unamortized Premium Discount
InvestmentsUnamortizedPremiumDiscount
558549000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
5014357000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
175157000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1351000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
5188163000 USD
CY2018Q4 dx Parvalueofavailableforsaledebtsecurity
Parvalueofavailableforsaledebtsecurity
3194441000 USD
CY2018Q4 dx Investments Unamortized Premium Discount
InvestmentsUnamortizedPremiumDiscount
590968000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
3785409000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
21436000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
57381000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
3749464000 USD
CY2019 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1033066000 USD
CY2019 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-5755000 USD
CY2018 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
733064000 USD
CY2018 us-gaap Debt Securities Available For Sale Realized Gain Loss
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-23373000 USD
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2017 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2019Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
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4752348000 USD
CY2019Q4 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
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5024625000 USD
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
3267984000 USD
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0269
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Carrying Amounts
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3511604000 USD
CY2019Q4 srt Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
6180000 USD
CY2018Q4 srt Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
58915000 USD
CY2019Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
4752348000 USD
CY2019Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0201
CY2019Q4 dx Originaltermtomaturity
Originaltermtomaturity
45
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
3267984000 USD
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0269
CY2018Q4 dx Originaltermtomaturity
Originaltermtomaturity
66
CY2019Q4 dx Borrowingsoutstandingwithcounterparty
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315413000 USD
CY2019Q4 us-gaap Repurchase Agreement Counterparty Amount At Risk
RepurchaseAgreementCounterpartyAmountAtRisk
37706000 USD
CY2019Q4 dx Wavg Interest Rate For Amount Outstanding With Named Counterparty
WAVGInterestRateForAmountOutstandingWithNamedCounterparty
0.0186
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
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CY2019Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
250000000 USD
CY2019Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0267
CY2019Q4 dx Number Of Counterparties Borrowings Outstanding
NumberOfCounterpartiesBorrowingsOutstanding
25 Agreements
CY2019Q4 dx Number Of Counterparties Borrowing Availability
NumberOfCounterpartiesBorrowingAvailability
38 Agreements
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
4752348000 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
4752348000 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
4752348000 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
3267984000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
3267984000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
3267984000 USD
CY2019Q4 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.0207
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2019Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
4290000 USD
CY2018Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
6563000 USD
CY2019Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
974000 USD
CY2018Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
1218000 USD
CY2019Q4 dx Variationmargin
Variationmargin
-9265000 USD
CY2018Q4 dx Variationmargin
Variationmargin
8424000 USD
CY2019 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-186949000 USD
CY2018 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-3461000 USD
CY2017 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
3044000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4290000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
4290000 USD
CY2019Q4 us-gaap Derivative Collateral Obligation To Return Securities
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