NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Unum Group and Subsidiaries Note 3 - Investments - Continued Offsetting of Financial Instruments 143 We enter into master netting agreements with each of our derivatives counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 4 for further discussion of collateral related to our derivative contracts. Certain of our U.S. insurance subsidiaries are members of regional FHLBs. Membership, which requires that we purchase a minimum amount of FHLB common stock on which we receive dividends, provides access to low-cost funding. Advances received from the FHLB are used for the purchase of fixed maturity securities. Additional common stock purchases may be required, based on the amount of funds we borrow from the FHLBs. The carrying value of common stock owned, collateral posted, and advances received are as follows: Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them. As of December 31, 2019, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $176.4 million, for which we received collateral in the form of securities of $186.5 million. As of December 31, 2018, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $164.1 million, for which we received collateral in the form of cash and securities of $0.1 million and $171.4 million, respectively. We had no outstanding repurchase agreements at December 31, 2019 or 2018. The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows: December 31 2019 2018 Overnight and Continuous (in millions of dollars) Borrowings All Other Corporate Bonds $ —  $ 0.1  Gross Amount of Recognized Liability for Securities Lending Transactions —  0.1  Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein $ —  $ —  December 31 2019 2018 (in millions of dollars) Carrying Value of FHLB Common Stock $ 18.5  $ 24.1  Advances from FHLB $ —  $ 104.0  Carrying Value of Collateral Posted to FHLB Fixed Maturity Securities $ 182.1  $ 219.8  Commercial Mortgage Loans 164.4  179.9  Total Carrying Value of Collateral Posted to FHLB $ 346.5  $ 399.7 