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Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instrument Detail [Abstract]

Derivative Contracts [Table Text Block]

The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at March 31, 2021 (in thousands):

						Assets
						Notional1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	3,221,571					$	79,353					$	(9,135)					$	70,218					$	—					$	70,218
Energy contracts						3,930,367						618,401						(152,837)						465,564						—						465,564
Agricultural contracts						32,893						1,629						(1,513)						116						—						116
Foreign exchange contracts						346,897						343,101						—						343,101						(540)						342,561
Equity option contracts						65,678						1,455						—						1,455						(300)						1,155
Total customer risk management programs						7,597,406						1,043,939						(163,485)						880,454						(840)						879,614
Trading						67,796,867						785,765						(380,313)						405,452						(774)						404,678
Internal risk management programs						801,025						17,301						(12,437)						4,864						—						4,864
Total derivative contracts						$	76,195,298					$	1,847,005					$	(556,235)					$	1,290,770					$	(1,614)					$	1,289,156
						Liabilities
						Notional1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	3,221,571					$	79,619					$	(9,135)					$	70,484					$	(60,429)					$	10,055
Energy contracts						3,897,430						602,728						(152,837)						449,891						(443,933)						5,958
Agricultural contracts						32,893						1,609						(1,513)						96						—						96
Foreign exchange contracts						347,166						343,134						—						343,134						(24)						343,110
Equity option contracts						65,678						1,455						—						1,455						—						1,455
Total customer risk management programs						7,564,738						1,028,545						(163,485)						865,060						(504,386)						360,674
Trading						66,746,760						834,430						(380,313)						454,117						(99,371)						354,746
Internal risk management programs						1,064,473						21,036						(12,437)						8,599						(4,463)						4,136
Total derivative contracts						$	75,375,971					$	1,884,011					$	(556,235)					$	1,327,776					$	(608,220)					$	719,556

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2020 (in thousands):

						Assets
						Notional 1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	3,212,469					$	113,524					$	(144)					$	113,380					$	—					$	113,380
Energy contracts						3,791,565						386,008						(211,468)						174,540						—						174,540
Agricultural contracts						14,765						3,859						—						3,859						—						3,859
Foreign exchange contracts						337,001						332,257						—						332,257						(420)						331,837
Equity option contracts						70,199						1,222						—						1,222						(285)						937
Total customer risk management programs						7,425,999						836,870						(211,612)						625,258						(705)						624,553
Trading						84,997,593						440,627						(240,655)						199,972						(26,958)						173,014
Internal risk management programs						995,123						17,352						(4,231)						13,121						—						13,121
Total derivative contracts						$	93,418,715					$	1,294,849					$	(456,498)					$	838,351					$	(27,663)					$	810,688
						Liabilities
						Notional 1						Gross Fair Value						Netting Adjustments						Net Fair Value Before Cash Collateral						Cash Collateral						Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts						$	3,212,469					$	113,900					$	(144)					$	113,756					$	(104,202)					$	9,554
Energy contracts						3,617,678						361,334						(211,468)						149,866						(114,070)						35,796
Agricultural contracts						14,781						3,844						—						3,844						(3,844)						—
Foreign exchange contracts						336,223						331,035						—						331,035						(1,165)						329,870
Equity option contracts						70,199						1,222						—						1,222						—						1,222
Total customer risk management programs						7,251,350						811,335						(211,612)						599,723						(223,281)						376,442
Trading						88,929,916						414,801						(240,655)						174,146						(145,692)						28,454
Internal risk management programs						145,256						5,529						(4,231)						1,298						(415)						883
Total derivative contracts						$	96,326,522					$	1,231,665					$	(456,498)					$	775,167					$	(369,388)					$	405,779

1    Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.

Derivative Instruments, Gain (Loss) in Statement of Earnings [Table Text Block]

The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):

						Three Months Ended
						March 31, 2021												March 31, 2020
						Brokerage and Trading Revenue						Gain (Loss) on Derivatives, Net						Brokerage and Trading Revenue						Gain (Loss)on Derivatives, Net
Customer risk management programs:
Interest rate contracts						$	1,388					$	—					$	942					$	—
Energy contracts						1,020						—						2,007						—
Agricultural contracts						18						—						15						—
Foreign exchange contracts						166						—						258						—
Equity option contracts						—						—						—						—
Total customer risk management programs						2,592						—						3,222						—
Trading1						(71,259)						—						(40,655)						—
Internal risk management programs						—						(27,650)						—						18,420
Total derivative contracts						$	(68,667)					$	(27,650)					$	(37,433)					$	18,420

1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also include in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
-Topic 815
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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