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v3.22.4

Derivatives | 12 Months Ended
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Dec. 31, 2022
Derivative Instrument Detail [Abstract] |
Derivatives [Text Block] | Derivatives The following table summarizes the fair values of derivative contracts recorded as "derivative contracts" assets and liabilities in the balance sheet at December 31, 2022 (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 |  | $ | 2,629,318 |  |  | $ | 158,825 |  |  | $ | — |  |  | $ | 158,825 |  |  | $ | (114,955) |  |  | $ | 43,870 |
Energy contracts |  | 7,918,020 |  |  | 1,232,283 |  |  | (594,543) |  |  | 637,740 |  |  | (67,024) |  |  | 570,716 |
Foreign exchange contracts |  | 219,791 |  |  | 216,569 |  |  | — |  |  | 216,569 |  |  | — |  |  | 216,569 |
Equity option contracts |  | 21,102 |  |  | 193 |  |  | — |  |  | 193 |  |  | (109) |  |  | 84 |
Total customer risk management programs |  | 10,788,231 |  |  | 1,607,870 |  |  | (594,543) |  |  | 1,013,327 |  |  | (182,088) |  |  | 831,239 |
Trading |  | 17,400,037 |  |  | 126,910 |  |  | (74,647) |  |  | 52,263 |  |  | (4,646) |  |  | 47,617 |
Interest rate risk management programs |  | 85,000 |  |  | 1,500 |  |  | (13) |  |  | 1,487 |  |  | — |  |  | 1,487 |
Total derivative contracts |  | $ | 28,273,268 |  |  | $ | 1,736,280 |  |  | $ | (669,203) |  |  | $ | 1,067,077 |  |  | $ | (186,734) |  |  | $ | 880,343 |
|  | 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 |  | $ | 2,629,122 |  |  | $ | 158,816 |  |  | $ | — |  |  | $ | 158,816 |  |  | $ | — |  |  | $ | 158,816 |
Energy contracts |  | 8,696,060 |  |  | 1,242,058 |  |  | (594,543) |  |  | 647,515 |  |  | (484,319) |  |  | 163,196 |
Foreign exchange contracts |  | 214,855 |  |  | 211,233 |  |  | — |  |  | 211,233 |  |  | (7) |  |  | 211,226 |
Equity option contracts |  | 21,102 |  |  | 193 |  |  | — |  |  | 193 |  |  | — |  |  | 193 |
Total customer risk management programs |  | 11,561,139 |  |  | 1,612,300 |  |  | (594,543) |  |  | 1,017,757 |  |  | (484,326) |  |  | 533,431 |
Trading |  | 14,038,906 |  |  | 94,958 |  |  | (74,647) |  |  | 20,311 |  |  | (423) |  |  | 19,888 |
Interest rate risk management programs |  | 178,806 |  |  | 1,594 |  |  | (13) |  |  | 1,581 |  |  | — |  |  | 1,581 |
Total derivative contracts |  | $ | 25,778,851 |  |  | $ | 1,708,852 |  |  | $ | (669,203) |  |  | $ | 1,039,649 |  |  | $ | (484,749) |  |  | $ | 554,900 |
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, 2021 (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 |  | $ | 2,614,162 |  |  | $ | 53,881 |  |  | $ | (10,101) |  |  | $ | 43,780 |  |  | $ | — |  |  | $ | 43,780 |
Energy contracts |  | 6,360,095 |  |  | 1,168,363 |  |  | (375,624) |  |  | 792,739 |  |  | — |  |  | 792,739 |
Foreign exchange contracts |  | 216,272 |  |  | 215,148 |  |  | — |  |  | 215,148 |  |  | — |  |  | 215,148 |
Equity option contracts |  | 42,136 |  |  | 755 |  |  | — |  |  | 755 |  |  | (242) |  |  | 513 |
Total customer risk management programs |  | 9,232,665 |  |  | 1,438,147 |  |  | (385,725) |  |  | 1,052,422 |  |  | (242) |  |  | 1,052,180 |
Trading |  | 35,592,751 |  |  | 139,694 |  |  | (104,326) |  |  | 35,368 |  |  | (721) |  |  | 34,647 |
Internal risk management programs |  | 869,506 |  |  | 10,687 |  |  | (217) |  |  | 10,470 |  |  | — |  |  | 10,470 |
Total derivative contracts |  | $ | 45,694,922 |  |  | $ | 1,588,528 |  |  | $ | (490,268) |  |  | $ | 1,098,260 |  |  | $ | (963) |  |  | $ | 1,097,297 |
|  | 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 |  | $ | 2,614,162 |  |  | $ | 54,062 |  |  | $ | (10,101) |  |  | $ | 43,961 |  |  | $ | (33,870) |  |  | $ | 10,091 |
Energy contracts |  | 6,480,840 |  |  | 1,210,946 |  |  | (375,624) |  |  | 835,322 |  |  | (803,102) |  |  | 32,220 |
Foreign exchange contracts |  | 208,381 |  |  | 207,119 |  |  | — |  |  | 207,119 |  |  | (447) |  |  | 206,672 |
Equity option contracts |  | 42,136 |  |  | 755 |  |  | — |  |  | 755 |  |  | — |  |  | 755 |
Total customer risk management programs |  | 9,345,519 |  |  | 1,472,882 |  |  | (385,725) |  |  | 1,087,157 |  |  | (837,419) |  |  | 249,738 |
Trading |  | 41,285,649 |  |  | 152,947 |  |  | (104,326) |  |  | 48,621 |  |  | (24,074) |  |  | 24,547 |
Internal risk management programs |  | 298,832 |  |  | 1,557 |  |  | (217) |  |  | 1,340 |  |  | — |  |  | 1,340 |
Total derivative contracts |  | $ | 50,930,000 |  |  | $ | 1,627,386 |  |  | $ | (490,268) |  |  | $ | 1,137,118 |  |  | $ | (861,493) |  |  | $ | 275,625 |
1 Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract. The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the Consolidated Statements of Earnings (in thousands):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | Brokerage and Trading Revenue |  | Gain (Loss) on Derivatives, Net |  | 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 |  | $ | 10,690 |  |  | $ | — |  |  | $ | 5,503 |  |  | $ | — |  |  | $ | 4,507 |  |  | $ | — |
Energy contracts |  | 34,435 |  |  | — |  |  | 14,190 |  |  | — |  |  | 17,287 |  |  | — |
Agricultural contracts |  | — |  |  | — |  |  | 27 |  |  | — |  |  | 34 |  |  | — |
Foreign exchange contracts |  | 591 |  |  | — |  |  | 712 |  |  | — |  |  | 921 |  |  | — |
Equity option contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total customer risk management programs |  | 45,716 |  |  | — |  |  | 20,432 |  |  | — |  |  | 22,749 |  |  | — |
Trading 1 |  | 48,616 |  |  | — |  |  | (11,453) |  |  | — |  |  | 8,255 |  |  | — |
Internal risk management programs |  | — |  |  | (73,011) |  |  | — |  |  | (19,378) |  |  | — |  |  | 42,320 |
Total derivative contracts |  | $ | 94,332 |  |  | $ | (73,011) |  |  | $ | 8,979 |  |  | $ | (19,378) |  |  | $ | 31,004 |  |  | $ | 42,320 |
1 Includes changes in fair value of to-be-announced U.S. agency residential mortgage-backed securities and other derivative instruments offered to mortgage banking customers to manage their market risk or held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and trading revenue in the Consolidated Statement of Earnings. As discussed in Note 7, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 7 for additional discussion of notional, fair value and impact on earnings of these contracts. No derivative contracts have been designated as hedging instruments for financial reporting purposes.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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