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v3.23.1

Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 (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 |  | $ | 2,691,550 |  |  | $ | 121,481 |  |  | $ | (3,303) |  |  | $ | 118,178 |  |  | $ | (98,143) |  |  | $ | 20,035 |
Energy contracts |  | 7,456,604 |  |  | 988,149 |  |  | (592,276) |  |  | 395,873 |  |  | (121,612) |  |  | 274,261 |
Foreign exchange contracts |  | 59,321 |  |  | 57,431 |  |  | — |  |  | 57,431 |  |  | (1,560) |  |  | 55,871 |
Equity option contracts |  | 12,286 |  |  | 116 |  |  | — |  |  | 116 |  |  | (95) |  |  | 21 |
Total customer risk management programs |  | 10,219,761 |  |  | 1,167,177 |  |  | (595,579) |  |  | 571,598 |  |  | (221,410) |  |  | 350,188 |
Trading |  | 14,507,221 |  |  | 87,395 |  |  | (45,420) |  |  | 41,975 |  |  | (1,439) |  |  | 40,536 |
Internal risk management programs |  | 165,207 |  |  | 5,253 |  |  | (1,686) |  |  | 3,567 |  |  | — |  |  | 3,567 |
Total derivative contracts |  | $ | 24,892,189 |  |  | $ | 1,259,825 |  |  | $ | (642,685) |  |  | $ | 617,140 |  |  | $ | (222,849) |  |  | $ | 394,291 |
|  | 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 |  | $ | 2,691,550 |  |  | $ | 121,040 |  |  | $ | (3,303) |  |  | $ | 117,737 |  |  | $ | — |  |  | $ | 117,737 |
Energy contracts |  | 7,564,737 |  |  | 997,077 |  |  | (592,276) |  |  | 404,801 |  |  | (80,146) |  |  | 324,655 |
Foreign exchange contracts |  | 57,909 |  |  | 55,828 |  |  | — |  |  | 55,828 |  |  | — |  |  | 55,828 |
Equity option contracts |  | 12,286 |  |  | 116 |  |  | — |  |  | 116 |  |  | — |  |  | 116 |
Total customer risk management programs |  | 10,326,482 |  |  | 1,174,061 |  |  | (595,579) |  |  | 578,482 |  |  | (80,146) |  |  | 498,336 |
Trading |  | 16,042,176 |  |  | 116,109 |  |  | (45,420) |  |  | 70,689 |  |  | (59,941) |  |  | 10,748 |
Internal risk management programs |  | 135,415 |  |  | 3,085 |  |  | (1,686) |  |  | 1,399 |  |  | — |  |  | 1,399 |
Total derivative contracts |  | $ | 26,504,073 |  |  | $ | 1,293,255 |  |  | $ | (642,685) |  |  | $ | 650,570 |  |  | $ | (140,087) |  |  | $ | 510,483 |
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, 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 |
Internal 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
|  | 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 |  | $ | 2,629,122 |  |  | $ | 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 |
Internal 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.
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, 2023 |  | March 31, 2022
|  | 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 |  | $ | 1,770 |  |  | $ | — |  |  | $ | 6,342 |  |  | $ | — |
Energy contracts |  | 6,553 |  |  | — |  |  | 4,449 |  |  | — |
Foreign exchange contracts |  | 31 |  |  | — |  |  | 148 |  |  | — |
Equity option contracts |  | — |  |  | — |  |  | — |  |  | — |
Total customer risk management programs |  | 8,354 |  |  | — |  |  | 10,939 |  |  | — |
Trading 1 |  | (63,093) |  |  | — |  |  | 31,074 |  |  | — |
Internal risk management programs |  | — |  |  | (1,344) |  |  | — |  |  | (46,981) |
Total derivative contracts |  | $ | (54,739) |  |  | $ | (1,344) |  |  | $ | 42,013 |  |  | $ | (46,981) |
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 included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.

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- Definition 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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