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Derivatives (Tables)

3 Months Ended

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
						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						$	2,691,550					$	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
						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						$	2,691,550					$	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						—
Trading1						(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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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 4A
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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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