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Derivatives (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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						$	2,667,177					$	150,410					$	—					$	150,410					$	(146,700)					$	3,710
Energy contracts						8,269,088						914,855						(587,545)						327,310						(120,398)						206,912
Foreign exchange contracts						62,860						60,509						—						60,509						(1,862)						58,647
Equity option contracts						8,107						60						—						60						(56)						4
Total customer risk management programs						11,007,232						1,125,834						(587,545)						538,289						(269,016)						269,273
Trading						24,565,864						133,391						(51,516)						81,875						(153)						81,722
Internal risk management programs						190,000						2,042						—						2,042						—						2,042
Total derivative contracts						$	35,763,096					$	1,261,267					$	(639,061)					$	622,206					$	(269,169)					$	353,037
						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						$	2,667,177					$	150,412					$	—					$	150,412					$	—					$	150,412
Energy contracts						8,266,679						903,909						(587,545)						316,364						(23,427)						292,937
Foreign exchange contracts						62,154						59,632						—						59,632						—						59,632
Equity option contracts						8,107						60						—						60						—						60
Total customer risk management programs						11,004,117						1,114,013						(587,545)						526,468						(23,427)						503,041
Trading						20,340,860						96,506						(51,516)						44,990						(1,559)						43,431
Internal risk management programs						335,000						4,181						—						4,181						—						4,181
Total derivative contracts						$	31,679,977					$	1,214,700					$	(639,061)					$	575,639					$	(24,986)					$	550,653

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
						June 30, 2023												June 30, 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						$	2,339					$	—					$	939					$	—
Energy contracts						11,250						—						12,036						—
Foreign exchange contracts						53						—						158						—
Equity option contracts						—						—						—						—
Total customer risk management programs						13,642						—						13,133						—
Trading1						64,172						—						(15,376)						—
Internal risk management programs						—						(8,159)						—						(13,569)
Total derivative contracts						$	77,814					$	(8,159)					$	(2,243)					$	(13,569)

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.

						Six Months Ended
						June 30, 2023												June 30, 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						4,109						—						7,281						—
Energy contracts						17,803						—						16,484						—
Foreign exchange contracts						84						—						306						—
Equity option contracts						—						—						—						—
Total customer risk management programs						21,996						—						24,071						—
Trading1						1,079						—						15,698						—
Internal risk management programs						—						(9,503)						—						(60,550)
Total derivative contracts						$	23,075					$	(9,503)					$	39,769					$	(60,550)

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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
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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

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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