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Derivatives (Tables)

9 Months Ended

Sep. 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 September 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						$	2,763,185					$	160,856					$	—					$	160,856					$	(160,548)					$	308
Energy contracts						8,617,592						972,109						(607,483)						364,626						(34,399)						330,227
Foreign exchange contracts						70,676						68,262						—						68,262						(2,086)						66,176
Equity option contracts						5,524						47						—						47						(47)						—
Total customer risk management programs						11,456,977						1,201,274						(607,483)						593,791						(197,080)						396,711
Trading						24,569,954						234,809						(85,411)						149,398						—						149,398
Internal risk management programs						—						—						—						—						—						—
Total derivative contracts						$	36,026,931					$	1,436,083					$	(692,894)					$	743,189					$	(197,080)					$	546,109
						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						$	2,763,185					$	160,869					$	—					$	160,869					$	—					$	160,869
Energy contracts						8,941,634						966,583						(607,483)						359,100						(242,133)						116,967
Foreign exchange contracts						64,921						62,306						—						62,306						—						62,306
Equity option contracts						5,524						47						—						47						—						47
Total customer risk management programs						11,775,264						1,189,805						(607,483)						582,322						(242,133)						340,189
Trading						18,778,554						150,983						(85,412)						65,571						(6,138)						59,433
Internal risk management programs						295,000						4,325						—						4,325						—						4,325
Total derivative contracts						$	30,848,818					$	1,345,113					$	(692,895)					$	652,218					$	(248,271)					$	403,947

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
						September 30, 2023												September 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						$	800					$	—					$	2,677					$	—
Energy contracts						5,994						—						10,386						—
Foreign exchange contracts						61						—						116						—
Equity option contracts						—						—						—						—
Total customer risk management programs						6,855						—						13,179						—
Trading1						21,511						—						52,373						—
Internal risk management programs						—						(9,010)						—						(17,009)
Total derivative contracts						$	28,366					$	(9,010)					$	65,552					$	(17,009)

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.

						Nine Months Ended
						September 30, 2023												September 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						4,909						—						9,958						—
Energy contracts						23,797						—						26,870						—
Foreign exchange contracts						145						—						422						—
Equity option contracts						—						—						—						—
Total customer risk management programs						28,851						—						37,250						—
Trading1						22,590						—						68,071						—
Internal risk management programs						—						(18,513)						—						(77,559)
Total derivative contracts						$	51,441					$	(18,513)					$	105,321					$	(77,559)

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
-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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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.

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-Name Accounting Standards Codification
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