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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 (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						$	3,044,422					$	78,868					$	(21,609)					$	57,259					$	(34,677)					$	22,582
Energy contracts						7,026,833						587,825						(298,013)						289,812						(73,855)						215,957
Foreign exchange contracts						68,200						67,590						—						67,590						—						67,590
Equity option contracts						1,593						175						—						175						(50)						125
Total customer risk management programs						10,141,048						734,458						(319,622)						414,836						(108,582)						306,254
Trading						22,535,789						80,994						(51,194)						29,800						(3,105)						26,695
Internal risk management programs						515,864						1,909						(476)						1,433						—						1,433
Total derivative contracts						$	33,192,701					$	817,361					$	(371,292)					$	446,069					$	(111,687)					$	334,382
						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						$	3,044,422					$	78,694					$	(21,609)					$	57,085					$	—					$	57,085
Energy contracts						6,979,686						566,078						(298,013)						268,065						(53)						268,012
Foreign exchange contracts						68,130						67,510						—						67,510						(65)						67,445
Equity option contracts						1,593						175						—						175						—						175
Total customer risk management programs						10,093,831						712,457						(319,622)						392,835						(118)						392,717
Trading						23,129,139						75,225						(51,194)						24,031						(15,531)						8,500
Internal risk management programs						79,254						1,818						(476)						1,342						—						1,342
Total derivative contracts						$	33,302,224					$	789,500					$	(371,292)					$	418,208					$	(15,649)					$	402,559

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, 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						$	2,754,476					$	108,450					$	(6,810)					$	101,640					$	(94,608)					$	7,032
Energy contracts						7,846,190						836,425						(399,148)						437,277						(169,141)						268,136
Foreign exchange contracts						54,999						53,863						—						53,863						(872)						52,991
Equity option contracts						3,316						54						—						54						(44)						10
Total customer risk management programs						10,658,981						998,792						(405,958)						592,834						(264,665)						328,169
Trading						16,264,818						118,545						(37,111)						81,434						(6,996)						74,438
Internal risk management programs						425,014						7,697						—						7,697						—						7,697
Total derivative contracts						$	27,348,813					$	1,125,034					$	(443,069)					$	681,965					$	(271,661)					$	410,304
						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						$	2,754,476					$	108,402					$	(6,810)					$	101,592					$	—					$	101,592
Energy contracts						8,254,004						831,467						(399,148)						432,319						(6,441)						425,878
Foreign exchange contracts						54,405						53,065						—						53,065						—						53,065
Equity option contracts						3,316						54						—						54						—						54
Total customer risk management programs						11,066,201						992,988						(405,958)						587,030						(6,441)						580,589
Trading						20,644,156						224,648						(37,111)						187,537						(181,917)						5,620
Internal risk management programs						2,244						1,264						—						1,264						—						1,264
Total derivative contracts						$	31,712,601					$	1,218,900					$	(443,069)					$	775,831					$	(188,358)					$	587,473

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, 2024												September 30, 2023
						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						$	1,606					$	—					$	800					$	—
Energy contracts						5,612						—						5,994						—
Foreign exchange contracts						207						—						61						—
Equity option contracts						—						—						—						—
Total customer risk management programs						7,425						—						6,855						—
Trading1						(11,669)						—						21,511						—
Internal risk management programs						—						8,991						—						(9,010)
Total derivative contracts						$	(4,244)					$	8,991					$	28,366					$	(9,010)

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, 2024												September 30, 2023
						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						4,613						—						4,909						—
Energy contracts						15,589						—						23,797						—
Foreign exchange contracts						313						—						145						—
Equity option contracts						—						—						—						—
Total customer risk management programs						20,515						—						28,851						—
Trading1						104,613						—						22,590						—
Internal risk management programs						—						(733)						—						(18,513)
Total derivative contracts						$	125,128					$	(733)					$	51,441					$	(18,513)

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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-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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