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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 (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						$	3,069,260					$	68,118					$	(12,771)					$	55,347					$	(44,438)					$	10,909
Energy contracts						7,098,960						696,002						(383,855)						312,147						(14,646)						297,501
Foreign exchange contracts						93,471						60,978						(434)						60,544						(30)						60,514
Equity option contracts						1,593						181						—						181						(50)						131
Total customer risk management programs						10,263,284						825,279						(397,060)						428,219						(59,164)						369,055
Trading						21,258,011						69,408						(33,486)						35,922						(3,252)						32,670
Internal risk management programs						859,020						3,477						—						3,477						—						3,477
Total derivative contracts						$	32,380,315					$	898,164					$	(430,546)					$	467,618					$	(62,416)					$	405,202
						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						$	3,069,260					$	68,019					$	(12,771)					$	55,248					$	—					$	55,248
Energy contracts						7,053,425						654,901						(383,855)						271,046						(214,023)						57,023
Foreign exchange contracts						92,562						60,021						(434)						59,587						(934)						58,653
Equity option contracts						1,593						181						—						181						—						181
Total customer risk management programs						10,216,840						783,122						(397,060)						386,062						(214,957)						171,105
Trading						24,615,177						85,797						(33,486)						52,311						(44,627)						7,684
Internal risk management programs						6,464						1,212						—						1,212						—						1,212
Total derivative contracts						$	34,838,481					$	870,131					$	(430,546)					$	439,585					$	(259,584)					$	180,001

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, 2024 (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						$	3,064,418					$	82,191					$	(5,369)					$	76,822					$	(71,485)					$	5,337
Energy contracts						7,169,926						521,032						(398,457)						122,575						(3,816)						118,759
Foreign exchange contracts						80,510						42,792						(395)						42,397						(434)						41,963
Equity option contracts						1,593						208						—						208						(50)						158
Total customer risk management programs						10,316,447						646,223						(404,221)						242,002						(75,785)						166,217
Trading						19,577,362						132,581						(56,764)						75,817						(242)						75,575
Internal risk management programs						168						1,017						—						1,017						—						1,017
Total derivative contracts						$	29,893,977					$	779,821					$	(460,985)					$	318,836					$	(76,027)					$	242,809
						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						$	3,064,418					$	82,141					$	(5,369)					$	76,772					$	—					$	76,772
Energy contracts						7,076,929						488,113						(398,457)						89,656						(1,020)						88,636
Foreign exchange contracts						76,906						39,253						(395)						38,858						(380)						38,478
Equity option contracts						1,593						208						—						208						—						208
Total customer risk management programs						10,219,846						609,715						(404,221)						205,494						(1,400)						204,094
Trading						14,196,406						87,082						(56,764)						30,318						(1,292)						29,026
Internal risk management programs						602,176						4,462						—						4,462						—						4,462
Total derivative contracts						$	25,018,428					$	701,259					$	(460,985)					$	240,274					$	(2,692)					$	237,582

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, 2025												March 31, 2024
						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						$	741					$	—					$	2,460					$	—
Energy contracts						7,610						—						3,815						—
Foreign exchange contracts						38						—						50						—
Equity option contracts						—						—						—						—
Total customer risk management programs						8,389						—						6,325						—
Trading1						(73,796)						—						83,706						—
Internal risk management programs						—						9,565						—						(8,633)
Total derivative contracts						$	(65,407)					$	9,565					$	90,031					$	(8,633)

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
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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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