XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Derivatives (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2025 (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 |  | $ | 2,791,627 |  |  | $ | 55,557 |  |  | $ | (18,378) |  |  | $ | 37,179 |  |  | $ | (18,966) |  |  | $ | 18,213 |
Energy contracts |  | 6,351,889 |  |  | 545,474 |  |  | (327,340) |  |  | 218,134 |  |  | (20,384) |  |  | 197,750 |
Foreign exchange contracts |  | 81,876 |  |  | 61,286 |  |  | (55) |  |  | 61,231 |  |  | (778) |  |  | 60,453 |
Equity option contracts |  | 1,593 |  |  | 234 |  |  | — |  |  | 234 |  |  | (50) |  |  | 184 |
Total customer risk management programs |  | 9,226,985 |  |  | 662,551 |  |  | (345,773) |  |  | 316,778 |  |  | (40,178) |  |  | 276,600 |
Trading |  | 22,147,710 |  |  | 74,304 |  |  | (47,776) |  |  | 26,528 |  |  | (4,902) |  |  | 21,626 |
Internal risk management programs |  | 82,935 |  |  | 989 |  |  | — |  |  | 989 |  |  | — |  |  | 989 |
Total derivative contracts |  | $ | 31,457,630 |  |  | $ | 737,844 |  |  | $ | (393,549) |  |  | $ | 344,295 |  |  | $ | (45,080) |  |  | $ | 299,215 |
|  | 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 |  | $ | 2,761,850 |  |  | $ | 55,722 |  |  | $ | (18,378) |  |  | $ | 37,344 |  |  | $ | (270) |  |  | $ | 37,074 |
Energy contracts |  | 6,350,981 |  |  | 522,548 |  |  | (327,340) |  |  | 195,208 |  |  | (4,030) |  |  | 191,178 |
Foreign exchange contracts |  | 81,616 |  |  | 61,011 |  |  | (55) |  |  | 60,956 |  |  | — |  |  | 60,956 |
Equity option contracts |  | 1,593 |  |  | 234 |  |  | — |  |  | 234 |  |  | — |  |  | 234 |
Total customer risk management programs |  | 9,196,040 |  |  | 639,515 |  |  | (345,773) |  |  | 293,742 |  |  | (4,300) |  |  | 289,442 |
Trading |  | 21,300,664 |  |  | 74,160 |  |  | (47,776) |  |  | 26,384 |  |  | (15,555) |  |  | 10,829 |
Internal risk management programs |  | 671,261 |  |  | 6,525 |  |  | — |  |  | 6,525 |  |  | — |  |  | 6,525 |
Total derivative contracts |  | $ | 31,167,965 |  |  | $ | 720,200 |  |  | $ | (393,549) |  |  | $ | 326,651 |  |  | $ | (19,855) |  |  | $ | 306,796 |
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
|  | September 30, 2025 |  | September 30, 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 |  | $ | 1,339 |  |  | $ | — |  |  | $ | 1,606 |  |  | $ | — |
Energy contracts |  | 4,351 |  |  | — |  |  | 5,612 |  |  | — |
Foreign exchange contracts |  | 25 |  |  | — |  |  | 207 |  |  | — |
Equity option contracts |  | — |  |  | — |  |  | — |  |  | — |
Total customer risk management programs |  | 5,715 |  |  | — |  |  | 7,425 |  |  | — |
Trading 1 |  | 43,755 |  |  | — |  |  | (11,669) |  |  | — |
Internal risk management programs |  | — |  |  | (453) |  |  | — |  |  | 8,991 |
Total derivative contracts |  | $ | 49,470 |  |  | $ | (453) |  |  | $ | (4,244) |  |  | $ | 8,991 |
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 Other operating revenue - Brokerage and trading revenue in the Consolidated Statements of Earnings.
|  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 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 |  | 2,975 |  |  | — |  |  | 4,613 |  |  | — |
Energy contracts |  | 18,551 |  |  | — |  |  | 15,589 |  |  | — |
Foreign exchange contracts |  | 88 |  |  | — |  |  | 313 |  |  | — |
Equity option contracts |  | — |  |  | — |  |  | — |  |  | — |
Total customer risk management programs |  | 21,614 |  |  | — |  |  | 20,515 |  |  | — |
Trading 1 |  | (56,644) |  |  | — |  |  | 104,613 |  |  | — |
Internal risk management programs |  | — |  |  | 14,647 |  |  | — |  |  | (733) |
Total derivative contracts |  | $ | (35,030) |  |  | $ | 14,647 |  |  | $ | 125,128 |  |  | $ | (733) |
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 Other operating revenue - Brokerage and trading revenue in the Consolidated Statements of Earnings.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentDetailAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: 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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration