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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
						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						$	2,791,627					$	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
						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						$	2,761,850					$	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						—
Trading1						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						—
Trading1						(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.

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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 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

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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

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

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