XML 51 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2014
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, 2014 (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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
10,859,613

 
$
30,897

 
$
(20,219
)
 
$
10,678

 
$
—

 
$
10,678

Interest rate swaps
 
1,266,880

 
41,331

 
—

 
41,331

 
—

 
41,331

Energy contracts
 
1,207,861

 
53,440

 
(27,112
)
 
26,328

 
—

 
26,328

Agricultural contracts
 
111,960

 
4,208

 
(1,875
)
 
2,333

 
—

 
2,333

Foreign exchange contracts
 
123,278

 
123,278

 
—

 
123,278

 
—

 
123,278

Equity option contracts
 
208,977

 
17,939

 
—

 
17,939

 
(3,380
)
 
14,559

Total customer risk management programs
 
13,778,569

 
271,093

 
(49,206
)
 
221,887

 
(3,380
)
 
218,507

Interest rate risk management programs
 
—

 
—

 
—

 
—

 
—

 
—

Total derivative contracts
 
$
13,778,569

 
$
271,093

 
$
(49,206
)
 
$
221,887

 
$
(3,380
)
 
$
218,507

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
11,398,442

 
$
27,966

 
$
(20,219
)
 
$
7,747

 
$
—

 
$
7,747

Interest rate swaps
 
1,266,880

 
41,596

 
—

 
41,596

 
(17,388
)
 
24,208

Energy contracts
 
1,134,208

 
51,308

 
(27,112
)
 
24,196

 
(14,202
)
 
9,994

Agricultural contracts
 
105,518

 
4,174

 
(1,875
)
 
2,299

 
(2,287
)
 
12

Foreign exchange contracts
 
122,939

 
122,939

 
—

 
122,939

 
—

 
122,939

Equity option contracts
 
208,977

 
17,939

 
—

 
17,939

 
—

 
17,939

Total customer risk management programs
 
14,236,964

 
265,922

 
(49,206
)
 
216,716

 
(33,877
)
 
182,839

Interest rate risk management programs
 
47,000

 
2,660

 
—

 
2,660

 
—

 
2,660

Total derivative contracts
 
$
14,283,964

 
$
268,582

 
$
(49,206
)
 
$
219,376

 
$
(33,877
)
 
$
185,499

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, 2013 (in thousands):

 
 
Assets
 
 
Notional
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
10,817,159

 
$
102,921

 
$
(46,623
)
 
$
56,298

 
$
—

 
$
56,298

Interest rate swaps
 
1,283,379

 
44,124

 
—

 
44,124

 
(731
)
 
43,393

Energy contracts
 
1,263,266

 
48,078

 
(29,957
)
 
18,121

 
(2,575
)
 
15,546

Agricultural contracts
 
100,886

 
2,060

 
(1,166
)
 
894

 
—

 
894

Foreign exchange contracts
 
136,543

 
136,543

 
—

 
136,543

 
(2,147
)
 
134,396

Equity option contracts
 
210,816

 
17,957

 
—

 
17,957

 
(3,472
)
 
14,485

Total customer risk management programs
 
13,812,049

 
351,683

 
(77,746
)
 
273,937

 
(8,925
)
 
265,012

Interest rate risk management programs
 
—

 
—

 
—

 
—

 
—

 
—

Total derivative contracts
 
$
13,812,049

 
$
351,683

 
$
(77,746
)
 
$
273,937

 
$
(8,925
)
 
$
265,012

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
Notional
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
10,982,049

 
$
99,830

 
$
(46,623
)
 
$
53,207

 
$
—

 
$
53,207

Interest rate swaps
 
1,283,379

 
44,377

 
—

 
44,377

 
(17,853
)
 
26,524

Energy contracts
 
1,216,426

 
46,095

 
(29,957
)
 
16,138

 
(6,055
)
 
10,083

Agricultural contracts
 
99,191

 
2,009

 
(1,166
)
 
843

 
—

 
843

Foreign exchange contracts
 
135,237

 
135,237

 
—

 
135,237

 
(294
)
 
134,943

Equity option contracts
 
210,816

 
17,957

 
—

 
17,957

 
—

 
17,957

Total customer risk management programs
 
13,927,098

 
345,505

 
(77,746
)
 
267,759

 
(24,202
)
 
243,557

Interest rate risk management programs
 
47,000

 
3,628

 
—

 
3,628

 
—

 
3,628

Total derivative contracts
 
$
13,974,098

 
$
349,133

 
$
(77,746
)
 
$
271,387

 
$
(24,202
)
 
$
247,185

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 March 31, 2013 (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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
12,428,736

 
$
59,599

 
$
(21,727
)
 
$
37,872

 
$
—

 
$
37,872

Interest rate swaps
 
1,380,439

 
65,654

 
—

 
65,654

 
—

 
65,654

Energy contracts
 
1,415,266

 
62,426

 
(35,440
)
 
26,986

 
(1,622
)
 
25,364

Agricultural contracts
 
167,652

 
4,174

 
(3,444
)
 
730

 
—

 
730

Foreign exchange contracts
 
176,617

 
176,617

 
—

 
176,617

 
—

 
176,617

Equity option contracts
 
212,147

 
14,054

 
—

 
14,054

 
—

 
14,054

Total customer risk management programs
 
15,780,857

 
382,524

 
(60,611
)
 
321,913

 
(1,622
)
 
320,291

Interest rate risk management programs
 
22,000

 
182

 
—

 
182

 
—

 
182

Total derivative contracts
 
$
15,802,857

 
$
382,706

 
$
(60,611
)
 
$
322,095

 
$
(1,622
)
 
$
320,473

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
12,827,390

 
$
56,565

 
$
(21,727
)
 
$
34,838

 
$
(21,657
)
 
$
13,181

Interest rate swaps
 
1,380,439

 
66,149

 
—

 
66,149

 
(35,127
)
 
31,022

Energy contracts
 
1,388,495

 
62,185

 
(35,440
)
 
26,745

 
(10,433
)
 
16,312

Agricultural contracts
 
167,642

 
4,157

 
(3,444
)
 
713

 
—

 
713

Foreign exchange contracts
 
176,170

 
176,170

 
—

 
176,170

 
—

 
176,170

Equity option contracts
 
212,147

 
14,054

 
—

 
14,054

 
—

 
14,054

Total customer risk management programs
 
16,152,283

 
379,280

 
(60,611
)
 
318,669

 
(67,217
)
 
251,452

Interest rate risk management programs
 
25,000

 
384

 
—

 
384

 
—

 
384

Total derivative contracts
 
$
16,177,283

 
$
379,664

 
$
(60,611
)
 
$
319,053

 
$
(67,217
)
 
$
251,836

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, 2014
 
March 31, 2013
 
 
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
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
(160
)
 
$
—

 
$
(15
)
 
$
—

Interest rate swaps
 
507

 
—

 
767

 
—

Energy contracts
 
871

 
—

 
1,783

 
—

Agricultural contracts
 
63

 
—

 
108

 
—

Foreign exchange contracts
 
219

 
—

 
188

 
—

Equity option contracts
 
—

 
—

 
—

 
—

Total customer risk management programs
 
1,500

 
—

 
2,831

 
—

Interest Rate Risk Management Programs
 
—

 
968

 
—

 
6,118

Total Derivative Contracts
 
$
1,500

 
$
968

 
$
2,831

 
$
6,118