XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2020
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 June 30, 2020 (in thousands):
Assets
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts2,772,027  140,157  (42) 140,115  —  140,115  
Energy contracts2,912,225  434,455  (199,805) 234,650  (155,160) 79,490  
Agricultural contracts13,183  59  (35) 24  —  24  
Foreign exchange contracts283,424  281,801  —  281,801  (507) 281,294  
Equity option contracts75,987  1,097  —  1,097  (286) 811  
Total customer risk management programs6,056,846  857,569  (199,882) 657,687  (155,953) 501,734  
Trading50,132,348  219,647  (91,830) 127,817  —  127,817  
Internal risk management programs865,964  23,823  (1,821) 22,002  —  22,002  
Total derivative contracts$57,055,158  $1,101,039  $(293,533) $807,506  $(155,953) $651,553  
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts2,772,027  140,509  (42) 140,467  (129,094) 11,373  
Energy contracts2,718,690  408,813  (199,805) 209,008  (3,298) 205,710  
Agricultural contracts13,191  50  (35) 15  (15) —  
Foreign exchange contracts270,594  269,013  —  269,013  —  269,013  
Equity option contracts75,987  1,097  —  1,097  —  1,097  
Total customer risk management programs5,850,489  819,482  (199,882) 619,600  (132,407) 487,193  
Trading52,408,519  213,170  (91,830) 121,340  —  121,340  
Internal risk management programs168,491  3,308  (1,821) 1,487  —  1,487  
Total derivative contracts$58,427,499  $1,035,960  $(293,533) $742,427  $(132,407) $610,020  
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, 2019 (in thousands):
Assets
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts2,464,478  49,100  (1,839) 47,261  —  47,261  
Energy contracts2,151,096  144,906  (107,591) 37,315  (38) 37,277  
Agricultural contracts16,118  1,522  (22) 1,500  —  1,500  
Foreign exchange contracts214,119  213,007  —  213,007  —  213,007  
Equity option contracts81,455  3,233  —  3,233  (660) 2,573  
Total customer risk management programs4,927,266  411,768  (109,452) 302,316  (698) 301,618  
Trading69,721,932  131,561  (115,949) 15,612  —  15,612  
Internal risk management programs1,268,180  6,226  (81) 6,145  —  6,145  
Total derivative contracts$75,917,378  $549,555  $(225,482) $324,073  $(698) $323,375  
Liabilities
 
Notional 1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts2,464,478  49,194  (1,839) 47,355  (43,932) 3,423  
Energy contracts2,105,391  139,311  (107,591) 31,720  (6,031) 25,689  
Agricultural contracts16,139  1,507  (22) 1,485  (1,485) —  
Foreign exchange contracts207,919  207,020  —  207,020  —  207,020  
Equity option contracts81,455  3,233  —  3,233  —  3,233  
Total customer risk management programs4,875,382  400,265  (109,452) 290,813  (51,448) 239,365  
Trading65,144,388  125,535  (115,949) 9,586  —  9,586  
Internal risk management programs380,401  3,121  (81) 3,040  (863) 2,177  
Total derivative contracts$70,400,171  $528,921  $(225,482) $303,439  $(52,311) $251,128  
1 Notional amounts for commodity contracts are converted into dollar-equivalent amounts based on dollar prices at the inception of the contract.
Derivative Instruments, Gain (Loss) in Statement of Earnings [Table Text Block]
The following summarizes the pre-tax net gains (losses) on derivative instruments and where they are recorded in the income statement (in thousands):
 Three Months Ended
June 30, 2020June 30, 2019
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss)on Derivatives, Net
Customer risk management programs:    
Interest rate contracts
To-be-announced residential mortgage-backed securities$—  $—  $2,212  $—  
Interest rate swaps746  —  942  —  
Energy contracts5,383  —  2,086  —  
Agricultural contracts6  —  4  —  
Foreign exchange contracts107  —  100  —  
Equity option contracts—  —  —  —  
Total customer risk management programs6,242  —  5,344  —  
Trading1
32,577  —  8,030  —  
Internal risk management programs—  21,885  —  11,150  
Total derivative contracts$38,819  $21,885  $13,374  $11,150  
1 Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also include in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.
 Six Months Ended
June 30, 2020June 30, 2019
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts
To-be-announced residential mortgage-backed securities$—  $—  $7,912  $—  
Interest rate swaps1,688  —  1,535  —  
Energy contracts7,390  —  2,312  —  
Agricultural contracts21  —  8  —  
Foreign exchange contracts365  —  254  —  
Equity option contracts—  —  —  —  
Total customer risk management programs9,464  —  12,021  —  
Trading1
(8,078) —  735  —  
Internal risk management programs—  40,305  —  15,817  
Total derivative contracts$1,386  $40,305  $12,756  $15,817