Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 (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	$	2,901,463	$	69,287	$	(6,285)	$	63,002	$	(24,595)	$	38,407
Energy contracts	8,010,126		2,683,519		(541,826)		2,141,693		(12,281)		2,129,412
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	180,648		179,024		—		179,024		(715)		178,309
Equity option contracts	39,984		896		—		896		(300)		596
Total customer risk management programs	11,132,221		2,932,726		(548,111)		2,384,615		(37,891)		2,346,724
Trading	29,002,117		550,075		(218,429)		331,646		(96)		331,550
Internal risk management programs	200,000		1,933		—		1,933		—		1,933
Total derivative contracts	$	40,334,338	$	3,484,734	$	(766,540)	$	2,718,194	$	(37,987)	$	2,680,207
	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	$	2,901,463	$	69,334	$	(6,285)	$	63,049	$	(61)	$	62,988
Energy contracts	8,069,893		2,712,617		(541,826)		2,170,791		(2,159,402)		11,389
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	179,447		177,609		—		177,609		—		177,609
Equity option contracts	39,984		896		—		896		—		896
Total customer risk management programs	11,190,787		2,960,456		(548,111)		2,412,345		(2,159,463)		252,882
Trading	26,298,226		525,699		(218,429)		307,270		(15,474)		291,796
Internal risk management programs	394,216		13,156		—		13,156		—		13,156
Total derivative contracts	$	37,883,229	$	3,499,311	$	(766,540)	$	2,732,771	$	(2,174,937)	$	557,834

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, 2021 (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	$	2,614,162	$	53,881	$	(10,101)	$	43,780	$	—	$	43,780
Energy contracts	6,360,095		1,168,363		(375,624)		792,739		—		792,739
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	216,272		215,148		—		215,148		—		215,148
Equity option contracts	42,136		755		—		755		(242)		513
Total customer risk management programs	9,232,665		1,438,147		(385,725)		1,052,422		(242)		1,052,180
Trading	35,592,751		139,694		(104,326)		35,368		(721)		34,647
Internal risk management programs	869,506		10,687		(217)		10,470		—		10,470
Total derivative contracts	$	45,694,922	$	1,588,528	$	(490,268)	$	1,098,260	$	(963)	$	1,097,297
	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	$	2,614,162	$	54,062	$	(10,101)	$	43,961	$	(33,870)	$	10,091
Energy contracts	6,480,840		1,210,946		(375,624)		835,322		(803,102)		32,220
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	208,381		207,119		—		207,119		(447)		206,672
Equity option contracts	42,136		755		—		755		—		755
Total customer risk management programs	9,345,519		1,472,882		(385,725)		1,087,157		(837,419)		249,738
Trading	41,285,649		152,947		(104,326)		48,621		(24,074)		24,547
Internal risk management programs	298,832		1,557		(217)		1,340		—		1,340
Total derivative contracts	$	50,930,000	$	1,627,386	$	(490,268)	$	1,137,118	$	(861,493)	$	275,625

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, 2022				March 31, 2021
	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	$	6,342	$	—	$	1,388	$	—
Energy contracts	4,449		—		1,020		—
Agricultural contracts	—		—		18		—
Foreign exchange contracts	148		—		166		—
Equity option contracts	—		—		—		—
Total customer risk management programs	10,939		—		2,592		—
Trading1	31,074		—		(71,259)		—
Internal risk management programs	—		(46,981)		—		(27,650)
Total derivative contracts	$	42,013	$	(46,981)	$	(68,667)	$	(27,650)

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.