Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instrument Detail [Abstract]

The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at September 30, 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	$	2,679,510	$	170,252	$	—	$	170,252	$	(109,758)	$	60,494
Energy contracts	8,408,274		1,826,832		(766,029)		1,060,803		(35,907)		1,024,896

Foreign exchange contracts	243,059		237,031		—		237,031		(2,023)		235,008
Equity option contracts	31,237		188		—		188		(91)		97
Total customer risk management programs	11,362,080		2,234,303		(766,029)		1,468,274		(147,779)		1,320,495
Trading	20,478,198		588,982		(217,095)		371,887		(349)		371,538
Internal risk management programs	85,000		3,094		(1,385)		1,709		—		1,709
Total derivative contracts	$	31,925,278	$	2,826,379	$	(984,509)	$	1,841,870	$	(148,128)	$	1,693,742

	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	$	2,679,510	$	170,252	$	—	$	170,252	$	—	$	170,252
Energy contracts	8,735,189		1,860,112		(766,029)		1,094,083		(984,924)		109,159

Foreign exchange contracts	241,984		235,653		—		235,653		—		235,653
Equity option contracts	31,237		188		—		188		—		188
Total customer risk management programs	11,687,920		2,266,205		(766,029)		1,500,176		(984,924)		515,252
Trading	18,089,890		537,052		(217,095)		319,957		(24,358)		295,599
Internal risk management programs	393,595		11,809		(1,385)		10,424		—		10,424
Total derivative contracts	$	30,171,405	$	2,815,066	$	(984,509)	$	1,830,557	$	(1,009,282)	$	821,275

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

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

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
	September 30, 2022				September 30, 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	$	2,677	$	—	$	1,283	$	—
Energy contracts	10,386		—		5,528		—
Agricultural contracts	—		—		(1)		—
Foreign exchange contracts	116		—		120		—
Equity option contracts	—		—		—		—
Total customer risk management programs	13,179		—		6,930		—
Trading1	52,373		—		9,952		—
Internal risk management programs	—		(17,009)		—		(5,760)
Total derivative contracts	$	65,552	$	(17,009)	$	16,882	$	(5,760)

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.



	Nine Months Ended
	September 30, 2022				September 30, 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	9,958		—		3,687		—
Energy contracts	26,870		—		7,142		—
Agricultural contracts	—		—		27		—
Foreign exchange contracts	422		—		471		—
Equity option contracts	—		—		—		—
Total customer risk management programs	37,250		—		11,327		—
Trading1	68,071		—		(1,976)		—
Internal risk management programs	—		(77,559)		—		(14,590)
Total derivative contracts	$	105,321	$	(77,559)	$	9,351	$	(14,590)