Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 (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	$	3,075,103	$	118,237	$	(3,844)	$	114,393	$	(111,283)	$	3,110
Energy contracts	7,266,492		754,565		(461,295)		293,270		(117,521)		175,749
Foreign exchange contracts	56,590		55,687		—		55,687		(842)		54,845
Equity option contracts	1,859		61		—		61		(50)		11
Total customer risk management programs	10,400,044		928,550		(465,139)		463,411		(229,696)		233,715
Trading	19,616,813		67,692		(40,165)		27,527		(44)		27,483
Internal risk management programs	455,912		3,608		(1,313)		2,295		—		2,295
Total derivative contracts	$	30,472,769	$	999,850	$	(506,617)	$	493,233	$	(229,740)	$	263,493
	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	$	3,065,103	$	116,796	$	(3,844)	$	112,952	$	—	$	112,952
Energy contracts	7,720,466		753,145		(461,295)		291,850		(29,444)		262,406
Foreign exchange contracts	56,254		55,161		—		55,161		—		55,161
Equity option contracts	1,859		61		—		61		—		61
Total customer risk management programs	10,843,682		925,163		(465,139)		460,024		(29,444)		430,580
Trading	23,751,156		93,502		(40,165)		53,337		(46,563)		6,774
Internal risk management programs	38,617		2,564		(1,313)		1,251		—		1,251
Total derivative contracts	$	34,633,455	$	1,021,229	$	(506,617)	$	514,612	$	(76,007)	$	438,605

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, 2023 (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	$	2,754,476	$	108,450	$	(6,810)	$	101,640	$	(94,608)	$	7,032
Energy contracts	7,846,190		836,425		(399,148)		437,277		(169,141)		268,136
Foreign exchange contracts	54,999		53,863		—		53,863		(872)		52,991
Equity option contracts	3,316		54		—		54		(44)		10
Total customer risk management programs	10,658,981		998,792		(405,958)		592,834		(264,665)		328,169
Trading	16,264,818		118,545		(37,111)		81,434		(6,996)		74,438
Internal risk management programs	425,014		7,697		—		7,697		—		7,697
Total derivative contracts	$	27,348,813	$	1,125,034	$	(443,069)	$	681,965	$	(271,661)	$	410,304
	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	$	2,754,476	$	108,402	$	(6,810)	$	101,592	$	—	$	101,592
Energy contracts	8,254,004		831,467		(399,148)		432,319		(6,441)		425,878
Foreign exchange contracts	54,405		53,065		—		53,065		—		53,065
Equity option contracts	3,316		54		—		54		—		54
Total customer risk management programs	11,066,201		992,988		(405,958)		587,030		(6,441)		580,589
Trading	20,644,156		224,648		(37,111)		187,537		(181,917)		5,620
Internal risk management programs	2,244		1,264		—		1,264		—		1,264
Total derivative contracts	$	31,712,601	$	1,218,900	$	(443,069)	$	775,831	$	(188,358)	$	587,473

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, 2024				March 31, 2023
	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	$	2,460	$	—	$	1,770	$	—
Energy contracts	3,815		—		6,553		—
Foreign exchange contracts	50		—		31		—
Equity option contracts	—		—		—		—
Total customer risk management programs	6,325		—		8,354		—
Trading1	83,706		—		(63,093)		—
Internal risk management programs	—		(8,633)		—		(1,344)
Total derivative contracts	$	90,031	$	(8,633)	$	(54,739)	$	(1,344)

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.