XML 49 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 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 December 31, 2024 (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 contracts$3,064,418 $82,191 $(5,369)$76,822 $(71,485)$5,337 
Energy contracts7,169,926 521,032 (398,457)122,575 (3,816)118,759 
Foreign exchange contracts80,510 42,792 (395)42,397 (434)41,963 
Equity option contracts1,593 208 — 208 (50)158 
Total customer risk management programs10,316,447 646,223 (404,221)242,002 (75,785)166,217 
Trading19,577,362 132,581 (56,764)75,817 (242)75,575 
Interest rate risk management programs168 1,017 — 1,017 — 1,017 
Total derivative contracts$29,893,977 $779,821 $(460,985)$318,836 $(76,027)$242,809 
Liabilities
 Notional¹Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,064,418 $82,141 $(5,369)$76,772 $— $76,772 
Energy contracts7,076,929 488,113 (398,457)89,656 (1,020)88,636 
Foreign exchange contracts76,906 39,253 (395)38,858 (380)38,478 
Equity option contracts1,593 208 — 208 — 208 
Total customer risk management programs10,219,846 609,715 (404,221)205,494 (1,400)204,094 
Trading14,196,406 87,082 (56,764)30,318 (1,292)29,026 
Interest rate risk management programs602,176 4,462 — 4,462 — 4,462 
Total derivative contracts$25,018,428 $701,259 $(460,985)$240,274 $(2,692)$237,582 
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
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair 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 contracts7,846,190 836,425 (399,148)437,277 (169,141)268,136 
Foreign exchange contracts54,999 53,863 — 53,863 (872)52,991 
Equity option contracts3,316 54 — 54 (44)10 
Total customer risk management programs10,658,981 998,792 (405,958)592,834 (264,665)328,169 
Trading16,264,818 118,545 (37,111)81,434 (6,996)74,438 
Internal risk management programs425,014 7,697 — 7,697 — 7,697 
Total derivative contracts$27,348,813 $1,125,034 $(443,069)$681,965 $(271,661)$410,304 
Liabilities
 Notional¹Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,754,476 $108,402 $(6,810)$101,592 $— $101,592 
Energy contracts8,254,004 831,467 (399,148)432,319 (6,441)425,878 
Foreign exchange contracts54,405 53,065 — 53,065 — 53,065 
Equity option contracts3,316 54 — 54 — 54 
Total customer risk management programs11,066,201 992,988 (405,958)587,030 (6,441)580,589 
Trading20,644,156 224,648 (37,111)187,537 (181,917)5,620 
Internal risk management programs2,244 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 Consolidated Statements of Earnings (in thousands):
 Year Ended December 31,
202420232022
 Brokerage
and Trading Revenue		Gain (Loss)
on Derivatives, Net		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$5,455 $— $5,531 $— $10,690 $— 
Energy contracts21,913 — 30,715 — 34,435 — 
Foreign exchange contracts370 — 276 — 591 — 
Total customer risk management programs27,738 — 36,522 — 45,716 — 
Trading1
149,613 — (139,235)— 48,616 — 
Internal risk management programs
— (22,461)— (9,921)— (73,011)
Total derivative contracts$177,351 $(22,461)$(102,713)$(9,921)$94,332 $(73,011)