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Derivatives (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2020 (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
 
2,632,062

 
132,346

 
(34
)
 
132,312

 
—

 
132,312

Energy contracts
 
2,097,638

 
583,117

 
(100,748
)
 
482,369

 
(413,946
)
 
68,423

Agricultural contracts
 
16,653

 
807

 
(715
)
 
92

 
—

 
92

Foreign exchange contracts
 
317,068

 
312,685

 
—

 
312,685

 
(25
)
 
312,660

Equity option contracts
 
77,973

 
1,162

 
—

 
1,162

 
(289
)
 
873

Total customer risk management programs
 
5,141,394

 
1,030,117

 
(101,497
)
 
928,620

 
(414,260
)
 
514,360

Trading
 
51,637,953

 
774,631

 
(371,512
)
 
403,119

 
(17,333
)
 
385,786

Internal risk management programs
 
765,572

 
22,837

 
(267
)
 
22,570

 
—

 
22,570

Total derivative contracts
 
$
57,544,919

 
$
1,827,585

 
$
(473,276
)
 
$
1,354,309

 
$
(431,593
)
 
$
922,716

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
2,632,062

 
132,622

 
(34
)
 
132,588

 
(122,237
)
 
10,351

Energy contracts
 
2,068,380

 
571,306

 
(100,748
)
 
470,558

 
—

 
470,558

Agricultural contracts
 
16,657

 
791

 
(715
)
 
76

 
—

 
76

Foreign exchange contracts
 
292,940

 
288,446

 
—

 
288,446

 
(621
)
 
287,825

Equity option contracts
 
77,973

 
1,162

 
—

 
1,162

 
—

 
1,162

Total customer risk management programs
 
5,088,012

 
994,327

 
(101,497
)
 
892,830

 
(122,858
)
 
769,972

Trading
 
54,719,502

 
804,059

 
(371,512
)
 
432,547

 
(5,037
)
 
427,510

Internal risk management programs
 
987,833

 
16,230

 
(267
)
 
15,963

 
—

 
15,963

Total derivative contracts
 
$
60,795,347

 
$
1,814,616

 
$
(473,276
)
 
$
1,341,340

 
$
(127,895
)
 
$
1,213,445

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 Value
 
Netting Adjustments
 
Net Fair Value Before Cash Collateral
 
Cash Collateral
 
Fair Value Net of Cash Collateral
Customer risk management programs:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
2,464,478

 
49,100

 
(1,839
)
 
47,261

 
—

 
47,261

Energy contracts
 
2,151,096

 
144,906

 
(107,591
)
 
37,315

 
(38
)
 
37,277

Agricultural contracts
 
16,118

 
1,522

 
(22
)
 
1,500

 
—

 
1,500

Foreign exchange contracts
 
214,119

 
213,007

 
—

 
213,007

 
—

 
213,007

Equity option contracts
 
81,455

 
3,233

 
—

 
3,233

 
(660
)
 
2,573

Total customer risk management programs
 
4,927,266

 
411,768

 
(109,452
)
 
302,316

 
(698
)
 
301,618

Trading
 
69,721,932

 
131,561

 
(115,949
)
 
15,612

 
—

 
15,612

Internal risk management programs
 
1,268,180

 
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 Value
 
Netting Adjustments
 
Net Fair Value Before Cash Collateral
 
Cash Collateral
 
Fair Value Net of Cash Collateral
Customer risk management programs:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
2,464,478

 
49,194

 
(1,839
)
 
47,355

 
(43,932
)
 
3,423

Energy contracts
 
2,105,391

 
139,311

 
(107,591
)
 
31,720

 
(6,031
)
 
25,689

Agricultural contracts
 
16,139

 
1,507

 
(22
)
 
1,485

 
(1,485
)
 
—

Foreign exchange contracts
 
207,919

 
207,020

 
—

 
207,020

 
—

 
207,020

Equity option contracts
 
81,455

 
3,233

 
—

 
3,233

 
—

 
3,233

Total customer risk management programs
 
4,875,382

 
400,265

 
(109,452
)
 
290,813

 
(51,448
)
 
239,365

Trading
 
65,144,388

 
125,535

 
(115,949
)
 
9,586

 
—

 
9,586

Internal risk management programs
 
380,401

 
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
 
 
March 31, 2020
 
March 31, 2019
 
 
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
 
 
 
 
 
 
 
 
To-be-announced residential mortgage-backed securities
 
$
—

 
$
—

 
$
5,700

 
$
—

Interest rate swaps
 
942

 
—

 
593

 
—

Energy contracts
 
2,007

 
—

 
226

 
—

Agricultural contracts
 
15

 
—

 
4

 
—

Foreign exchange contracts
 
258

 
—

 
154

 
—

Equity option contracts
 
—

 
—

 
—

 
—

Total customer risk management programs
 
3,222

 
—

 
6,677

 
—

Trading1
 
(40,655
)
 
—

 
(7,295
)
 
—

Internal risk management programs
 
—

 
18,420

 
—

 
4,667

Total derivative contracts
 
$
(37,433
)
 
$
18,420

 
$
(618
)
 
$
4,667


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.