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Derivatives
 12 Months Ended
Dec. 31, 2020
Derivative Instrument Detail [Abstract]  
Derivatives [Text Block] Derivatives
 
The following table summarizes the fair values of derivative contracts recorded as “derivative contracts” assets and liabilities in the balance sheet at December 31, 2020 (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$3,212,469 $113,524 $(144)$113,380 $— $113,380 
Energy contracts3,791,565 386,008 (211,468)174,540 — 174,540 
Agricultural contracts14,765 3,859 — 3,859 — 3,859 
Foreign exchange contracts337,001 332,257 — 332,257 (420)331,837 
Equity option contracts70,199 1,222 — 1,222 (285)937 
Total customer risk management programs7,425,999 836,870 (211,612)625,258 (705)624,553 
Trading84,997,593 440,627 (240,655)199,972 (26,958)173,014 
Interest rate risk management programs995,123 17,352 (4,231)13,121 — 13,121 
Total derivative contracts$93,418,715 $1,294,849 $(456,498)$838,351 $(27,663)$810,688 
Liabilities
 Notional¹Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$3,212,469 $113,900 $(144)$113,756 $(104,202)$9,554 
Energy contracts3,617,678 361,334 (211,468)149,866 (114,070)35,796 
Agricultural contracts14,781 3,844 — 3,844 (3,844)— 
Foreign exchange contracts336,223 331,035 — 331,035 (1,165)329,870 
Equity option contracts70,199 1,222 — 1,222 — 1,222 
Total customer risk management programs7,251,350 811,335 (211,612)599,723 (223,281)376,442 
Trading88,929,916 414,801 (240,655)174,146 (145,692)28,454 
Interest rate risk management programs145,256 5,529 (4,231)1,298 (415)883 
Total derivative contracts$96,326,522 $1,231,665 $(456,498)$775,167 $(369,388)$405,779 
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
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,464,478 $49,100 $(1,839)$47,261 $— $47,261 
Energy contracts2,151,096 144,906 (107,591)37,315 (38)37,277 
Agricultural contracts16,118 1,522 (22)1,500 — 1,500 
Foreign exchange contracts214,119 213,007 — 213,007 — 213,007 
Equity option contracts81,455 3,233 — 3,233 (660)2,573 
Total customer risk management programs4,927,266 411,768 (109,452)302,316 (698)301,618 
Trading69,721,932 131,561 (115,949)15,612 — 15,612 
Internal risk management programs1,268,180 6,226 (81)6,145 — 6,145 
Total derivative contracts$75,917,378 $549,555 $(225,482)$324,073 $(698)$323,375 
Liabilities
 Notional¹Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair 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 contracts2,105,391 139,311 (107,591)31,720 (6,031)25,689 
Agricultural contracts16,139 1,507 (22)1,485 (1,485)— 
Foreign exchange contracts207,919 207,020 — 207,020 — 207,020 
Equity option contracts81,455 3,233 — 3,233 — 3,233 
Total customer risk management programs4,875,382 400,265 (109,452)290,813 (51,448)239,365 
Trading65,144,388 125,535 (115,949)9,586 — 9,586 
Internal risk management programs380,401 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.
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,
202020192018
 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
To-be-announced U.S. agency residential mortgage-backed securities1
$— $— $9,579 $— $27,190 $— 
Interest rate swaps4,507 — 3,647 — 2,614 — 
Energy contracts17,287 — 5,064 — 8,443 — 
Agricultural contracts34 — 28 — 53 — 
Foreign exchange contracts921 — 623 — 535 — 
Equity option contracts— — — — — — 
Total customer risk management programs22,749 — 18,941 — 38,835 — 
Trading2
8,255 — 13,999 — (13,643)— 
Internal risk management programs
— 42,320 — 14,951 — (442)
Total derivative contracts$31,004 $42,320 $32,940 $14,951 $25,192 $(442)
1    To-be-announced U.S. agency residential mortgage-backed securities customer hedging program transitioned to trading program during 2019.
2    Includes changes in fair value of to-be-announced U.S. agency residential mortgage-backed securities and other derivative instruments offered to mortgage banking customers to manage their market risk or 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 Statement of Earnings.

As discussed in Note 7, certain derivative contracts not designated as hedging instruments related to mortgage loan commitments and forward sales contracts are included in Residential mortgage loans held for sale on the Consolidated Balance Sheets. See Note 7 for additional discussion of notional, fair value and impact on earnings of these contracts.

No derivative contracts have been designated as hedging instruments for financial reporting purposes.