Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

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 June 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	$	2,891,638	$	97,715	$	(1,291)	$	96,424	$	(65,511)	$	30,913
Energy contracts	9,228,827		2,499,132		(639,879)		1,859,253		(8,390)		1,850,863
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	72,169		70,120		—		70,120		(1,226)		68,894
Equity option contracts	34,545		410		—		410		(202)		208
Total customer risk management programs	12,227,179		2,667,377		(641,170)		2,026,207		(75,329)		1,950,878
Trading	23,846,052		180,773		(140,081)		40,692		—		40,692
Internal risk management programs	105,085		1,953		(546)		1,407		—		1,407
Total derivative contracts	$	36,178,316	$	2,850,103	$	(781,797)	$	2,068,306	$	(75,329)	$	1,992,977
	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	$	2,891,638	$	97,727	$	(1,291)	$	96,436	$	(7)	$	96,429
Energy contracts	9,403,041		2,505,367		(639,879)		1,865,488		(1,856,520)		8,968
Agricultural contracts	—		—		—		—		—		—
Foreign exchange contracts	71,531		69,228		—		69,228		—		69,228
Equity option contracts	34,545		410		—		410		—		410
Total customer risk management programs	12,400,755		2,672,732		(641,170)		2,031,562		(1,856,527)		175,035
Trading	22,713,619		179,652		(140,081)		39,571		(6,059)		33,512
Internal risk management programs	111,360		6,575		(546)		6,029		—		6,029
Total derivative contracts	$	35,225,734	$	2,858,959	$	(781,797)	$	2,077,162	$	(1,862,586)	$	214,576

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
Agricultural contracts	—		—		—		—		—		—
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
Agricultural contracts	—		—		—		—		—		—
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
	June 30, 2022				June 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	$	939	$	—	$	1,016	$	—
Energy contracts	12,036		—		594		—
Agricultural contracts	—		—		10		—
Foreign exchange contracts	158		—		185		—
Equity option contracts	—		—		—		—
Total customer risk management programs	13,133		—		1,805		—
Trading1	(15,376)		—		59,331		—
Internal risk management programs	—		(13,569)		—		18,820
Total derivative contracts	$	(2,243)	$	(13,569)	$	61,136	$	18,820

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.

	Six Months Ended
	June 30, 2022				June 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	7,281		—		2,404		—
Energy contracts	16,484		—		1,614		—
Agricultural contracts	—		—		28		—
Foreign exchange contracts	306		—		351		—
Equity option contracts	—		—		—		—
Total customer risk management programs	24,071		—		4,397		—
Trading1	15,698		—		(11,928)		—
Internal risk management programs	—		(60,550)		—		(8,830)
Total derivative contracts	$	39,769	$	(60,550)	$	(7,531)	$	(8,830)