v3.25.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025 (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$2,869,879 $61,304 $(17,542)$43,762 $(25,577)$18,185 
Energy contracts6,752,020 614,210 (408,701)205,509 (12,099)193,410 
Foreign exchange contracts104,591 76,888 (187)76,701 (561)76,140 
Equity option contracts1,593 201 — 201 (50)151 
Total customer risk management programs9,728,083 752,603 (426,430)326,173 (38,287)287,886 
Trading22,516,050 152,798 (81,859)70,939 (3,888)67,051 
Internal risk management programs554,941 7,971 — 7,971 — 7,971 
Total derivative contracts$32,799,074 $913,372 $(508,289)$405,083 $(42,175)$362,908 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,852,551 $61,273 $(17,542)$43,731 $— $43,731 
Energy contracts6,829,046 585,442 (408,701)176,741 (19,433)157,308 
Foreign exchange contracts104,038 76,271 (187)76,084 — 76,084 
Equity option contracts1,593 201 — 201 — 201 
Total customer risk management programs9,787,228 723,187 (426,430)296,757 (19,433)277,324 
Trading28,227,804 224,184 (81,859)142,325 (135,659)6,666 
Internal risk management programs8,915 1,427 — 1,427 — 1,427 
Total derivative contracts$38,023,947 $948,798 $(508,289)$440,509 $(155,092)$285,417 
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, 2024 (in thousands):
Assets
 
Notional 1
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 
Internal 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
 
Notional 1
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 $82,141 $(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 
Internal 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.
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, 2025June 30, 2024
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$895 $— $547 $— 
Energy contracts6,590 — 6,162 — 
Foreign exchange contracts25 — 56 — 
Equity option contracts— — — — 
Total customer risk management programs7,510 — 6,765 — 
Trading1
(26,603)— 32,576 — 
Internal risk management programs— 5,535 — (1,091)
Total derivative contracts$(19,093)$5,535 $39,341 $(1,091)
1    Represents changes in fair value of to-be-announced securities and other derivative instruments held to mitigate market risk of trading securities portfolio, which is offset by changes in fair value of trading securities also included in Brokerage and Trading Revenue in the Consolidated Statements of Earnings.
 Six Months Ended
June 30, 2025June 30, 2024
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts1,636 — 3,007 — 
Energy contracts14,200 — 9,977 — 
Foreign exchange contracts63 — 106 — 
Equity option contracts— — — — 
Total customer risk management programs15,899 — 13,090 — 
Trading1
(100,399)— 116,282 — 
Internal risk management programs— 15,100 — (9,724)
Total derivative contracts$(84,500)$15,100 $129,372 $(9,724)
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.