v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instrument Detail [Abstract]  
Derivative Contracts [Table Text Block]
The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at March 31, 2026 (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$2,997,778 $45,931 $(8,942)$36,989 $(26,953)$10,036 
Energy contracts6,766,141 1,120,942 (472,989)647,953 (67,228)580,725 
Foreign exchange contracts72,524 63,304 (5)63,299 (771)62,528 
Equity option contracts1,593 250 — 250 (50)200 
Total customer risk management programs9,838,036 1,230,427 (481,936)748,491 (95,002)653,489 
Trading29,154,447 215,327 (87,475)127,852 — 127,852 
Internal risk management programs125,282 1,669 (25)1,644 — 1,644 
Total derivative contracts$39,117,765 $1,447,423 $(569,436)$877,987 $(95,002)$782,985 
Liabilities
 
Notional1
Gross Fair ValueNetting AdjustmentsNet Fair Value Before Cash CollateralCash CollateralFair Value Net of Cash Collateral
Customer risk management programs:   
Interest rate contracts$2,997,778 $45,911 $(8,942)$36,969 $— $36,969 
Energy contracts6,867,903 1,106,053 (472,989)633,064 (512,726)120,338 
Foreign exchange contracts72,497 63,250 (5)63,245 — 63,245 
Equity option contracts1,593 250 — 250 — 250 
Total customer risk management programs9,939,771 1,215,464 (481,936)733,528 (512,726)220,802 
Trading24,796,550 155,453 (87,475)67,978 (10,700)57,278 
Internal risk management programs576,503 4,535 (25)4,510 — 4,510 
Total derivative contracts$35,312,824 $1,375,452 $(569,436)$806,016 $(523,426)$282,590 
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, net assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 (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$2,869,346 $51,144 $(17,199)$33,945 $(15,783)$18,162 
Energy contracts6,245,552 605,067 (271,825)333,242 (136,933)196,309 
Foreign exchange contracts75,349 60,656 (10)60,646 — 60,646 
Equity option contracts1,593 255 — 255 (50)205 
Total customer risk management programs9,191,840 717,122 (289,034)428,088 (152,766)275,322 
Trading22,332,052 63,803 (38,524)25,279 (1,629)23,650 
Internal risk management programs586,991 1,854 (51)1,803 — 1,803 
Total derivative contracts$32,110,883 $782,779 $(327,609)$455,170 $(154,395)$300,775 
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$2,869,346 $51,101 $(17,199)$33,902 $(811)$33,091 
Energy contracts6,299,141 576,627 (271,825)304,802 (5,240)299,562 
Foreign exchange contracts75,000 60,293 (10)60,283 — 60,283 
Equity option contracts1,593 255 — 255 — 255 
Total customer risk management programs9,245,080 688,276 (289,034)399,242 (6,051)393,191 
Trading26,544,633 75,573 (38,524)37,049 (34,056)2,993 
Internal risk management programs89,972 1,440 (51)1,389 — 1,389 
Total derivative contracts$35,879,685 $765,289 $(327,609)$437,680 $(40,107)$397,573 
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):
 Three Months Ended
March 31, 2026March 31, 2025
 Brokerage
and Trading Revenue		Gain (Loss) on Derivatives, NetBrokerage
and Trading
Revenue		Gain (Loss) on Derivatives, Net
Customer risk management programs:    
Interest rate contracts$1,133 $— $741 $— 
Energy contracts6,652 — 7,610 — 
Foreign exchange contracts31 — 38 — 
Equity option contracts— — — — 
Total customer risk management programs7,816 — 8,389 — 
Trading1
65,808 — (73,796)— 
Internal risk management programs— (4,374)— 9,565 
Total derivative contracts$73,624 $(4,374)$(65,407)$9,565 
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 Other operating revenue - brokerage and trading revenue in the Consolidated Statements of Earnings.