Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instrument Detail [Abstract]

The following table summarizes the fair values of derivative contracts recorded as Derivative contracts, net assets and liabilities in the Consolidated Balance Sheets at June 30, 2026 (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	$	3,250,122	$	51,783	$	(3,398)	$	48,385	$	(35,788)	$	12,597
Energy contracts	6,222,463		641,918		(346,852)		295,066		(115,821)		179,245

Foreign exchange contracts	104,811		101,255		—		101,255		(119)		101,136
Equity option contracts	1,593		311		—		311		(50)		261
Total customer risk management programs	9,578,989		795,267		(350,250)		445,017		(151,778)		293,239
Trading	23,735,820		75,004		(45,557)		29,447		(563)		28,884
Internal risk management programs	527,657		2,600		(12)		2,588		—		2,588
Total derivative contracts	$	33,842,466	$	872,871	$	(395,819)	$	477,052	$	(152,341)	$	324,711

	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	$	3,250,122	$	51,775	$	(3,398)	$	48,377	$	—	$	48,377
Energy contracts	6,269,251		631,126		(346,852)		284,274		(120,808)		163,466

Foreign exchange contracts	103,588		100,003		—		100,003		—		100,003
Equity option contracts	1,593		311		—		311		—		311
Total customer risk management programs	9,624,554		783,215		(350,250)		432,965		(120,808)		312,157
Trading	25,993,018		80,367		(45,557)		34,810		(24,254)		10,556
Internal risk management programs	53,423		2,530		(12)		2,518		—		2,518
Total derivative contracts	$	35,670,995	$	866,112	$	(395,819)	$	470,293	$	(145,062)	$	325,231

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 Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,869,346	$	51,144	$	(17,199)	$	33,945	$	(15,783)	$	18,162
Energy contracts	6,245,552		605,067		(271,825)		333,242		(136,933)		196,309

Foreign exchange contracts	75,349		60,656		(10)		60,646		—		60,646
Equity option contracts	1,593		255		—		255		(50)		205
Total customer risk management programs	9,191,840		717,122		(289,034)		428,088		(152,766)		275,322
Trading	22,332,052		63,803		(38,524)		25,279		(1,629)		23,650
Internal risk management programs	586,991		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 Value		Netting Adjustments		Net Fair Value Before Cash Collateral		Cash Collateral		Fair Value Net of Cash Collateral
Customer risk management programs:
Interest rate contracts	$	2,869,346	$	51,101	$	(17,199)	$	33,902	$	(811)	$	33,091
Energy contracts	6,299,141		576,627		(271,825)		304,802		(5,240)		299,562

Foreign exchange contracts	75,000		60,293		(10)		60,283		—		60,283
Equity option contracts	1,593		255		—		255		—		255
Total customer risk management programs	9,245,080		688,276		(289,034)		399,242		(6,051)		393,191
Trading	26,544,633		75,573		(38,524)		37,049		(34,056)		2,993
Internal risk management programs	89,972		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
	June 30, 2026				June 30, 2025
	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	$	1,345	$	—	$	895	$	—
Energy contracts	5,312		—		6,590		—

Foreign exchange contracts	55		—		25		—

Total customer risk management programs	6,712		—		7,510		—
Trading1	(52,071)		—		(26,603)		—
Internal risk management programs	—		(8,490)		—		5,535
Total derivative contracts	$	(45,359)	$	(8,490)	$	(19,093)	$	5,535

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.


	Six Months Ended
	June 30, 2026				June 30, 2025
	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	2,478		—		1,636		—
Energy contracts	11,964		—		14,200		—

Foreign exchange contracts	86		—		63		—

Total customer risk management programs	14,528		—		15,899		—
Trading1	13,737		—		(100,399)		—
Internal risk management programs	—		(12,864)		—		15,100
Total derivative contracts	$	28,265	$	(12,864)	$	(84,500)	$	15,100