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Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at September 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$348 $— $— $— $348 
Government debt36,129 — — — 36,129 
Securities owned—Equities232 — — — 232 
Forwards— 364 — (118)246 
FX swaps— 4,545 — (622)3,923 
Futures— 116,427 — (116,427)— 
Corporate bonds— 1,069 — — 1,069 
Total$36,709 $122,405 $— $(117,167)$41,947 
Liabilities at Fair Value at September 30, 2021
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $4,814 $— $(622)$4,192 
Forwards— 1,177 — (118)1,059 
Futures— 117,641 — (116,427)1,214 
Contingent consideration— — 27,484 — 27,484 
Total$— $123,632 $27,484 $(117,167)$33,949 
Assets at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Marketable securities$349 $— $— $— $349 
Government debt57,918 — — — 57,918 
Securities owned—Equities75 — — — 75 
FX/commodities options74 — — — 74 
Forwards— 338 — (43)295 
FX swaps— 583 — (21)562 
Futures— 41,257 — (41,257)— 
Corporate bonds— 579 — — 579 
Total$58,416 $42,757 $— $(41,321)$59,852 
Liabilities at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Futures$— $42,183 $— $(41,257)$926 
FX swaps— 340 — (21)319 
Forwards— 258 — (43)215 
Contingent consideration— — 39,791 — 39,791 
Total$— $42,781 $39,791 $(41,321)$41,251 
Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis
Level 3 Financial Liabilities
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended September 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at July 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at September 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$32,975 $74 $— $— $(5,565)$27,484 $74 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended September 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at July 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at September 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$35,107 $1,541 $— $— $(133)$36,515 $1,541 $— 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2021 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2021Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)		Unrealized
(gains) losses
included in
Other
comprehensive
income
 (loss)¹		Purchases/
Issuances		Sales/
Settlements		Closing Balance at September 30, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2021Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2021
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$39,791 $2,013 $— $— $(14,320)$27,484 $2,013 $— 
__________________________
1Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2020 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2020Total
realized and
unrealized
(gains) losses
included in
Net income
(loss)¹		Unrealized
(gains) losses
included in
Other
comprehensive
income (loss)²		Purchases/
Issuances		Sales/
Settlements		Closing Balance at September 30, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2020Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2020
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$42,159 $1,173 $67 $2,959 $(9,843)$36,515 $1,173 $67 
__________________________
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of September 30, 2021
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.8%
Contingent consideration$— $27,484 Present value of
expected payments		Probability
of meeting earnout
and contingencies
11%-100%
71.0% 2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2020
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $39,791 Present value of
expected payments		Probability
of meeting earnout
and contingencies
39%-100%
82.9%2
__________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.