Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes certain of the Company’s contractual obligations at December 31, 2022 (in thousands):


	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Debt and collateralized borrowings1	$	1,053,251	$	453,251	$	600,000	$	—	$	—
Operating leases2	221,363		35,483		57,145		39,517		89,218
Finance leases2	6,615		1,802		2,896		1,917		—
Interest on debt and collateralized borrowings3	73,877		38,980		34,897		—		—
Short-term borrowings4	1,917		1,917		—		—		—
Interest on Short-term borrowings	107		86		21		—		—
One-time transition tax5	20,231		5,308		10,965		3,958		—
Other6	17,657		9,160		8,497		—		—
Total contractual obligations	$	1,395,018	$	545,987	$	714,421	$	45,392	$	89,218

_______________________________________

1Debt and collateralized borrowings reflects $450.0 million of 5.375% Senior Notes (the $450.0 million represents the principal amount of the debt; the carrying value of the 5.375% Senior Notes as of December 31, 2022 was $449.2 million), $300.0 million of 3.750% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 3.750% Senior Notes as of December 31, 2022 was approximately $298.6 million), $300.0 million of 4.375% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 4.375% Senior Notes as of December 31, 2022 was approximately $298.2 million), $2.0 million of collateralized borrowings due April 8, 2023, and $1.3 million of collateralized borrowings due April 19, 2023. See Note 17—“Notes Payable, Other and Short-term Borrowings” for more information regarding these obligations, including timing of payments and compliance with debt covenants.

2Operating leases and finance leases are related to rental payments under various non-cancelable leases, principally for office space, data centers and office equipment, and are presented net of sublease payments to be received. As of December 31, 2022, there were no sublease payments to be received over the life of the agreements.

3Interest on debt and collateralized borrowings also includes interest on the undrawn portion of the committed unsecured senior Revolving Credit Agreement which was calculated through the maturity date of the facility, which is March 10, 2025. As of December 31, 2022, the undrawn portion of the committed unsecured Revolving Credit Agreement was $375.0 million.

4Short-term borrowings reflect approximately $1.9 million (BRL 20.0 million) of borrowing under the Company’s committed unsecured loan agreement. See Note 17—“Notes Payable, Other and Short-term Borrowings” for more information regarding this obligation.

5The Company completed the calculation of the one-time transition tax on the deemed repatriation of foreign subsidiaries’ earnings pursuant to the Tax Act and previously recorded a net cumulative tax expense of $28.6 million, net of foreign tax credits, with an election to pay the taxes over eight years with 40% to be paid in equal installments over the first five years and the remaining 60% to be paid in installments of 15%, 20% and 25% in years six, seven and eight, respectively. The cumulative remaining balance as of December 31, 2022 is $20.2 million.

6Other contractual obligations reflect commitments of $9.2 million to make charitable contributions, which are recorded as part of “Accounts payable, accrued and other liabilities” in the Company’s Consolidated Statements of Financial Condition. The amount payable each year reflects an estimate of future Charity Day obligations. In addition, as part of the Insurance Business Disposition, unvested equity and other awards previously granted by BGC to employees of its Insurance brokerage business were converted into the right to receive a cash payment from BGC; a significant portion of these awards was 50% vested and paid in cash at closing, with the remaining 50% vesting and to be paid in cash two years after closing. The remaining portion of these awards will have been 100% vested and paid in cash by two years after the closing. The payments after closing are only made if the applicable employee remains an employee of the Insurance brokerage business. The remaining portion of these awards is reflected as other contractual obligations, and is recorded as part of “Accounts payable, accrued and other liabilities” in the Company’s Consolidated Statements of Financial Condition.

Schedule of Maturity Analysis of Operating Lease Liabilities

As of December 31, 2022, minimum lease payments under these arrangements are as follows (in thousands):


	Net Lease Commitment
	Operating leases		Finance leases
2023	$	35,483	$	1,802
2024	30,844		1,448
2025	26,301		1,448
2026	20,861		1,290
2027	18,656		627
2028 and thereafter	89,218		—
Total	$	221,363	$	6,615

The following table shows the Company’s maturity analysis of its operating lease liabilities as of December 31, 2022 (in thousands):


	December 31, 2022
	Operating leases		Finance leases
2023	$	35,483	$	1,802
2024	30,844		1,448
2025	26,301		1,448
2026	20,861		1,290
2027	18,656		627
Thereafter	89,218		—
Total	$	221,363	$	6,615
Interest	(65,258)		(576)
Total	$	156,105	$	6,039