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Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$31,943 $— $— $— $31,943 
Financial instruments owned, at fair value—Foreign government debt— 8,850 — — 8,850 
Financial instruments owned, at fair value—Equities489 — — — 489 
Financial instruments owned, at fair value—Corporate bonds— 20 — — 20 
FX swaps— 6,994 — (541)6,453 
Forwards— 588 — (24)564 
Interest rate swaps— 19,710 — (19,682)28 
Futures— 47,987 — (47,987)— 
Total$32,432 $84,149 $— $(68,234)$48,347 
Liabilities at Fair Value at March 31, 2023
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $6,203 $— $(541)$5,662 
Forwards— 1,001 — (24)977 
Futures— 48,916 — (47,987)929 
Interest rate swaps— 19,682 — (19,682)— 
Contingent consideration— — 27,673 — 27,673 
Total$— $75,802 $27,673 $(68,234)$35,241 
Assets at Fair Value at December 31, 2022
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$31,175 $— $— $— $31,175 
Financial instruments owned, at fair value—Foreign government debt— 7,678 — — 7,678 
Financial instruments owned, at fair value—Equities466 — — — 466 
FX swaps— 3,623 — (489)3,134 
Forwards— 746 — (143)603 
Interest rate swaps— 895 (870)25 
Futures— 64,769 — (64,769)— 
Total$31,641 $77,711 $— $(66,271)$43,081 
Liabilities at Fair Value at December 31, 2022
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps— 6,285 — (489)5,796 
Futures$— $66,037 $— $(64,769)$1,268 
Forwards— 712 — (143)569 
Interest rate swaps— 870 — (870)— 
Contingent consideration— — 24,279 — 24,279 
Total$— $73,904 $24,279 $(66,271)$31,912 
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 March 31, 2023 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2023Total
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 March 31, 2023Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2023Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2023
Liabilities
Accounts payable,
accrued and other
liabilities:
Contingent
consideration
$24,279 $674 $— $4,675 $(1,955)$27,673 $924 $— 
____________________________
1Realized and unrealized gains (losses) are reported in “Other income (loss),” 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 three months ended March 31, 2022 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2022Total
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 March 31, 2022Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2022Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2022
Liabilities
Accounts payable,
accrued and other
liabilities:
Contingent
consideration
$29,756 $224 $— $— $(2,126)$27,854 $224 $— 
____________________________
1Realized and unrealized gains (losses) are reported in “Other income (loss),” in the Company’s unaudited Condensed Consolidated Statements of Operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income (Loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of March 31, 2023
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.2%-10.2%
9.5%
Contingent consideration$— $27,673 Present value of
expected payments		Probability
of meeting earnout
and contingencies
90%-100%
98.3%2
____________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2022
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
6.8%-10.2%
9.9%
Contingent consideration$— $24,279 Present value of
expected payments		Probability
of meeting earnout
and contingencies
5%-100%
71.2%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.