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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 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 December 31, 2023
Level 1Level 2Level 3Netting and CollateralTotal
Financial instruments owned, at fair value - Domestic government debt$31,141 $— $— $— $31,141 
Financial instruments owned, at fair value - Foreign government debt— 14,164 — — 14,164 
Financial instruments owned, at fair value - Equities487 — — — 487 
FX swaps— 3,467 — (793)2,674 
Forwards— 855 — (50)805 
Interest rate swaps— 12,310 — (12,182)128 
Futures— 62,693 — (62,693)— 
Total$31,628 $93,489 $— $(75,718)$49,399 
Liabilities at Fair Value at December 31, 2023
Level 1Level 2Level 3Netting and CollateralTotal
FX swaps$— $5,912 $— $(793)$5,119 
Forwards— 659 — (50)609 
Futures— 62,721 — (62,693)28 
Interest rate swaps— 12,182 — (12,182)— 
Contingent consideration— — 11,929 — 11,929 
Total$— $81,474 $11,929 $(75,718)$17,685 
Assets at Fair Value at December 31, 2022
Level 1Level 2Level 3Netting and CollateralTotal
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
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2023 were as follows (in thousands):
Unrealized (gains) losses for the period included in:
Opening Balance as of January 1, 2023
Total realized and unrealized (gains) losses included in Net income (loss)1
Unrealized (gains) losses included in Other comprehensive income (loss)2
Purchases/
Issuances3
Sales/
Settlements		Closing Balance at December 31, 2023Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2023		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2023
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$24,279 $1,442 $— $7,710 $(21,502)$11,929 $835 $— 
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1.Realized and unrealized gains (losses) are reported in “Other income (loss),” in the Company’s Consolidated Statements of Operations.
2.Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s Consolidated Statements of Comprehensive Income (Loss).
3.“Purchases/Issuances” includes a $2.2 million measurement period adjustment relating to the Trident Acquisition (see Note 16—“Goodwill and Other Intangible Assets, Net” for additional information).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2022 were as follows (in thousands):
Unrealized (gains) Losses for the period included in:
Opening Balance as of January 1, 2022
Total realized and unrealized (gains) losses included in Net income (loss)1
Unrealized (gains) losses included in Other comprehensive income (loss)2
Purchases/ IssuancesSales/ SettlementsClosing Balance at December 31, 2022Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2022		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2022
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$29,756 $1,034 $— $— $(6,511)$24,279 $1,034 $— 
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1.Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s Consolidated Statements of Operations.
2.Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s Consolidated Statements of Comprehensive Income (Loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of December 31, 2023
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
7.2%-9.2%
8.6%
Contingent consideration$— $11,929 Present value of expected paymentsProbability of meeting earnout and contingencies
20%-100%
86.5%2
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1.The discount rate is based on the Company’s calculated weighted-average cost of capital.
2.The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2022
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
6.8%-10.2%
9.9%
Contingent consideration$— $24,279 Present value of expected paymentsProbability of meeting earnout and contingencies
5%-100%
71.2%2
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1.The discount rate is based on the Company’s calculated weighted-average cost of capital.
2.The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.