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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$178,142 $— $— $— $178,142 
Financial instruments owned, at fair value—Foreign government debt— 15,362 — — 15,362 
Financial instruments owned, at fair value—Equities477 — — — 477 
Financial instruments owned, at fair value—Corporate bonds— 7 — — 7 
FX swaps— 4,485 — (561)3,924 
Forwards— 398 — (68)330 
Futures52,329 — — (52,054)275 
Interest rate swaps— 2,691 — (2,628)63 
Total$230,948 $22,943 $— $(55,311)$198,580 
Liabilities at Fair Value at June 30, 2024
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $1,791 $— $(561)$1,230 
Forwards— 378 — (68)310 
Futures52,054 — — (52,054)— 
Interest rate swaps— 2,628 — (2,628)— 
Contingent consideration— — 8,631 — 8,631 
Total$52,054 $4,797 $8,631 $(55,311)$10,171 
Assets at Fair Value at December 31, 2023
Level 1Level 2Level 3Netting and
Collateral		Total
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)$49,399 
Liabilities at Fair Value at December 31, 2023
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $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 
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 three months ended June 30, 2024 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 1, 2024Total
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 June 30, 2024Net (income) loss on Level 3 Assets/Liabilities Outstanding at June 30, 2024Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at June 30, 2024
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$9,727 $(96)$— $— $(1,000)$8,631 $(96)$— 
____________________________
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 June 30, 2023 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at April 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 June 30, 2023Net (income) loss on Level 3 Assets/Liabilities Outstanding at June 30, 2023Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at June 30, 2023
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$27,673 $(61)$— $— $(18,703)$8,909 $(209)$— 
____________________________
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 six months ended June 30, 2024 were as follows (in thousands):
Unrealized (gains) losses
for the period included in:
Opening Balance at January 1, 2024Total
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 June 30, 2024Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2024Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2024
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$11,929 $(255)$— $— $(3,043)$8,631 $(255)$— 
____________________________
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 six months ended June 30, 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 June 30, 2023Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2023Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2023
Liabilities
Accounts payable,
   accrued and other
   liabilities:
Contingent consideration$24,279 $613 $— $4,675 $(20,658)$8,909 $276 $— 
____________________________
1Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments” in the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income (Loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (dollar amounts in thousands):
Fair Value as of June 30, 2024
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.2%-9.2%
8.6%
Contingent consideration$— $8,631 Present value of
expected payments		Probability
of meeting earnout
and contingencies
20%-100%
86.0%2
____________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2023
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.2%-9.2%
8.6%
Contingent consideration$— $11,929 Present value of
expected payments		Probability
of meeting earnout
and contingencies
20%-100%
86.5%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.