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Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Obligations
The following table summarizes certain of the Company’s contractual obligations at December 31, 2024 (in thousands):
TotalLess Than 1 Year1-3 Years3-5 YearsMore Than 5 Years
Debt and collateralized borrowings1
$1,349,500 $500,000 $— $849,500 $— 
Operating leases2
172,607 29,722 46,821 28,895 67,169 
Finance leases2
3,437 1,520 1,917 — — 
Interest on debt and collateralized borrowings3
257,435 74,750 123,757 58,928 — 
Interest on Short-term borrowings55 55 — — — 
One-time transition tax4
11,382 6,962 4,420 — — 
Other5
13,242 13,242 — — — 
Total contractual obligations$1,807,658 $626,251 $176,915 $937,323 $67,169 
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1Debt and collateralized borrowings reflects $200.0 million of borrowings by the Company, which includes deferred financing costs of $4.2 million, outstanding under the Revolving Credit Agreement as of December 31, 2024; $288.2 million of BGC Group 4.375% Senior Notes (the $288.2 million represents the principal amount of the debt; the carrying value of the BGC Group 4.375% Senior Notes as of December 31, 2024 was approximately $287.5 million); $347.2 million of BGC Group 8.000% Senior Notes (the $347.2 million represents the principal amount of the debt; the carrying value of the BGC Group 8.000% Senior Notes as of December 31, 2024 was approximately $344.6 million) and $500.0 million of BGC Group 6.600% Senior Notes (the $500.0 million represents the principal amount of the debt; the carrying value of the BGC Group 6.600% Senior Notes as of December 31, 2024 was approximately $495.5 million). Debt and collateralized borrowings reflects $11.8 million of BGC Partners 4.375% Senior Notes (the $11.8 million represents the principal amount of the debt; the carrying value of the BGC Partners 4.375% Senior Notes as of December 31, 2024 was approximately $11.8 million) and $2.3 million of BGC Partners 8.000% Senior Notes (the $2.3 million represents the principal amount of the debt; the carrying value of the BGC Partners 8.000% Senior Notes as of December 31, 2024 was approximately $2.3 million). See Note 17—“Notes Payable and Other 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, 2024, there were no sublease payments to be received over the life of the agreements.
3Interest on debt and collateralized borrowings reflects a total of $3.2 million of interest expense associated with the Company's borrowings under the Revolving Credit Agreement; $11.9 million of interest expense associated with the BGC Group 4.375% Senior Notes, $0.5 million of interest expense associated with the BGC Partners 4.375% Senior Notes, $94.5 million of interest expense associated with the BGC Group 8.000% Senior Notes, $0.6 million of interest expense associated with the BGC Partners 8.000% Senior Notes, and $146.7 million of interest expense associated with the BGC Group 6.600% Senior Notes. Interest 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 April 26, 2027. As of December 31, 2024, the undrawn portion of the committed unsecured Revolving Credit Agreement was $500.0 million.
4The 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. During the second quarter of 2024, the Company settled its 2017 audit with the IRS which included the transition tax. The revised net cumulative transition tax expense is $25.3 million, net of foreign tax credits, resulting in a net adjustment of the payable balance by $3.3 million. The Company made 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, 2024 is $11.4 million.
5Other contractual obligations reflect commitments of $13.2 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.
Schedule of Maturity Analysis of Operating Lease Liabilities
As of December 31, 2024, minimum lease payments under these arrangements are as follows (in thousands):
Net Lease Commitment
Operating leasesFinance leases
2025$29,722 $1,520 
202624,078 1,290 
202722,743 627 
202816,390 — 
202912,505 — 
2030 and thereafter67,169 — 
Total$172,607 $3,437 
The following table shows the Company’s maturity analysis of its lease liabilities as of December 31, 2024 (in thousands):
December 31, 2024
Operating leasesFinance leases
2025$29,722 $1,520 
202624,078 1,290 
202722,743 627 
202816,390 — 
202912,505 — 
2030 and thereafter67,169 — 
Total$172,607 $3,437 
Interest(36,782)(188)
Total$135,825 $3,249