Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 12) on the accompanying condensed consolidated statements of financial condition as of March 31, 2023 and December 31, 2022. Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the condensed consolidated statements of financial condition, and those derivative assets and liabilities are shown separately in the table below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

	March 31, 2023
	Derivative Assets					Derivative Liabilities
	Fair Value			Notional		Fair Value			Notional
Forward foreign currency exchange rate contracts	$	1,980		$	200,158	$	1,489		$	232,388
Total return swaps and other		3,329			70,243		747			74,890
LFI and other similar deferred compensation    arrangements		-			-		367,534			389,040
Total gross derivatives		5,309		$	270,401		369,770		$	696,318
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts		(575	)				(575	)
Total return swaps and other		(743	)				(743	)
Net derivatives in "other assets" and "other    liabilities"		3,991					368,452
Amounts not netted (a):
Cash collateral		(581	)				-
Securities collateral		-					-
	$	3,410				$	368,452

	December 31, 2022
	Derivative Assets					Derivative Liabilities
	Fair Value			Notional		Fair Value			Notional
Forward foreign currency exchange rate contracts	$	1,356		$	170,103	$	921		$	128,098
Total return swaps and other		13,427			155,026		72			1,398
LGAC Warrants		-			-		115			11,500
LFI and other similar deferred compensation    arrangements		-			-		326,282			338,126
Total gross derivatives		14,783		$	325,129		327,390		$	479,122
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts		(157	)				(158	)
Total return swaps and other		(72	)				(72	)
Net derivatives in "other assets" and "other    liabilities"		14,554					327,160
Amounts not netted (a):
Cash collateral		-					-
Securities collateral		-					-
	$	14,554				$	327,160

(a) Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the collateral amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the total amount reported is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2023 and 2022, were as follows:

	Three Months Ended
	March 31,
	2023			2022
Forward foreign currency exchange rate contracts	$	94		$	1,906
LFI and other similar deferred compensation arrangements		(16,453	)		14,323
LGAC Warrants		115			3,910
Total return swaps and other		(6,410	)		6,188
Total	$	(22,654	)	$	26,327