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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivative instruments on a gross basis
The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2023 and December 31, 2022:

(in thousands) December 31, 2023December 31, 2022
Derivatives AssetsFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresReceivables from broker-dealers and clearing organizations$(741)$1,944,872 $(575)$663,110 
Commodity futuresReceivables from broker-dealers and clearing organizations(7,017)6,489,328 (31,007)7,597,057 
Currency futuresReceivables from broker-dealers and clearing organizations707 6,964,937 (24,023)7,460,531 
Fixed income futuresReceivables from broker-dealers and clearing organizations5,989 (360)30,292 
OptionsFinancial instruments owned3,485 1,167,643 5,200 691,737 
Currency forwardsFinancial instruments owned377,279 33,579,641 500,553 30,286,330 
Derivative instruments designated as hedging instruments:
Interest rate swapReceivables from broker-dealers and clearing organizations— — 87,268 1,525,000 
Derivatives LiabilitiesFinancial Statement LocationFair ValueNotionalFair ValueNotional
Derivative instruments not designated as hedging instruments:    
Equities futuresPayables to broker-dealers and clearing organizations$(558)$501,978 $1,819 $3,238,651 
Commodity futuresPayables to broker-dealers and clearing organizations(4)25,462 597 39,046 
Currency futuresPayables to broker-dealers and clearing organizations12,031 1,518,087 6,386 
Fixed income futuresPayables to broker-dealers and clearing organizations165 82,044 (264)123,043 
OptionsFinancial instruments sold, not yet purchased3,186 1,173,351 3,889 742,531 
Currency forwardsFinancial instruments sold, not yet purchased339,085 33,560,544 497,799 30,284,952 
Derivative instruments designated as hedging instruments:
Interest rate swapsPayables to broker-dealers and clearing organizations7,661 1,525,000 — — 
Schedule of net gain (loss) from derivative instruments not designated as hedging instruments
The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are initially recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023. 2022, and 2021.
  Years Ended December 31,
(in thousands)Financial Statements Location202320222021
Derivative instruments not designated as hedging instruments:
FuturesTrading income, net$297,345 $257,258 $283,482 
Currency forwardsTrading income, net(150,071)12,492 1,077 
OptionsTrading income, net21,224 30,339 95,828 
Interest rate swap on term loanOther, net(1,720)(1,879)(1,871)
Terminated interest rate swapsFinancing interest expense on long-term borrowings(3,994)— — 
$162,784 $298,210 $378,516 
Derivative instruments designated as hedging instruments:
Interest rate swaps (1)Other comprehensive income$(35,990)$106,329 $44,541 
$(35,990)$106,329 $44,541 
(1) The Company entered into a five-year $1,000 million floating-to-fixed interest rate swap agreement in the first quarter of 2020 and a five-year $525 million floating-to-fixed interest rate swap agreement in the fourth quarter of 2019. These two interest rate swaps met the criteria to be considered qualifying cash flow hedges under ASC 815 in the first quarter of 2020, and as such, the mark-to-market gains (losses) on the instruments were deferred within Other comprehensive income on the Consolidated Statements of Comprehensive Income beginning in the first quarter of 2020. The two interest rate swaps were terminated and dedesignated as cash flow hedges in December 2023. The Company entered into a two-year $1,525 million floating-to-fixed interest rate agreement in December 2023. The two-year interest rate swap met the criteria to be considered as a qualifying cash flow hedge under ASC 815 as of December 2023, and the mark-to-market gains (losses) on the instrument was deferred within Other comprehensive income on the Consolidated Statements of Comprehensive Income.