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Derivative Instruments | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The fair value of the Company’s derivative instruments on a gross basis consisted of the following at March 31, 2024 and December 31, 2023:
(in thousands) |  |  |  | March 31, 2024 |  | December 31, 2023
Derivatives Assets |  | Financial Statement Location |  | Fair Value |  | Notional |  | Fair Value |  | Notional
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Equities futures |  | Receivables from broker-dealers and clearing organizations |  | $ | 1,003 |  |  | $ | 711,468 |  |  | $ | (741) |  |  | $ | 1,944,872 |
Commodity futures |  | Receivables from broker-dealers and clearing organizations |  | 4,963 |  |  | 5,207,005 |  |  | (7,017) |  |  | 6,489,328 |
Currency futures |  | Receivables from broker-dealers and clearing organizations |  | (7,569) |  |  | 6,134,373 |  |  | 707 |  |  | 6,964,937 |
Fixed income futures |  | Receivables from broker-dealers and clearing organizations |  | 48 |  |  | 62,129 |  |  | 1 |  |  | 5,989 |
Options |  | Financial instruments owned |  | 2,888 |  |  | 636,097 |  |  | 3,485 |  |  | 1,167,643 |
Currency forwards |  | Financial instruments owned |  | 290,659 |  |  | 27,710,240 |  |  | 377,279 |  |  | 33,579,641 |
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | Receivables from broker-dealers and clearing organizations |  | 5,753 |  |  | 1,525,000 |  |  | — |  |  | — |
Derivatives Liabilities |  | Financial Statement Location |  | Fair Value |  | Notional |  | Fair Value |  | Notional
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Equities futures |  | Payables to broker-dealers and clearing organizations |  | $ | 3,168 |  |  | $ | 3,089,351 |  |  | $ | (558) |  |  | $ | 501,978 |
Commodity futures |  | Payables to broker-dealers and clearing organizations |  | (1,581) |  |  | 74,062 |  |  | (4) |  |  | 25,462 |
Currency futures |  | Payables to broker-dealers and clearing organizations |  | 9,344 |  |  | 621,877 |  |  | 12,031 |  |  | 1,518,087 |
Fixed income futures |  | Payables to broker-dealers and clearing organizations |  | (5) |  |  | 9,311 |  |  | 165 |  |  | 82,044 |
Options |  | Financial instruments sold, not yet purchased |  | 3,122 |  |  | 651,941 |  |  | 3,186 |  |  | 1,173,351 |
Currency forwards |  | Financial instruments sold, not yet purchased |  | 253,151 |  |  | 27,691,487 |  |  | 339,085 |  |  | 33,560,544 |
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Payables to broker-dealers and clearing organizations |  | — |  |  | — |  |  | 7,661 |  |  | 1,525,000 |
Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps. 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 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023.
|  |  |  |  |  | Three Months Ended March 31,
(in thousands) |  | Financial Statements Location |  |  |  |  |  | 2024 |  | 2023 |  |
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | Trading income, net |  |  |  |  |  | $ | 1,532 |  |  | $ | 124,466 |  |  |
Currency forwards |  | Trading income, net |  |  |  |  |  | (6,061) |  |  | (62,937) |  |  |
Options |  | Trading income, net |  |  |  |  |  | 13,038 |  |  | 2,655 |  |  |
Interest rate swap on term loan |  | Other, net |  |  |  |  |  | — |  |  | (463) |  |  |
Terminated interest rate swaps |  | Financing interest expense on long-term borrowings |  |  |  |  |  | (11,702) |  |  | — |  |  |
|  |  |  |  |  |  |  | $ | (3,193) |  |  | $ | 63,721 |  |  |
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (1) |  | Other comprehensive income |  |  |  |  |  | $ | 13,447 |  |  | $ | (15,393) |  |  |
|  |  |  |  |  |  |  | $ | 13,447 |  |  | $ | (15,393) |  |  |
(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 Condensed 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 Condensed Consolidated Statements of Comprehensive Income.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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