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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Contracts | The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):
|  | March 31, 2018 |  |  | December 31, 2017 |
Derivative contract |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |  |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |
Forwards |  | $ | 9,888 |  |  | $ | 2,636 |  |  | $ | 1,435,352 |  |  | $ | 4,262 |  |  | $ | 1,483 |  |  | $ | 642,802 |
Rate lock commitments |  |  | 8,750 |  |  |  | 8,980 |  |  |  | 374,197 |  |  |  | 2,923 |  |  |  | 2,390 |  |  |  | 180,918 |
Foreign exchange/commodities options |  |  | 3,931 |  |  |  | — |  |  |  | 3,059,888 |  |  |  | 4,416 |  |  |  | 130 |  |  |  | 2,442,200 |
Futures |  |  | 1,233 |  |  |  | 810 |  |  |  | 10,453,750 |  |  |  | 25 |  |  |  | 1,066 |  |  |  | 13,023,030 |
Foreign exchange swaps |  |  | 943 |  |  |  | 727 |  |  |  | 472,287 |  |  |  | 801 |  |  |  | 2,846 |  |  |  | 407,600 |
Interest rate swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | 12,092 |
Equity options |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 961,000 |
Total |  | $ | 24,745 |  |  | $ | 13,153 |  |  | $ | 15,795,474 |  |  | $ | 12,669 |  |  | $ | 7,933 |  |  | $ | 17,669,642 |
1Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity and does not represent anticipated losses.
Summary of Offsetting of Derivative Instruments | The following tables present information about the offsetting of derivative instruments as of March 31, 2018 and December 31, 2017 (in thousands):
|  | March 31, 2018 |
|  |  |  |  |  |  |  |  |  | Net Amounts Presented in the |  |  | Gross Amounts Not Offset |  |  |  |  |
|  | Gross Amounts |  |  | Gross Amounts Offset |  |  | Statements of Financial Condition |  |  | Financial Instruments |  |  | Cash Collateral Received |  |  | Net Amounts |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  | $ | 9,900 |  |  | $ | (12 | ) |  | $ | 9,888 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,888 |
Rate lock commitments |  |  | 8,750 |  |  |  | — |  |  |  | 8,750 |  |  |  | — |  |  |  | — |  |  |  | 8,750 |
Foreign exchange/commodities options |  |  | 102,667 |  |  |  | (98,736 | ) |  |  | 3,931 |  |  |  | — |  |  |  | — |  |  |  | 3,931 |
Futures |  |  | 43,541 |  |  |  | (42,308 | ) |  |  | 1,233 |  |  |  | — |  |  |  | — |  |  |  | 1,233 |
Foreign exchange swaps |  |  | 1,249 |  |  |  | (306 | ) |  |  | 943 |  |  |  | — |  |  |  | — |  |  |  | 943 |
Total |  | $ | 166,107 |  |  | $ | (141,362 | ) |  | $ | 24,745 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,745 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments |  | $ | 8,980 |  |  | $ | — |  |  | $ | 8,980 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,980 |
Forwards |  |  | 2,648 |  |  |  | (12 | ) |  |  | 2,636 |  |  |  | — |  |  |  | — |  |  |  | 2,636 |
Futures |  |  | 43,118 |  |  |  | (42,308 | ) |  |  | 810 |  |  |  | — |  |  |  | — |  |  |  | 810 |
Foreign exchange swaps |  |  | 1,033 |  |  |  | (306 | ) |  |  | 727 |  |  |  | — |  |  |  | — |  |  |  | 727 |
Foreign exchange/commodities options |  |  | 98,736 |  |  |  | (98,736 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 154,515 |  |  | $ | (141,362 | ) |  | $ | 13,153 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,153 |
|  | December 31, 2017 |
|  |  |  |  |  |  |  |  |  | Net Amounts Presented in the |  |  | Gross Amounts Not Offset |  |  |  |  |
|  | Gross Amounts |  |  | Gross Amounts Offset |  |  | Statements of Financial Condition |  |  | Financial Instruments |  |  | Cash Collateral Received |  |  | Net Amounts |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange/commodities options |  | $ | 31,834 |  |  | $ | (27,418 | ) |  | $ | 4,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,416 |
Forwards |  |  | 4,363 |  |  |  | (101 | ) |  |  | 4,262 |  |  |  | — |  |  |  | — |  |  |  | 4,262 |
Rate lock commitments |  |  | 2,923 |  |  |  | — |  |  |  | 2,923 |  |  |  | — |  |  |  | — |  |  |  | 2,923 |
Foreign exchange swaps |  |  | 1,135 |  |  |  | (334 | ) |  |  | 801 |  |  |  | — |  |  |  | — |  |  |  | 801 |
Interest rate swaps |  |  | 242 |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | — |  |  |  | 242 |
Futures |  |  | 78,969 |  |  |  | (78,944 | ) |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |
Total |  | $ | 119,466 |  |  | $ | (106,797 | ) |  | $ | 12,669 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,669 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swaps |  | $ | 3,180 |  |  | $ | (334 | ) |  | $ | 2,846 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,846 |
Rate lock commitments |  |  | 2,390 |  |  |  | — |  |  |  | 2,390 |  |  |  | — |  |  |  | — |  |  |  | 2,390 |
Forwards |  |  | 1,584 |  |  |  | (101 | ) |  |  | 1,483 |  |  |  | — |  |  |  | — |  |  |  | 1,483 |
Futures |  |  | 80,010 |  |  |  | (78,944 | ) |  |  | 1,066 |  |  |  | — |  |  |  | — |  |  |  | 1,066 |
Foreign exchange/commodities options |  |  | 27,548 |  |  |  | (27,418 | ) |  |  | 130 |  |  |  | — |  |  |  | — |  |  |  | 130 |
Equity options |  |  | 18 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 18 |
Total |  | $ | 114,730 |  |  | $ | (106,797 | ) |  | $ | 7,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,933 |
Summary of Gains and Losses on Derivative Contracts | The table below summarizes gains and losses on derivative contracts for the three months ended March 31, 2018 and 2017 (in thousands):
|  | Three Months Ended March 31, |
Derivative contract |  | 2018 |  |  | 2017 |
Rate lock commitments and forwards |  | $ | 7,327 |  |  | $ | 2,462 |
Futures |  |  | 5,908 |  |  |  | 1,949 |
Foreign exchange/commodities options |  |  | 4,599 |  |  |  | 3,602 |
Foreign exchange swaps |  |  | 378 |  |  |  | 627 |
Equity options |  |  | 102 |  |  |  | — |
Interest rate swaps |  |  | (5 | ) |  |  | 28 |
Gain |  | $ | 18,309 |  |  | $ | 8,668 |

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