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Derivatives (Tables)

3 Months Ended

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

¹ Notional 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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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