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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2019
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, 2019 |  |  | December 31, 2018 |
Derivative contract |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |  |  | Assets |  |  | Liabilities |  |  | Notional Amounts1 |
Foreign exchange/commodities options |  | $ | — |  |  | $ | 42 |  |  | $ | 4,557 |  |  | $ | 39 |  |  | $ | 88,016 |  |  | $ | 4,745,428 |
Forwards |  |  | 28 |  |  |  | 171 |  |  |  | 93,470 |  |  |  | 236 |  |  |  | 639 |  |  |  | 79,008 |
Foreign exchange swaps |  |  | 2,594 |  |  |  | 2,092 |  |  |  | 1,001,289 |  |  |  | 1,611 |  |  |  | 2,072 |  |  |  | 482,295 |
Futures |  |  | 331 |  |  |  | 231 |  |  |  | 13,048,985 |  |  |  | 93 |  |  |  | 402 |  |  |  | 13,067,925 |
Total |  | $ | 2,953 |  |  | $ | 2,536 |  |  | $ | 14,148,301 |  |  | $ | 1,979 |  |  | $ | 91,129 |  |  | $ | 18,374,656 |
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, 2019 and December 31, 2018 (in thousands):
|  | March 31, 2019 |
|  |  |  |  |  |  |  |  |  | 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 |  | $ | 33 |  |  | $ | (5 | ) |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |
Foreign exchange swaps |  |  | 3,555 |  |  |  | (961 | ) |  |  | 2,594 |  |  |  | — |  |  |  | — |  |  |  | 2,594 |
Futures |  |  | 9,736 |  |  |  | (9,405 | ) |  |  | 331 |  |  |  | — |  |  |  | — |  |  |  | 331 |
Total |  | $ | 13,324 |  |  | $ | (10,371 | ) |  | $ | 2,953 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,953 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange/commodities options |  | $ | 42 |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |
Forwards |  |  | 176 |  |  |  | (5 | ) |  |  | 171 |  |  |  | — |  |  |  | — |  |  |  | 171 |
Foreign exchange swaps |  |  | 3,053 |  |  |  | (961 | ) |  |  | 2,092 |  |  |  | — |  |  |  | — |  |  |  | 2,092 |
Futures |  |  | 9,636 |  |  |  | (9,405 | ) |  |  | 231 |  |  |  | — |  |  |  | — |  |  |  | 231 |
Total |  | $ | 12,907 |  |  | $ | (10,371 | ) |  | $ | 2,536 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,536 |
|  | December 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange/commodities options |  | $ | 482,751 |  |  | $ | (482,712 | ) |  | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |
Forwards |  |  | 253 |  |  |  | (17 | ) |  |  | 236 |  |  |  | — |  |  |  | — |  |  |  | 236 |
Foreign exchange swaps |  |  | 1,938 |  |  |  | (327 | ) |  |  | 1,611 |  |  |  | — |  |  |  | — |  |  |  | 1,611 |
Futures |  |  | 57,479 |  |  |  | (57,386 | ) |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | 93 |
Total |  | $ | 542,421 |  |  | $ | (540,442 | ) |  | $ | 1,979 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,979 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange/commodities options |  | $ | 570,728 |  |  | $ | (482,712 | ) |  | $ | 88,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,016 |
Foreign exchange swaps |  |  | 2,399 |  |  |  | (327 | ) |  |  | 2,072 |  |  |  | — |  |  |  | — |  |  |  | 2,072 |
Forwards |  |  | 656 |  |  |  | (17 | ) |  |  | 639 |  |  |  | — |  |  |  | — |  |  |  | 639 |
Futures |  |  | 57,788 |  |  |  | (57,386 | ) |  |  | 402 |  |  |  | — |  |  |  | — |  |  |  | 402 |
Total |  | $ | 631,571 |  |  | $ | (540,442 | ) |  | $ | 91,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,129 |
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, 2019 and 2018 (in thousands):
|  | Three Months Ended March 31, |
Derivative contract |  | 2019 |  |  | 2018 |
Foreign exchange/commodities options |  | $ | 63 |  |  | $ | 4,599 |
Futures |  |  | 4,248 |  |  |  | 5,908 |
Forwards |  |  | (113 | ) |  |  | 292 |
Foreign exchange swaps |  |  | 594 |  |  |  | 378 |
Equity options |  |  | — |  |  |  | 102 |
Interest rate swaps |  |  | — |  |  |  | (5 | )
Gain (loss) |  | $ | 4,792 |  |  | $ | 11,274 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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