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Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance | The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
|  | Assets at Fair Value at June 30, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Marketable securities |  | $ | 278 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 278 |
Government debt |  |  | 57,975 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,975 |
Securities owned—Equities |  |  | 163 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 163 |
FX/commodities options |  |  | 112 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 110 |
Forwards |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | (12 | ) |  |  | 161 |
FX swaps |  |  | — |  |  |  | 698 |  |  |  | — |  |  |  | (74 | ) |  |  | 624 |
Futures |  |  | — |  |  |  | 42,521 |  |  |  | — |  |  |  | (42,521 | ) |  |  | — |
Corporate Bonds |  |  | — |  |  |  | 547 |  |  |  | — |  |  |  | — |  |  |  | 547 |
Total |  | $ | 58,528 |  |  | $ | 43,939 |  |  | $ | — |  |  | $ | (42,609 | ) |  | $ | 59,858 |
|  | Liabilities at Fair Value at June 30, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
FX/commodities options |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |
FX swaps |  |  | — |  |  |  | 389 |  |  |  | — |  |  |  | (74 | ) |  |  | 315 |
Forwards |  |  | — |  |  |  | 1,901 |  |  |  | — |  |  |  | (12 | ) |  |  | 1,889 |
Futures |  |  | — |  |  |  | 43,138 |  |  |  | — |  |  |  | (42,521 | ) |  |  | 617 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 35,107 |  |  |  | — |  |  |  | 35,107 |
Total |  | $ | 2 |  |  | $ | 45,428 |  |  | $ | 35,107 |  |  | $ | (42,609 | ) |  | $ | 37,928 |
|  | Assets at Fair Value at December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Marketable securities |  | $ | 14,228 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,228 |
Government debt |  |  | 56,761 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 56,761 |
Securities owned—Equities |  |  | 36 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36 |
FX/commodities options |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |
Forwards |  |  | — |  |  |  | 706 |  |  |  | — |  |  |  | (142 | ) |  |  | 564 |
FX swaps |  |  | — |  |  |  | 1,672 |  |  |  | — |  |  |  | (394 | ) |  |  | 1,278 |
Futures |  |  | — |  |  |  | 2,044 |  |  |  | — |  |  |  | (2,044 | ) |  |  | — |
Corporate Bonds |  |  | — |  |  |  | 728 |  |  |  | — |  |  |  | — |  |  |  | 728 |
Total |  | $ | 71,051 |  |  | $ | 5,150 |  |  | $ | — |  |  | $ | (2,580 | ) |  | $ | 73,621 |
|  | Liabilities at Fair Value at December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
FX/commodities options |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
FX swaps |  |  | — |  |  |  | 2,638 |  |  |  | — |  |  |  | (394 | ) |  |  | 2,244 |
Forwards |  |  | — |  |  |  | 1,427 |  |  |  | — |  |  |  | (142 | ) |  |  | 1,285 |
Futures |  |  | — |  |  |  | 2,668 |  |  |  | — |  |  |  | (2,044 | ) |  |  | 624 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 42,159 |  |  |  | — |  |  |  | 42,159 |
Total |  | $ | — |  |  | $ | 6,733 |  |  | $ | 42,159 |  |  | $ | (2,580 | ) |  | $ | 46,312 |
Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | Level 3 Financial Liabilities Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2020 were as follows (in thousands):
|  | Opening Balance as of April 1, 2020 |  |  | Total realized and unrealized (gains) losses included in Net income (loss)1 |  |  | Unrealized (gains) losses included in Other comprehensive income (loss)2 |  |  | Purchases/ Issuances |  |  | Sales/ Settlements |  |  | Closing Balance at June 30, 2020 |  |  | Unrealized (gains) losses for the period included in Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020 |  |  | Unrealized (gains) for the period included in Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 38,709 |  |  | $ | (772 | ) |  | $ | (8 | ) |  | $ | — |  |  | $ | (4,382 | ) |  | $ | 35,107 |  |  | $ | (772 | ) |  | $ | (8 | )
1 | Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2 | Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended June 30, 2019 were as follows (in thousands):
|  | Opening Balance as of April 1, 2019 |  |  | Total realized and unrealized (gains) losses included in Net income (loss) |  |  | Unrealized (gains) losses included in Other comprehensive income (loss) |  |  | Purchases/ Issuances |  |  | Sales/ Settlements |  |  | Closing Balance at June 30, 2019 |  |  | Unrealized (gains) losses for the period on Level 3 Assets / Liabilities Outstanding at June 30, 2019 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration1 |  | $ | 42,139 |  |  | $ | (1,940 | ) |  | $ | 295 |  |  | $ | — |  |  | $ | (1,632 | ) |  | $ | 42,152 |  |  | $ | (1,645 | )
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations. Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized (gains) for the period included in: |
|  | Opening Balance as of January 1, 2020 |  |  | Total realized and unrealized (gains) losses included in Net income (loss)1 |  |  | Unrealized (gains) losses included in Other comprehensive income (loss)2 |  |  | Purchases/ Issuances |  |  | Sales/ Settlements |  |  | Closing Balance at June 30, 2020 |  |  | Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2020 |  |  | Unrealized (gains) for the period included in Other comprehensive income (loss) Level 3 Assets / Liabilities Outstanding at June 30, 2020 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration1 |  | $ | 42,159 |  |  | $ | 369 |  |  | $ | (67 | ) |  | $ | 2,959 |  |  | $ | (9,709 | ) |  | $ | 35,107 |  |  | $ | 369 |  |  | $ | (67 | )
1 | Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
2Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss). Changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2019 were as follows (in thousands):
|  | Opening Balance as of January 1, 2019 |  |  | Total realized and unrealized (gains) losses included in Net income (loss) |  |  | Unrealized (gains) losses included in Other comprehensive income (loss) |  |  | Purchases/ Issuances |  |  | Sales/ Settlements |  |  | Closing Balance at June 30, 2019 |  |  | Unrealized (gains) losses for the period on Level 3 Assets / Liabilities Outstanding at June 30, 2019 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration1 |  | $ | 45,984 |  |  | $ | (3,422 | ) |  | $ | (280 | ) |  | $ | — |  |  | $ | (7,534 | ) |  | $ | 42,152 |  |  | $ | (3,702 | )
1Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
|  | Fair Value as of June 30, 2020 |  |  |  |  |  |  |  |  |
|  | Assets |  |  | Liabilities |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Contingent consideration |  | $ | — |  |  | $ | 35,107 |  |  | Present value of expected payments |  | Discount rate1 Probability of meeting earnout and contingencies |  | 6.8%-10.3% 39%-100% |  | 9.5% 78.5%2
1 | The discount rate is based on the Company’s calculated weighted-average cost of capital.
2 | The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
|  | Fair Value as of December 31, 2019 |  |  |  |  |  |  |  |  |
|  | Assets |  |  | Liabilities |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Contingent consideration |  | $ | — |  |  | $ | 42,159 |  |  | Present value of expected payments |  | Discount rate Probability of meeting earnout and contingencies |  | 9.2%-10.3% 70%-100% |  | 9.8% 90.2%1
1 | The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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