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Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
		Level 1				Level 2				Level 3				Netting and Collateral				Total
Marketable securities		$	338			$	—			$	—			$	—			$	338
Government debt			58,806				—				—				—				58,806
Securities owned—Equities			88				—				—				—				88
Forwards			—				842				—				(261	)			581
FX swaps			—				3,336				—				(580	)			2,756
Futures			—				28,563				—				(28,563	)			—
Corporate bonds			—				633				—				—				633
Total		$	59,232			$	33,374			$	—			$	(29,404	)		$	63,202

		Liabilities at Fair Value at March 31, 2021
		Level 1				Level 2				Level 3				Netting and Collateral				Total
FX/commodities options		$	151			$	—			$	—			$	—			$	151
FX swaps			—				2,107				—				(580	)			1,527
Forwards			—				792				—				(261	)			531
Futures			—				29,044				—				(28,563	)			481
Contingent consideration			—				—				40,056				—				40,056
Total		$	151			$	31,943			$	40,056			$	(29,404	)		$	42,746

		Assets at Fair Value at December 31, 2020
		Level 1				Level 2				Level 3				Netting and Collateral				Total
Marketable securities		$	349			$	—			$	—			$	—			$	349
Government debt			57,918				—				—				—				57,918
Securities owned—Equities			75				—				—				—				75
FX/commodities options			74				—				—				—				74
Forwards			—				338				—				(43	)			295
FX swaps			—				583				—				(21	)			562
Futures			—				41,257				—				(41,257	)			—
Corporate bonds			—				579				—				—				579
Total		$	58,416			$	42,757			$	—			$	(41,321	)		$	59,852

		Liabilities at Fair Value at December 31, 2020
		Level 1				Level 2				Level 3				Netting and Collateral				Total
Futures		$	—			$	42,183			$	—			$	(41,257	)		$	926
FX swaps			—				340				—				(21	)			319
Forwards			—				258				—				(43	)			215
Contingent consideration			—				—				39,791				—				39,791
Total		$	—			$	42,781			$	39,791			$	(41,321	)		$	41,251

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 March 31, 2021 were as follows (in thousands):

																										Unrealized (gains) losses for the period included in:
		Opening Balance as of January 1, 2021				Total realized and unrealized (gains) losses included in Net income (loss)				Unrealized (gains) losses included in Other comprehensive income (loss)1				Purchases/ Issuances				Sales/ Settlements				Closing Balance at March 31, 2021				Net income (loss) on Level 3 Assets / Liabilities Outstanding at March 31, 2021				Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at March 31, 2021
Liabilities
Accounts payable, accrued and    other liabilities:
Contingent consideration		$	39,791			$	1,102			$	—			$	—			$	(837	)		$	40,056			$	1,102			$	—

¹ 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 March 31, 2020 were as follows (in thousands):

																										Unrealized (gains) losses for the period included in:
		Opening Balance as of January 1, 2020				Total realized and unrealized (gains) losses included in Net income (loss)				Unrealized (gains) losses included in Other comprehensive income (loss)1				Purchases/ Issuances				Sales/ Settlements				Closing Balance at March 31, 2020				Net income (loss) on Level 3 Assets / Liabilities Outstanding at March 31, 2020				Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at March 31, 2020
Liabilities
Accounts payable, accrued and    other liabilities:
Contingent consideration		$	42,159			$	(1,141	)		$	59			$	2,959			$	(5,327	)		$	38,709			$	(1,141	)		$	59

¹Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).

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 March 31, 2021

Assets

Liabilities

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Contingent consideration

$

—

$

40,056

Present value of expected payments

Discount rate1 Probability of meeting earnout and contingencies

6.8%-10.3% 39%-100%

9.6% 83.1%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, 2020

Assets

Liabilities

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Contingent consideration

$

—

$

39,791

Present value of expected payments

Discount rate1 Probability of meeting earnout and contingencies

6.8%-10.3% 39%-100%

9.5% 82.9%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.

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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

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