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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2021
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):
|  | June 30, 2021 |  | December 31, 2020
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX/commodities options |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 74 |  |  | $ | — |  |  | $ | 4,844 |
Forwards 2 |  | 690 |  |  | 653 |  |  | 216,829 |  |  | 295 |  |  | 215 |  |  | 302,141 |
FX swaps |  | 4,553 |  |  | 4,551 |  |  | 610,762 |  |  | 562 |  |  | 319 |  |  | 513,588 |
Futures |  | — |  |  | 1,217 |  |  | 18,307,688 |  |  | — |  |  | 926 |  |  | 6,113,220 |
Total |  | $ | 5,243 |  |  | $ | 6,421 |  |  | $ | 19,135,279 |  |  | $ | 931 |  |  | $ | 1,460 |  |  | $ | 6,933,793 |
__________________________ 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 do not represent anticipated losses. 2 Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Summary of Offsetting of Derivative Instruments | The following tables present information about the offsetting of derivative instruments (in thousands):
| June 30, 2021
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
Forwards 2 | $ | 948 |  |  | $ | (258) |  |  | $ | 690 |
FX swaps | 5,729 |  |  | (1,176) |  |  | 4,553 |
Futures | 75,703 |  |  | (75,703) |  |  | — |
Total derivative assets | $ | 82,380 |  |  | $ | (77,137) |  |  | $ | 5,243 |
Liabilities |  |  |  |  |
FX swaps | 5,727 |  |  | (1,176) |  |  | 4,551 |
Forwards 2 | 911 |  |  | (258) |  |  | 653 |
Futures | 76,920 |  |  | (75,703) |  |  | 1,217 |
Total derivative liabilities | $ | 83,558 |  |  | $ | (77,137) |  |  | $ | 6,421 |
| December 31, 2020
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX/commodities options | $ | 74 |  |  | $ | — |  |  | $ | 74 |
Forwards | 338 |  |  | (43) |  |  | 295 |
FX swaps | 583 |  |  | (21) |  |  | 562 |
Futures | 41,257 |  |  | (41,257) |  |  | — |
Total derivative assets | $ | 42,252 |  |  | $ | (41,321) |  |  | $ | 931 |
Liabilities |  |  |  |  |
FX swaps | $ | 340 |  |  | $ | (21) |  |  | $ | 319 |
Forwards | 258 |  |  | (43) |  |  | 215 |
Futures | 42,183 |  |  | (41,257) |  |  | 926 |
Total derivative liabilities | $ | 42,781 |  |  | $ | (41,321) |  |  | $ | 1,460 |
__________________________ 1 There were no additional balances in gross amounts not offset as of June 30, 2021 and December 31, 2020. 2 Excludes $30 thousand derivative assets and $7 thousand derivative liabilities classified as Assets held for sale and Liabilities held for sale, respectively, as of June 30, 2021.
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivative contract |  | 2021 |  | 2020 |  | 2021 |  | 2020
Futures |  | $ | 3,321 |  |  | $ | 2,724 |  |  | $ | 7,155 |  |  | $ | 5,488 |
FX/commodities options |  | 78 |  |  | 143 |  |  | 164 |  |  | 198 |
Forwards |  | (63) |  |  | 116 |  |  | (28) |  |  | (1,152) |
FX swaps |  | 140 |  |  | 89 |  |  | 138 |  |  | 325 |
Gains |  | $ | 3,476 |  |  | $ | 3,072 |  |  | $ | 7,429 |  |  | $ | 4,859 |

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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=121590274&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=121590274&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=121590274&loc=SL5624171-113959 + Details
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