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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 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):
|  | December 31, 2021 |  | December 31, 2020
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX/commodities options |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 74 |  |  | $ | — |  |  | $ | 4,844 |
Forwards |  | 392 |  |  | 419 |  |  | 207,966 |  |  | 295 |  |  | 215 |  |  | 302,141 |
FX swaps |  | 2,487 |  |  | 1,490 |  |  | 571,280 |  |  | 562 |  |  | 319 |  |  | 513,588 |
Futures |  | — |  |  | 940 |  |  | 3,914,813 |  |  | — |  |  | 926 |  |  | 6,113,220 |
Total |  | $ | 2,879 |  |  | $ | 2,849 |  |  | $ | 4,694,059 |  |  | $ | 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.
Summary of Offsetting of Derivative Instruments | The following tables present information about the offsetting of derivative instruments as of December 31, 2021 and 2020 (in thousands):
| December 31, 2021
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
Forwards | $ | 452 |  |  | $ | (60) |  |  | $ | 392 |
FX swaps | 3,025 |  |  | (538) |  |  | 2,487 |
Futures | 70,497 |  |  | (70,497) |  |  | — |
Total derivative assets | $ | 73,974 |  |  | $ | (71,095) |  |  | $ | 2,879 |
Liabilities |  |  |  |  |
FX swaps | $ | 2,028 |  |  | $ | (538) |  |  | $ | 1,490 |
Forwards | 479 |  |  | (60) |  |  | 419 |
Futures | 71,437 |  |  | (70,497) |  |  | 940 |
Total derivative liabilities | $ | 73,944 |  |  | $ | (71,095) |  |  | $ | 2,849 |
| December 31, 2020
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
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 |
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2021, 2020 and 2019 (in thousands):
|  | Year Ended December 31, 2021
Derivative contract |  | 2021 |  | 2020 |  | 2019
Futures |  | $ | 10,902 |  |  | $ | 10,100 |  |  | $ | 15,316 |
FX/commodities options |  | 225 |  |  | 293 |  |  | 252 |
FX swaps |  | 182 |  |  | 381 |  |  | 2,340 |
Forwards |  | (43) |  |  | 97 |  |  | (3,597) |
Equity options |  | — |  |  | — |  |  | 318 |
Gains (losses) |  | $ | 11,266 |  |  | $ | 10,871 |  |  | $ | 14,629 |

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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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 + Details
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