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Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Summary of Contractual Obligations | Contractual Obligations and Commitments The following table summarizes certain of the Company’s contractual obligations at December 31, 2021 (in thousands):
| Total |  | Less Than 1 Year |  | 1-3 Years |  | 3-5 Years |  | More Than 5 Years
Long-term debt and collateralized borrowings 1 | $ | 1,059,642 |  |  | $ | 6,391 |  |  | $ | 753,251 |  |  | $ | 300,000 |  |  | $ | — |
Operating leases 2 | 221,937 |  |  | 32,288 |  |  | 51,751 |  |  | 34,684 |  |  | 103,214 |
Interest on long-term debt and collateralized borrowings 3 | 122,034 |  |  | 49,906 |  |  | 59,732 |  |  | 12,396 |  |  | — |
Short-term borrowings 4 | 3,584 |  |  | 3,584 |  |  | — |  |  | — |  |  | — |
Interest on Short-term borrowings | 505 |  |  | 484 |  |  | 21 |  |  | — |  |  | — |
One-time transition tax 5 | 20,231 |  |  | 2,709 |  |  | 7,385 |  |  | 10,137 |  |  | — |
Other 6 | 21,776 |  |  | 10,038 |  |  | 11,738 |  |  | — |  |  | — |
Total contractual obligations | $ | 1,449,709 |  |  | $ | 105,400 |  |  | $ | 883,878 |  |  | $ | 357,217 |  |  | $ | 103,214 |
_______________________________________ 1 Long-term debt and collateralized borrowings reflects long-term borrowings of $450.0 million of the 5.375% Senior Notes (the $450.0 million represents the principal amount of the debt; the carrying value of the 5.375% Senior Notes as of December 31, 2021 was $447.9 million), $300.0 million of the 3.750% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 3.750% Senior Notes as of December 31, 2021 was approximately $297.7 million), $300.0 million of the 4.375% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 4.375% Senior Notes as of December 31, 2021 was approximately $297.5 million), $5.9 million of collateralized borrowings due April 8, 2023, and $3.8 million of collateralized borrowings due April 19, 2023. See Note 18—“Notes Payable, Other and Short-term Borrowings” for more information regarding these obligations, including timing of payments and compliance with debt covenants. 2 Operating leases are related to rental payments under various non-cancelable leases, principally for office space, net of sublease payments to be received. There are no sublease payments to be received over the life of the agreement. 3 Interest on long-term debt and collateralized borrowings also includes interest on the undrawn portion of the committed unsecured senior Revolving Credit Agreement which was calculated through the maturity date of the facility, which is February 26, 2023. As of December 31, 2021, the undrawn portion of the committed unsecured Revolving Credit Agreement was $350.0 million. 4 Short-term borrowings reflects approximately $3.6 million (BRL 20.0 million) of borrowing under the Company’s committed unsecured loan agreement. See Note 18—“Notes Payable, Other and Short-term Borrowings” for more information regarding this obligation. 5 The Company completed the calculation of the one-time transition tax on the deemed repatriation of foreign subsidiaries’ earnings pursuant to the Tax Act and previously recorded a net cumulative tax expense of $28.6 million, net of foreign tax credits, with an election to pay the taxes over eight years with 40% to be paid in equal installments over the first five years and the remaining 60% to be paid in installments of 15%, 20% and 25% in years six, seven and eight, respectively. The cumulative remaining balance as of December 31, 2021 is $20.2 million. 6 Other contractual obligations reflect commitments of $10.0 million to make charitable contributions, which are recorded as part of “Accounts payable, accrued and other liabilities” in the Company’s consolidated statements of financial condition. The amount payable each year reflects an estimate of future Charity Day obligations. In addition, as part of the Insurance Business Disposition, unvested equity and other awards previously granted by BGC to employees of its Insurance brokerage business were converted into the right to receive a cash payment from BGC; a significant portion of these awards was 50% vested and paid in cash at closing, with the remaining 50% vesting and to be paid in cash two years after closing. The remaining portion of these awards will have been 100% vested and paid in cash by two years after the closing. The payments after closing are only made if the applicable employee remains an employee of the Insurance brokerage business. The remaining portion of these awards is reflected as other contractual obligations, and is recorded as part of “Accounts payable, accrued and other liabilities” in the Company’s consolidated statements of financial condition.
Schedule of Maturity Analysis of Operating Lease Liabilities | As of December 31, 2021, minimum lease payments under these arrangements are as follows (in thousands):
| Net Lease Commitment
2022 | $ | 32,288 |
2023 | 28,318 |
2024 | 23,433 |
2025 | 19,014 |
2026 | 15,670 |
2027 and thereafter | 103,214 |
Total | $ | 221,937 |
The following table shows the Company’s maturity analysis of its operating lease liabilities as of December 31, 2021 (in thousands):
| December 31, 2021
| Operating leases |  | Finance leases
2022 | $ | 32,288 |  |  | $ | 657 |
2023 | 28,318 |  |  | 657 |
2024 | 23,433 |  |  | 657 |
2025 | 19,014 |  |  | 657 |
2026 | 15,670 |  |  | 499 |
Thereafter | 103,214 |  |  | — |
Total | $ | 221,937 |  |  | $ | 3,127 |
Interest | (55,717) |  |  | (142) |
Total | $ | 166,220 |  |  | $ | 2,985 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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