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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 |  | December 31, 2021
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 3,134 |  |  | $ | 5,796 |  |  | $ | 586,020 |  |  | $ | 2,487 |  |  | $ | 1,490 |  |  | $ | 571,280 |
Forwards |  | 603 |  |  | 569 |  |  | 197,278 |  |  | 392 |  |  | 419 |  |  | 207,966 |
Interest rate swaps |  | 25 |  |  | — |  |  | 2,114,412 |  |  | — |  |  | — |  |  | — |
Futures |  | — |  |  | 1,268 |  |  | 4,253,088 |  |  | — |  |  | 940 |  |  | 3,914,813 |
Total |  | $ | 3,762 |  |  | $ | 7,633 |  |  | $ | 7,150,798 |  |  | $ | 2,879 |  |  | $ | 2,849 |  |  | $ | 4,694,059 |
____________________________________ 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, 2022 and 2021 (in thousands):
| December 31, 2022
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
FX swaps | $ | 3,623 |  |  | $ | (489) |  |  | $ | 3,134 |
Forwards | 746 |  |  | (143) |  |  | 603 |
Interest rate swaps | 895 |  |  | (870) |  |  | 25 |
Futures | 64,769 |  |  | (64,769) |  |  | — |
Total derivative assets | $ | 70,033 |  |  | $ | (66,271) |  |  | $ | 3,762 |
Liabilities |  |  |  |  |
FX swaps | $ | 6,285 |  |  | $ | (489) |  |  | $ | 5,796 |
Futures | 66,037 |  |  | (64,769) |  |  | 1,268 |
Forwards | 712 |  |  | (143) |  |  | 569 |
Interest rate swaps | 870 |  |  | (870) |  |  | — |
Total derivative liabilities | $ | 73,904 |  |  | $ | (66,271) |  |  | $ | 7,633 |
| 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 |
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2022, 2021 and 2020 (in thousands):
|  | Year Ended December 31, 2022
Derivative contract |  | 2022 |  | 2021 |  | 2020
Futures |  | $ | 16,388 |  |  | $ | 10,902 |  |  | $ | 10,100 |
FX swaps |  | 2,466 |  |  | 182 |  |  | 381 |
FX/commodities options |  | 331 |  |  | 225 |  |  | 293 |
Interest rate swaps |  | 25 |  |  | — |  |  | — |
Forwards |  | — |  |  | (43) |  |  | 97 |
Gains, net |  | $ | 19,210 |  |  | $ | 11,266 |  |  | $ | 10,871 |

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