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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
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):
|  | March 31, 2023 |  | December 31, 2022
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 6,453 |  |  | $ | 5,662 |  |  | $ | 742,441 |  |  | $ | 3,134 |  |  | $ | 5,796 |  |  | $ | 586,020 |
Forwards |  | 564 |  |  | 977 |  |  | 248,746 |  |  | 603 |  |  | 569 |  |  | 197,278 |
Interest rate swaps |  | 28 |  |  | — |  |  | 103,231,849 |  |  | 25 |  |  | — |  |  | 2,114,412 |
Futures |  | — |  |  | 929 |  |  | 4,733,162 |  |  | — |  |  | 1,268 |  |  | 4,253,088 |
Total |  | $ | 7,045 |  |  | $ | 7,568 |  |  | $ | 108,956,198 |  |  | $ | 3,762 |  |  | $ | 7,633 |  |  | $ | 7,150,798 |
____________________________ 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 (in thousands):
| March 31, 2023
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX swaps | $ | 6,994 |  |  | $ | (541) |  |  | $ | 6,453 |
Forwards | 588 |  |  | (24) |  |  | 564 |
Interest rate swaps | 19,710 |  |  | (19,682) |  |  | 28 |
Futures | 47,987 |  |  | (47,987) |  |  | — |
Total derivative assets | $ | 75,279 |  |  | $ | (68,234) |  |  | $ | 7,045 |
Liabilities |  |  |  |  |
FX swaps | $ | 6,203 |  |  | $ | (541) |  |  | $ | 5,662 |
Forwards | 1,001 |  |  | (24) |  |  | 977 |
Futures | 48,916 |  |  | (47,987) |  |  | 929 |
Interest rate swaps | 19,682 |  |  | $ | (19,682) |  |  | — |
Total derivative liabilities | $ | 75,802 |  |  | $ | (68,234) |  |  | $ | 7,568 |
| December 31, 2022
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
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 |
____________________________ 1 There were no additional balances in gross amounts not offset as of either March 31, 2023 or December 31, 2022.
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts (in thousands):
|  | Three Months Ended March 31, |  |
Derivative contract |  | 2023 |  | 2022 |  |  |  |
Futures |  | $ | 3,421 |  |  | $ | 4,409 |  |  |  |  |
FX swaps |  | 770 |  |  | 329 |  |  |  |  |
FX/commodities options |  | 41 |  |  | 100 |  |  |  |  |
Interest rate swaps |  | 28 |  |  | — |  |  |  |  |
Gains, net |  | $ | 4,260 |  |  | $ | 4,838 |  |  |  |  |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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