XML 71 R53.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Contractual Obligations | The following table summarizes certain of the Company’s contractual obligations at December 31, 2024 (in thousands):
| Total |  | Less Than 1 Year |  | 1-3 Years |  | 3-5 Years |  | More Than 5 Years
Debt and collateralized borrowings 1 | $ | 1,349,500 |  |  | $ | 500,000 |  |  | $ | — |  |  | $ | 849,500 |  |  | $ | — |
Operating leases 2 | 172,607 |  |  | 29,722 |  |  | 46,821 |  |  | 28,895 |  |  | 67,169 |
Finance leases 2 | 3,437 |  |  | 1,520 |  |  | 1,917 |  |  | — |  |  | — |
Interest on debt and collateralized borrowings 3 | 257,435 |  |  | 74,750 |  |  | 123,757 |  |  | 58,928 |  |  | — |
Interest on Short-term borrowings | 55 |  |  | 55 |  |  | — |  |  | — |  |  | — |
One-time transition tax 4 | 11,382 |  |  | 6,962 |  |  | 4,420 |  |  | — |  |  | — |
Other 5 | 13,242 |  |  | 13,242 |  |  | — |  |  | — |  |  | — |
Total contractual obligations | $ | 1,807,658 |  |  | $ | 626,251 |  |  | $ | 176,915 |  |  | $ | 937,323 |  |  | $ | 67,169 |
_______________________________________ 1 Debt and collateralized borrowings reflects $200.0 million of borrowings by the Company, which includes deferred financing costs of $4.2 million, outstanding under the Revolving Credit Agreement as of December 31, 2024; $288.2 million of BGC Group 4.375% Senior Notes (the $288.2 million represents the principal amount of the debt; the carrying value of the BGC Group 4.375% Senior Notes as of December 31, 2024 was approximately $287.5 million); $347.2 million of BGC Group 8.000% Senior Notes (the $347.2 million represents the principal amount of the debt; the carrying value of the BGC Group 8.000% Senior Notes as of December 31, 2024 was approximately $344.6 million) and $500.0 million of BGC Group 6.600% Senior Notes (the $500.0 million represents the principal amount of the debt; the carrying value of the BGC Group 6.600% Senior Notes as of December 31, 2024 was approximately $495.5 million). Debt and collateralized borrowings reflects $11.8 million of BGC Partners 4.375% Senior Notes (the $11.8 million represents the principal amount of the debt; the carrying value of the BGC Partners 4.375% Senior Notes as of December 31, 2024 was approximately $11.8 million) and $2.3 million of BGC Partners 8.000% Senior Notes (the $2.3 million represents the principal amount of the debt; the carrying value of the BGC Partners 8.000% Senior Notes as of December 31, 2024 was approximately $2.3 million). See Note 17—“Notes Payable and Other Borrowings” for more information regarding these obligations, including timing of payments and compliance with debt covenants. 2 Operating leases and finance leases are related to rental payments under various non-cancelable leases, principally for office space, data centers and office equipment and are presented net of sublease payments to be received. As of December 31, 2024, there were no sublease payments to be received over the life of the agreements. 3 Interest on debt and collateralized borrowings reflects a total of $3.2 million of interest expense associated with the Company's borrowings under the Revolving Credit Agreement; $11.9 million of interest expense associated with the BGC Group 4.375% Senior Notes, $0.5 million of interest expense associated with the BGC Partners 4.375% Senior Notes, $94.5 million of interest expense associated with the BGC Group 8.000% Senior Notes, $0.6 million of interest expense associated with the BGC Partners 8.000% Senior Notes, and $146.7 million of interest expense associated with the BGC Group 6.600% Senior Notes. Interest on 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 April 26, 2027. As of December 31, 2024, the undrawn portion of the committed unsecured Revolving Credit Agreement was $500.0 million. 4 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. During the second quarter of 2024, the Company settled its 2017 audit with the IRS which included the transition tax. The revised net cumulative transition tax expense is $25.3 million, net of foreign tax credits, resulting in a net adjustment of the payable balance by $3.3 million. The Company made 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, 2024 is $11.4 million. 5 Other contractual obligations reflect commitments of $13.2 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.
Schedule of Maturity Analysis of Operating Lease Liabilities | As of December 31, 2024, minimum lease payments under these arrangements are as follows (in thousands):
| Net Lease Commitment
| Operating leases |  | Finance leases
2025 | $ | 29,722 |  |  | $ | 1,520 |
2026 | 24,078 |  |  | 1,290 |
2027 | 22,743 |  |  | 627 |
2028 | 16,390 |  |  | — |
2029 | 12,505 |  |  | — |
2030 and thereafter | 67,169 |  |  | — |
Total | $ | 172,607 |  |  | $ | 3,437 |
The following table shows the Company’s maturity analysis of its lease liabilities as of December 31, 2024 (in thousands):
| December 31, 2024
| Operating leases |  | Finance leases
2025 | $ | 29,722 |  |  | $ | 1,520 |
2026 | 24,078 |  |  | 1,290 |
2027 | 22,743 |  |  | 627 |
2028 | 16,390 |  |  | — |
2029 | 12,505 |  |  | — |
2030 and thereafter | 67,169 |  |  | — |
Total | $ | 172,607 |  |  | $ | 3,437 |
Interest | (36,782) |  |  | (188) |
Total | $ | 135,825 |  |  | $ | 3,249 |

X
- 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Subparagraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration