Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition

The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans.

	Pension Plans						Medical Plan
	2014			2013			2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	709,850		$	656,025		$	5,080		$	5,668
Service cost		971			940			33			53
Interest cost		30,041			27,219			194			182
Actuarial (gain) loss		97,495			32,329			428			(647	)
Benefits paid		(29,663	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(44,525	)		16,595
Benefit obligation at end of year		764,169			709,850			5,514			5,080
Change in plan assets
Fair value of plan assets at beginning of year		643,844			607,705
Actual return on plan assets		91,829			41,353
Employer contributions		7,648			2,274			221			176
Benefits paid		(28,877	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(41,868	)		15,770
Fair value of plan assets at end of year		672,576			643,844			–			–
Funded (deficit) at end of year	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)
Amounts recognized in the consolidated statements of financial condition at December 31, 2014 and 2013 consist of:
Prepaid pension asset (included in “other assets”)	$	–		$	148
Accrued benefit liability (included in “other liabilities”)		(91,593	)		(66,154	)	$	(5,514	)	$	(5,080	)
Net amount recognized	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)
Amounts recognized in AOCI (excluding tax benefits of $37,567 and $30,448 at December 31, 2014 and 2013, respectively) consist of:
Actuarial net loss (gain)	$	186,637		$	159,575		$	360		$	(597	)
Prior service cost		5,235			8,901			–			–
Net amount recognized	$	191,872		$	168,476		$	360		$	(597	)

Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2014 and 2013:

	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of  December 31,
	2014		2013		2014		2013		2014		2013
Fair value of plan assets	$	26,766	$	26,200	$	645,810	$	617,644	$	672,576	$	643,844
Accumulated benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850
Projected benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850

Components of Net Periodic Benefit Cost (Credit)

The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2014, 2013 and 2012:

	Pension Plans For The Year Ended December 31,									Medical Plan For The Year Ended December 31,
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	971		$	940		$	670		$	33		$	53		$	60
Interest cost		30,041			27,219			27,636			194			182			211
Expected return on plan assets		(32,607	)		(27,078	)		(26,657	)
Amortization of:
Prior service cost		2,841			2,843			2,751
Net actuarial loss (gain)		4,360			3,691			1,658			(529	)
Settlement loss (a)		–			–			1,135
Net periodic benefit cost (credit)	$	5,606		$	7,615		$	7,193		$	(302	)	$	235		$	271
Actual return on plan assets	$	91,829		$	41,353		$	33,882
Employer contributions	$	7,648		$	2,274		$	8,221		$	221		$	176		$	275
Benefits paid	$	28,877		$	23,258		$	26,420		$	221		$	176		$	275
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $7,119, $4,459 and $11,805 during the years ended December 31, 2014, 2013 and 2012, respectively):
Net actuarial (gain) loss	$	41,082		$	17,251		$	50,209		$	428		$	(647	)	$	310
Reclassification of prior service (cost) credit to earnings		(2,841	)		(2,843	)		(2,751	)
Reclassification of actuarial gain (loss) to earnings		(4,360	)		(3,691	)		(2,793	)		529
Currency translation and other adjustments		(10,485	)		3,284			2,729
Total recognized in AOCI	$	23,396		$	14,001		$	47,394		$	957		$	(647	)	$	310
Net amount recognized in total periodic benefit cost and AOCI	$	29,002		$	21,616		$	54,587		$	655		$	(412	)	$	581

(a) During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032.

Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized

The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2014 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2015 are as follows:

	Pension Plans		Medical Plan		Total
Prior service cost	$	2,600	$	–	$	2,600
Net actuarial loss (gain)	$	4,821	$	–	$	4,821

Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost

The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2014, 2013 and 2012 are set forth below:

	Pension Plans December  31,							Medical Plan December 31,
	2014		2013		2012			2014		2013		2012
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.4%		4.3%		4.6	%		3.7%		4.3%		3.4%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.0%		3.3%		3.2	%		4.3%		3.4%		4.1%
Expected long-term rate of return on plan assets		5.1%		4.7%		4.7	%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial									7.5%		8.0%		8.0%
Ultimate									5.0%		5.0%		6.0%
Year ultimate trend rate achieved									2019		2019		2016

Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans

The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows:

	1% Increase				1% Decrease
	2014		2013		2014			2013
Cost	$	29	$	33	$	(22	)	$	(24	)
Obligation	$	779	$	675	$	(580	)	$	(494	)

Schedule of Expected Benefit Payments

Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:

	Pension Plans		Medical Plan
2015	$	24,059	$	358
2016		25,103		364
2017		25,619		366
2018		27,551		368
2019		29,077		371
2020-2024		160,294		1,847

Schedule of Categorization of Plans' Assets

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2014 and 2013, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements:

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	13,226	$	–	$	–	$	13,226
Debt		52,439		–		–		52,439
Equities		31,253		–		–		31,253
Funds:
Alternative investments		457		304		578		1,339
Debt		13,570		357,522		1,793		372,885
Equity		194,898		6,536		–		201,434
Total	$	305,843	$	364,362	$	2,371	$	672,576
	As of December 31, 2013
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	5,835	$	–	$	–	$	5,835
Debt		43,764		–		–		43,764
Equities		27,762		–		–		27,762
Funds:
Alternative investments		907		43,123		698		44,728
Debt		11,942		323,812		2,222		337,976
Equity		183,779		–		–		183,779
Total	$	273,989	$	366,935	$	2,920	$	643,844