| Derivatives |
The table below presents the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 14) on the accompanying consolidated statements of financial condition as of December 31, 2016 and 2015:
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
Derivative Assets: |
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange rate contracts |
|
$ |
1,993 |
|
|
$ |
1,015 |
|
|
Total return swaps and other (a) |
|
|
- |
|
|
|
33 |
|
|
|
|
$ |
1,993 |
|
|
$ |
1,048 |
|
|
Derivative Liabilities: |
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange rate contracts |
|
$ |
2,792 |
|
|
$ |
1,584 |
|
|
Total return swaps and other (a) |
|
|
9,043 |
|
|
|
531 |
|
|
LFI and other similar deferred compensation arrangements |
|
|
170,388 |
|
|
|
193,574 |
|
|
|
|
$ |
182,223 |
|
|
$ |
195,689 |
|
|
(a) |
For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $357 and $9,400 as of December 31, 2016, respectively, and $460 and $958 as of December 31, 2015, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets”, with receivables for net cash collateral under such contracts of $16,996 and $9,636 as of December 31, 2016 and 2015, respectively. |
Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014, were as follows:
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Forward foreign currency exchange rate contracts |
|
$ |
(2,253 |
) |
|
$ |
15,773 |
|
|
$ |
22,959 |
|
|
LFI and other similar deferred compensation arrangements |
|
|
(3,318 |
) |
|
|
3,827 |
|
|
|
(7,326 |
) |
|
Total return swaps and other |
|
|
(4,636 |
) |
|
|
3,860 |
|
|
|
(5,211 |
) |
|
Total |
|
$ |
(10,207 |
) |
|
$ |
23,460 |
|
|
$ |
10,422 |
|
|