Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Contractual Obligations

Contractual Obligations and Commitments

The following table summarizes certain of the Company’s contractual obligations at December 31, 2013 (in thousands):

	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Operating leases (1)	$	237,569	$	47,568	$	78,376	$	48,237	$	63,388
Notes payable and collateralized borrowings (2)		424,109		761		310,848		—		112,500
Interest on notes payable (3)		295,402		29,500		33,223		18,281		214,398
Other contractual obligations (4)		17,594		17,594		—		—		—
Total contractual obligations	$	974,674	$	95,423	$	422,447	$	66,518	$	390,286

(1) Operating leases are related to rental payments under various non-cancelable leases, principally for office space, net of sublease payments to be received. The total amount of sublease payments to be received is approximately $12.7 million over the life of the agreement. These sublease payments are included in the table above.

(2) Notes payable and collateralized borrowings reflects the issuance of $150.0 million of the 8.75% Convertible Notes, $160.0 million of the 4.50% Convertible Notes (the $160.0 million represents the principal amount of the debt; the carrying value of the 4.50% Convertible Notes as of December 31, 2013 was approximately $147.9 million), $112.5 million of the 8.125% Senior Notes (the $112.5 million represents the principal amount of the debt; the carrying value of the 8.125% Senior Notes as of December 31, 2013 was approximately $108.9 million) and $1.6 million of secured loan arrangements (the $1.6 million represents the principal amount of the debt; the carrying value of the secured loan arrangements as of December 31, 2013 was approximately $1.6 million). See Note 17—“Notes Payable, Collateralized and Short-Term Borrowings,” for more information regarding these obligations, including timing of payments and compliance with debt covenants.

(3) The $214.4 million of interest on notes payable that are due in more than five years represents interest on the 8.125% Senior Notes. The 8.125% Senior Notes may be redeemed for cash, in whole or in part, on or after June 26, 2017, at the Company’s option, which may impact the actual interest paid.

(4) Other contractual obligations reflect commitments 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.

Summary of Minimum Lease Payments under these Arrangements

As of December 31, 2013, minimum lease payments under these arrangements are as follows (in thousands):

	Net Lease Commitment
2014	$	47,568
2015		42,903
2016		35,473
2017		26,076
2018		22,161
2019 and thereafter		63,388
Total	$	237,569