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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
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  
    2013     2012     2013     2012  

Change in benefit obligation

        

Benefit obligation at beginning of year

   $ 656,025      $ 575,031      $ 5,668      $  5,362   

Service cost

     940        670        53        60   

Interest cost

     27,219        27,636        182        211   

Actuarial (gain) loss

     32,329        57,057        (647 )      310   

Benefits paid

     (23,258 )      (26,420 )      (176 )      (275 ) 

Foreign currency translation and other adjustments

     16,595        22,051       
 

 

 

    

 

 

    

 

 

    

 

 

  

Benefit obligation at end of year

     709,850        656,025        5,080        5,668   
 

 

 

    

 

 

    

 

 

    

 

 

  

Change in plan assets

        

Fair value of plan assets at beginning of year

     607,705        568,911       

Actual return on plan assets

     41,353        33,882       

Employer contributions

     2,274        8,221        176        275   

Benefits paid

     (23,258 )      (26,420 )      (176 )      (275 ) 

Foreign currency translation and other adjustments

     15,770        23,111       
 

 

 

    

 

 

    

 

 

    

 

 

  

Fair value of plan assets at end of year

     643,844        607,705        –        –   
 

 

 

    

 

 

    

 

 

    

 

 

  

Funded (deficit) at end of year

   $ (66,006 )    $ (48,320 )    $ (5,080 )    $ (5,668 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Amounts recognized in the consolidated statements of financial condition at December 31, 2013 and 2012 consist of:

        

Prepaid pension asset (included in “other assets”)

   $ 148      $ 2,659       

Accrued benefit liability (included in “other liabilities”)

     (66,154 )      (50,979 )    $ (5,080 )    $ (5,668 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net amount recognized

   $ (66,006 )    $ (48,320 )    $ (5,080 )    $ (5,668 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Amounts recognized in AOCI (excluding tax benefits of $30,448 and $25,989 at December 31, 2013 and 2012, respectively) consist of:

        

Actuarial net loss (gain)

   $ 159,575      $ 143,133      $ (597 )    $ 50   

Prior service cost

     8,901        11,342        –        –   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net amount recognized

   $ 168,476      $ 154,475      $ (597 )    $ 50   
 

 

 

    

 

 

    

 

 

    

 

 

  

 
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, 2013 and 2012:

 

     U.S. Pension Plans
As Of December 31,		     Non-U.S. Pension Plans
As Of December 31,		      Total
As Of  December 31,		  
     2013      2012     2013      2012      2013      2012  

Fair value of plan assets

    $ 26,200       $ 25,231      $ 617,644       $ 582,474       $ 643,844       $ 607,705   

Accumulated benefit obligation

    $ 29,427       $ 35,276      $ 680,423       $ 620,749       $ 709,850       $ 656,025   

Projected benefit obligation

    $ 29,427       $ 35,276      $ 680,423       $ 620,749       $ 709,850       $ 656,025   

 
Components of Net Benefit Cost

The following table summarizes the components of net periodic benefit cost (credit), the return on plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2013, 2012 and 2011:

 

    Pension Plans
For The Years Ended
December 31,		     Medical Plan
For The Years Ended
December 31,		  
        2013         2012     2011         2013             2012             2011      

Components of Net Periodic Benefit Cost (Credit):

            

Service cost

   $ 940      $ 670      $ 651      $ 53      $ 60      $ 69   

Interest cost

     27,219        27,636        28,266        182        211        278   

Expected return on plan assets

     (27,078 )      (26,657 )      (30,490 )       

Amortization of:

            

Prior service cost

     2,843        2,751        2,979         

Net actuarial loss

     3,691        1,658        258         

Settlement loss (a)

     –        1,135           
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

   $ 7,615      $ 7,193      $ 1,664      $ 235      $ 271      $ 347   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Actual return on plan assets

   $ 41,353      $ 33,882      $ 29,870      $         

Employer contributions

   $ 2,274      $ 8,221      $ 8,689      $ 176      $ 275      $ 347   

Benefits paid

   $ 23,258      $ 26,420      $ 21,718      $ 176      $ 275      $ 347   

Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $4,459, $11,805 and $11,495 during the years ended December 31, 2013, 2012 and 2011, respectively):

            

Net actuarial (gain) loss

   $ 17,251      $ 50,209      $ 51,703      $ (647 )    $ 310      $ (438 ) 

Reclassification of prior service (cost) credit to earnings

     (2,843 )      (2,751 )      (2,979 )       

Reclassification of actuarial loss to earnings

     (3,691 )      (2,793 )      (258 )       

Currency translation and other adjustments

     3,284        2,729        (491 )       
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total recognized in AOCI

   $ 14,001      $ 47,394      $ 47,975      $ (647 )    $ 310      $ (438 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net amount recognized in total periodic benefit cost and AOCI

   $ 21,616      $ 54,587      $ 49,639      $ (412 )    $ 581      $ (91 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2013 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2014 are as follows:

 

     Pension
Plans		      Medical
Plan		     Total  

Prior service cost

    $ 2,954       $     –          $ 2,954   

Net actuarial loss (gain)

    $ 4,451       $ (90 )    $ 4,361   
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, 2013, 2012 and 2011 are set forth below:

 

    Pension Plans
December 31,		     Medical Plan
December 31,		  
      2013         2012         2011         2013         2012         2011    

Weighted average assumptions used to determine benefit obligations:

            

Discount rate

     4.3%        4.6 %      4.8 %      4.3%        3.4%        4.1%   

Weighted average assumptions used to determine net periodic benefit cost:

            

Discount rate

     3.3%        3.2 %      4.7 %      3.4%        4.1%        5.0%   

Expected long-term rate of return on plan assets

     4.7%        4.7 %      5.4 %      –            –            –       

Healthcare cost trend rates used to determine net periodic benefit cost:

            

Initial

           8.0%        8.0%        8.0%   

Ultimate

           5.0%        6.0%        6.0%   

Year ultimate trend rate achieved

           2019        2016        2015   

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  
     2013      2012      2013     2012  

Cost

    $ 33       $ 44       $ (24 )    $ (31 ) 

Obligation

    $ 675       $ 880       $ (494 )    $ (610 ) 

 
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		  

2014

   $ 23,736      $ 397   

2015

     25,095        398   

2016

     26,473        395   

2017

     26,721        392   

2018

     28,761        391   

2019-2023

     163,107        1,894   
Schedule of Categorization of Plans' Assets

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2013 and 2012, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements:

 

    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   
 

 

 

    

 

 

    

 

 

    

 

 

  
    As of December 31, 2012  
      Level 1          Level 2        Level 3          Total       

Asset Category

        

Cash

   $ 10,714      $ –      $ –      $ 10,714   

Debt

     47,298        –        –        47,298   

Equities

     29,337        –        –        29,337   

Funds:

        

Alternative investments

     –        39,930        404        40,334   

Debt

     12,430        307,695        2,024        322,149   

Equity

     157,873        –        –        157,873   
 

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 257,652      $ 347,625      $ 2,428      $ 607,705