Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

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
	2015			2014			2015			2014
Change in benefit obligation
Benefit obligation at beginning of year	$	764,169		$	709,850		$	5,514		$	5,080
Service cost		1,530			971			27			33
Interest cost		24,600			30,041			179			194
Actuarial (gain) loss		(22,395	)		97,495			(694	)		428
Benefits paid		(33,253	)		(29,663	)		(276	)		(221	)
Foreign currency translation and other adjustments		(40,464	)		(44,525	)
Benefit obligation at end of year		694,187			764,169			4,750			5,514
Change in plan assets
Fair value of plan assets at beginning of year		672,576			643,844
Actual return on plan assets		9,873			91,829
Employer contributions		39,301			7,648			276			221
Benefits paid		(32,321	)		(28,877	)		(276	)		(221	)
Foreign currency translation and other adjustments		(33,345	)		(41,868	)
Fair value of plan assets at end of year		656,084			672,576			–			–
Funded (deficit) at end of year	$	(38,103	)	$	(91,593	)	$	(4,750	)	$	(5,514	)
Amounts recognized in the consolidated statements of financial condition at December 31, 2015 and 2014 consist of:
Prepaid pension asset (included in “other assets”)	$	20,785		$	–
Accrued benefit liability (included in “other liabilities”)		(58,888	)		(91,593	)	$	(4,750	)	$	(5,514	)
Net amount recognized	$	(38,103	)	$	(91,593	)	$	(4,750	)	$	(5,514	)
Amounts recognized in AOCI (excluding tax benefits of $30,416 and $37,567 at December 31, 2015 and 2014, respectively) consist of:
Actuarial net loss (gain)	$	165,462		$	186,637		$	(335	)	$	360
Prior service cost		2,362			5,235			–			–
Net amount recognized	$	167,824		$	191,872		$	(335	)	$	360

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, 2015 and 2014:

	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December  31,
	2015		2014		2015		2014		2015		2014
Fair value of plan assets	$	23,195	$	26,766	$	632,889	$	645,810	$	656,084	$	672,576
Accumulated benefit obligation	$	32,900	$	37,035	$	661,287	$	727,134	$	694,187	$	764,169
Projected benefit obligation	$	32,900	$	37,035	$	661,287	$	727,134	$	694,187	$	764,169

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, 2015, 2014 and 2013:

	Pension Plans For The Year Ended December 31,									Medical Plan For The Year Ended December 31,
	2015			2014			2013			2015			2014			2013
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	1,530		$	971		$	940		$	27		$	33		$	53
Interest cost		24,600			30,041			27,219			179			194			182
Expected return on plan assets		(28,301	)		(32,607	)		(27,078	)
Amortization of:
Prior service cost		2,376			2,841			2,843
Net actuarial loss (gain)		5,440			4,360			3,691						(529	)
Net periodic benefit cost (credit)	$	5,645		$	5,606		$	7,615		$	206		$	(302	)	$	235
Actual return on plan assets	$	9,873		$	91,829		$	41,353
Employer contributions	$	39,301		$	7,648		$	2,274		$	276		$	221		$	176
Benefits paid	$	32,321		$	28,877		$	23,258		$	276		$	221		$	176
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $7,151, $(7,119) and $(4,459) during the years ended December 31, 2015, 2014 and 2013, respectively):
Net actuarial (gain) loss	$	(4,650	)	$	41,082		$	17,251		$	(695	)	$	428		$	(647	)
Reclassification of prior service (cost) credit to earnings		(2,376	)		(2,841	)		(2,843	)
Reclassification of actuarial gain (loss) to earnings		(5,440	)		(4,360	)		(3,691	)					529
Currency translation and other adjustments		(11,582	)		(10,485	)		3,284
Total recognized in AOCI	$	(24,048	)	$	23,396		$	14,001		$	(695	)	$	957		$	(647	)
Net amount recognized in total periodic benefit cost and AOCI	$	(18,403	)	$	29,002		$	21,616		$	(489	)	$	655		$	(412	)

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, 2015 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2016 are as follows:

	Pension Plans		Medical Plan		Total
Prior service cost	$	2,332	$	–	$	2,332
Net actuarial loss (gain)	$	4,010	$	–	$	4,010

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, 2015, 2014 and 2013 are set forth below:

	Pension Plans December  31,							Medical Plan December 31,
	2015			2014		2013		2015		2014		2013
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.5	%		3.4%		4.3%		3.9%		3.7%		4.3%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.6	%		2.0%		3.3%		3.7%		4.3%		3.4%
Expected long-term rate of return on plan assets		4.3	%		5.1%		4.7%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial									7.0%		7.5%		8.0%
Ultimate									5.0%		5.0%		5.0%
Year ultimate trend rate achieved									2019		2019		2019

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
	2015		2014		2015			2014
Cost	$	28	$	29	$	(20	)	$	(22	)
Obligation	$	661	$	779	$	(433	)	$	(580	)

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
2016	$	23,902	$	354
2017		24,678		356
2018		26,300		358
2019		27,789		358
2020		27,714		355
2021-2025		158,469		1,682

Schedule of Categorization of Plans' Assets

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2015 and 2014, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements:

	As of December 31, 2015
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	19,172	$	–	$	–	$	–	$	19,172
Debt		56,247		–		–		–		56,247
Equities		25,901		–		–		–		25,901
Funds:
Alternative investments		668		–		–		525		1,193
Debt		11,699		–		–		325,312		337,011
Equity		210,897		–		–		6,247		217,144
Total	$	324,584	$	–	$	–	$	332,084	$	656,668
Liabilities:
Derivatives	$	–	$	584	$	–	$	–	$	584
Total	$	–	$	584	$	–	$	–	$	584
	As of December 31, 2014 (b)
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	13,226	$	–	$	–	$	–	$	13,226
Debt		52,439		–		–		–		52,439
Equities		31,253		–		–		–		31,253
Funds:
Alternative investments		457		–		–		578		1,035
Debt		13,570		–		–		359,315		372,885
Equity		194,898		–		–		6,536		201,434
Derivatives		–		304		–		–		304
Total	$	305,843	$	304	$	–	$	366,429	$	672,576

(a) Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy. See Note 3 for additional information.

(b) The table as of December 31, 2014 reflects the retrospective application of new disclosure guidance adopted by the Company for investments using NAV or its equivalent as a practical expedient when measuring fair value. See Note 3.