Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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
	2016			2015			2016			2015
Change in benefit obligation
Benefit obligation at beginning of year	$	694,187		$	764,169		$	4,750		$	5,514
Service cost		1,235			1,530			11			27
Interest cost		19,871			24,600			167			179
Actuarial (gain) loss		135,164			(22,395	)		(1,639	)		(694	)
Benefits paid		(31,904	)		(33,253	)		(3,289	)		(276	)
Foreign currency translation and other adjustments		(99,732	)		(40,464	)
Benefit obligation at end of year		718,821			694,187			-			4,750
Change in plan assets
Fair value of plan assets at beginning of year		656,084			672,576
Actual return on plan assets		119,287			9,873
Employer contributions		11,343			39,301			3,289			276
Benefits paid		(29,384	)		(32,321	)		(3,289	)		(276	)
Foreign currency translation and other adjustments		(111,211	)		(33,345	)
Fair value of plan assets at end of year		646,119			656,084			-			-
Funded (deficit) at end of year	$	(72,702	)	$	(38,103	)	$	-		$	(4,750	)
Amounts recognized in the consolidated statements of financial condition at December 31, 2016 and 2015 consist of:
Prepaid pension asset (included in “other assets”)	$	822		$	20,785
Accrued benefit liability (included in “other liabilities”)		(73,524	)		(58,888	)	$	-		$	(4,750	)
Net amount recognized	$	(72,702	)	$	(38,103	)	$	-		$	(4,750	)
Amounts recognized in AOCI (excluding tax benefits of $33,864 and $30,416 at December 31, 2016 and 2015, respectively) consist of:
Actuarial net loss (gain)	$	192,855		$	165,462		$	-		$	(335	)
Prior service cost		30			2,362			-			-
Net amount recognized	$	192,885		$	167,824		$	-		$	(335	)

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, 2016 and 2015:

	U.S. Pension Plans				Non-U.S. Pension Plans				Total
	As Of December 31,				As Of December 31,				As Of December 31,
	2016		2015		2016		2015		2016		2015
Fair value of plan assets	$	22,161	$	23,195	$	623,958	$	632,889	$	646,119	$	656,084
Accumulated benefit obligation	$	33,868	$	32,900	$	684,953	$	661,287	$	718,821	$	694,187
Projected benefit obligation	$	33,868	$	32,900	$	684,953	$	661,287	$	718,821	$	694,187

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, 2016, 2015 and 2014:

	Pension Plans									Medical Plan
	For The Year Ended									For The Year Ended
	December 31,									December 31,
	2016			2015			2014			2016			2015			2014
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	1,235		$	1,530		$	971		$	11		$	27		$	33
Interest cost		19,871			24,600			30,041			167			179			194
Expected return on plan assets		(27,337	)		(28,301	)		(32,607	)
Amortization of:
Prior service cost		2,369			2,376			2,841
Net actuarial loss (gain)		3,888			5,440			4,360			(185	)					(529	)
Settlement gain											(1,788	)
Net periodic benefit cost (credit)	$	26		$	5,645		$	5,606		$	(1,795	)	$	206		$	(302	)


Actual return on plan assets	$	119,287		$	9,873		$	91,829
Employer contributions	$	11,343		$	39,301		$	7,648		$	3,289		$	276		$	221
Benefits paid	$	29,384		$	32,321		$	28,877		$	3,289		$	276		$	221
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(3,448), $7,151 and $(7,119) during the years ended December 31, 2016, 2015 and 2014, respectively):
Net actuarial (gain) loss	$	51,626		$	(4,650	)	$	41,082		$	(1,638	)	$	(695	)	$	428
Reclassification of prior service (cost) credit to earnings		(2,369	)		(2,376	)		(2,841	)
Reclassification of actuarial gain (loss) to earnings		(3,888	)		(5,440	)		(4,360	)		1,973						529
Currency translation and other adjustments		(20,309	)		(11,582	)		(10,485	)
Total recognized in AOCI	$	25,060		$	(24,048	)	$	23,396		$	335		$	(695	)	$	957
Net amount recognized in total periodic benefit cost and AOCI	$	25,086		$	(18,403	)	$	29,002		$	(1,460	)	$	(489	)	$	655

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, 2016 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2017 are as follows:

Pension

Plans

Prior service cost

Net actuarial loss (gain)

5,291

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, 2016, 2015 and 2014 are set forth below:

	Pension Plans									Medical Plan
	December 31,									December 31,
	2016			2015			2014			2016			2015			2014
Weighted average assumptions used to determine benefit obligations:
Discount rate		2.5	%		3.5	%		3.4	%		-			3.9	%		3.7	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		1.9	%		2.6	%		2.0	%		3.9	%		3.7	%		4.3	%
Expected long-term rate of return on plan assets		4.6	%		4.3	%		5.1	%		-			-			-
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial											6.5	%		7.0	%		7.5	%
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
	2016		2015		2016		2015
Cost	$	-	$	28	$	-	$	(20	)
Obligation	$	-	$	661	$	-	$	(433	)

Schedule of Expected Benefit Payments

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

	Pension
	Plans
2017	$	21,014
2018		23,284
2019		24,307
2020		24,239
2021		25,587
2022-2026		143,220

Schedule of Categorization of Plans' Assets

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2016 and 2015, 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, 2016
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	23,341	$	-	$	-	$	-	$	23,341
Debt		63,431		-		-		-		63,431
Equities		29,287		-		-		-		29,287
Funds:
Alternative investments		1,216		-		-		23,062		24,278
Debt		10,494		-		-		320,560		331,054
Equity		167,981		-		-		6,129		174,110
Derivative		-		618		-		-		618
Total	$	295,750	$	618	$	-	$	349,751	$	646,119

	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

(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.