Restructuring (Tables)

9 Months Ended

Sep. 30, 2013

	Three Months Ended		Nine Months Ended
(In thousands of dollars)	September 30, 2013		September 30, 2013
Cash Charges:
Investment Banking
Severance compensation	$	—	$	1,417
Third party vendor contracts and other costs	70		332
Subtotal — Investment Banking (cash charges):	70		1,749
Fixed Income businesses
Severance compensation	262		8,323
Third party vendor contracts and other costs	491		6,134
Subtotal — Fixed Income (cash charges):	753		14,457
ClearPoint
Severance and other compensation	—		1,263
Third party vendor contracts and other costs	88		201
Subtotal — ClearPoint (cash charges):	88		1,464
Other
Severance compensation	43		712
Reserve for lease commitments	3,202		19,957
Subtotal — Other (cash charges):	3,245		20,669
Total — Cash Charges:	$	4,156	$	38,339
Non-Cash Charges:
Investment Banking
Intangible asset impairment	$	—	$	2,932
Stock-based compensation vesting	—		254
Subtotal — Investment Banking (non-cash charges):	—		3,186
Fixed Income businesses
Goodwill & intangible asset impairment	—		388
Stock-based compensation vesting	—		3,681
Subtotal — Fixed Income (non-cash charges):	—		4,069
ClearPoint
Intangible asset impairment	—		587
Deferred compensation and other charges	—		448
Subtotal — ClearPoint (non-cash charges):	—		1,035
Other
Stock-based compensation vesting	57		195
Impairment of fixed assets and leasehold improvements	531		4,006
Subtotal — Other (non-cash charges)	588		4,201
Total — Non-Cash Charges:	$	588	$	12,491
Restructuring expenses — Total:	$	4,744	$	50,830

Schedule of changes in the company's liability related to restructuring

(In thousands of dollars)
Balance — January 1, 2013	$	—
Restructuring expense	50,830
Plus: Deferred rent obligation, prior to restructuring	2,160
Less: Non-cash charges	(12,491		)
Payment for lease termination — Company headquarters	(19,500		)
Payments for severance and other compensation	(11,715		)
Payments for third party vendor contracts and other costs	(3,000		)
Payments for lease commitments, net of sublease income	(1,331		)
Restructuring reserve — September 30, 2013	$	4,953

- Definition

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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