Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Contractual Obligations and Commitments

The following table summarizes certain of the Company’s contractual obligations at December 31, 2019 (in thousands):

	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Long-term debt and collateralized borrowings¹	$	1,153,696	$	84,499	$	315,946	$	753,251	$	—
Operating leases²		258,254		30,035		57,044		44,921		126,254
Interest on long-term debt and collateralized borrowings³		167,263		55,967		77,980		33,316		—
Short-term borrowings⁴		4,962		4,962		—		—		—
Interest on Short-term borrowings		186		186		—		—		—
One-time transition tax⁵		19,431		1,266		2,533		6,384		9,248
Other⁶		3,999		3,999		—		—		—
Total contractual obligations	$	1,607,791	$	180,914	$	453,503	$	837,872	$	135,502

Long-term debt and collateralized borrowings reflects long-term borrowings of $300.0 million of the 5.125% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 5.125% Senior Notes as of December 31, 2019 was approximately $298.7 million), $450.0 million of the 5.375% Senior Notes due 2023 (the $450.0 million represents the principal amount of the debt; the carrying value of the 5.375% Senior Notes as of December 31, 2019 was $445.2 million), $300.0 million of the 3.750% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 3.750% Senior Notes as of December 31, 2019 was approximately $296.1 million), $70.0 million of borrowings under the committed unsecured senior Revolving Credit Agreement due February 26, 2021 (the $70.0 million represents the principal amount of the debt; the carrying value of the committed unsecured senior Revolving Credit Agreement as of December 31, 2019 was approximately $68.9 million), $11.7 million of collateralized borrowings due May 31, 2021, $13.2 million of collateralized borrowings due April 8, 2023, and $8.8 million of collateralized borrowings due April 19, 2023. See Note 18—“Notes Payable, Other and Short-term Borrowings” for more information regarding these obligations, including timing of payments and compliance with debt covenants.

²	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 $0.1 million over the life of the agreement.

Interest on long-term debt and collateralized borrowings also includes interest on the undrawn portion of the committed unsecured senior Revolving Credit Agreement which was calculated through the maturity date of the facility, which is February 26, 2021. As of December 31, 2019, the undrawn portion of the committed unsecured Revolving Credit Agreement was $280.0 million.

⁴	^{Short-term borrowings reflects approximately $5.0 million (BRL 20.0 million) of borrowing under the Company’s committed unsecured loan agreement. See Note 18—“Notes Payable, Other and Short-term Borrowings” for more information regarding this obligation.}

⁵

The Company completed the calculation of the one-time transition tax on the deemed repatriation of foreign subsidiaries’ earnings pursuant to the Tax Act and previously recorded a net cumulative tax expense of $25.0 million, net of foreign tax credits, with an election to pay the taxes over eight years with 40% to be paid in equal installments over the first five years and the remaining 60% to be paid in installments of 15%, 20% and 25% in years six, seven and eight, respectively. The cumulative remaining balance as of December 31, 2019 is $19.4 million.

⁶

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. The amount payable each year reflects an estimate of future Charity Day obligations.

Schedule of Maturity Analysis of Operating Lease Liabilities

As of December 31, 2019, minimum lease payments under these arrangements are as follows (in thousands):

	Net Lease Commitment
2020	$	30,035
2021		27,839
2022		29,205
2023		24,926
2024		19,995
2025 and thereafter		126,254
Total	$	258,254

The following table shows the Company’s maturity analysis of its operating lease liabilities as of December 31, 2019 (in thousands):

2020	$	30,035
2021		27,839
2022		29,205
2023		24,926
2024		19,995
Thereafter		126,254
Total	$	258,254
Interest		(70,856	)
Total	$	187,398