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Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended
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Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract] |
Summary of Contractual Obligations | Contractual Obligations and Commitments The following table summarizes certain of the Company’s contractual obligations at December 31, 2020 (in thousands):
|  | Total |  |  | Less Than 1 Year |  |  | 1-3 Years |  |  | 3-5 Years |  |  | More Than 5 Years |
Long-term debt and collateralized borrowings1 |  | $ | 1,369,854 |  |  | $ | 310,212 |  |  | $ | 459,642 |  |  | $ | 600,000 |  |  |  | — |
Operating leases2 |  |  | 250,572 |  |  |  | 36,541 |  |  |  | 60,222 |  |  |  | 39,798 |  |  |  | 114,011 |
Interest on long-term debt and collateralized borrowings3 |  |  | 177,619 |  |  |  | 55,566 |  |  |  | 88,220 |  |  |  | 33,833 |  |  |  | — |
Short-term borrowings4 |  |  | 3,849 |  |  |  | 3,849 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest on Short-term borrowings |  |  | 183 |  |  |  | 183 |  |  |  | — |  |  |  | — |  |  |  | — |
One-time transition tax5 |  |  | 15,817 |  |  |  | 1,440 |  |  |  | 4,907 |  |  |  | 9,470 |  |  |  | — |
Other6 |  |  | 5,599 |  |  |  | 5,599 |  |  |  |  |  |  |  | — |  |  |  | — |
Total contractual obligations |  | $ | 1,823,493 |  |  | $ | 413,390 |  |  | $ | 612,991 |  |  | $ | 683,101 |  |  | $ | 114,011 |
1 | 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, 2020 was approximately $255.6 million), $450.0 million of the 5.375% Senior Notes (the $450.0 million represents the principal amount of the debt; the carrying value of the 5.375% Senior Notes as of December 31, 2020 was $446.6 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, 2020 was approximately $296.9 million), $300.0 million of the 4.375% Senior Notes (the $300.0 million represents the principal amount of the debt; the carrying value of the 4.375% Senior Notes as of December 31, 2020 was approximately $297.0 million), $4.0 million of collateralized borrowings due May 31, 2021, $9.6 million of collateralized borrowings due April 8, 2023, and $6.3 million of collateralized borrowings due April 19, 2023. See Note 20—“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. There are no sublease payments to be received over the life of the agreement.
3 | 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, 2023. As of December 31, 2020, the undrawn portion of the committed unsecured Revolving Credit Agreement was $350.0 million.
4 | Short-term borrowings reflects approximately $3.8 million (BRL 20.0 million) of borrowing under the Company’s committed unsecured loan agreement. See Note 20—“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, 2020 is $15.8 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, 2020, minimum lease payments under these arrangements are as follows (in thousands):
|  | Net Lease Commitment |
2021 |  | $ | 36,541 |
2022 |  |  | 33,335 |
2023 |  |  | 26,887 |
2024 |  |  | 22,235 |
2025 |  |  | 17,563 |
2026 and thereafter |  |  | 114,011 |
Total |  | $ | 250,572 |
The following table shows the Company’s maturity analysis of its operating lease liabilities as of December 31, 2020 (in thousands):
2021 |  | $ | 36,541 |
2022 |  |  | 33,335 |
2023 |  |  | 26,887 |
2024 |  |  | 22,235 |
2025 |  |  | 17,563 |
Thereafter |  |  | 114,011 |
Total |  | $ | 250,572 |
Interest |  |  | (60,365 | )
Total |  | $ | 190,207 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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