Employee Benefit Plans

9 Months Ended

Sep. 30, 2018

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

14. EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses—other” for the other components of benefit costs on the condensed consolidated statements of operations (see Note 2).

Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.

The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month and nine month periods ended September 30, 2018 and 2017:

	Three Months Ended September 30,
	2018			2017
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	217		$	373
Interest cost		3,822			4,191
Expected return on plan assets		(7,315	)		(6,295	)
Amortization of:
Prior service cost		-			-
Net actuarial loss (gain)		1,213			1,285
Net periodic benefit cost (credit)	$	(2,063	)	$	(446	)

	Nine Months Ended September 30,
	2018			2017
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	670		$	1,048
Interest cost		11,861			12,258
Expected return on plan assets		(22,681	)		(18,855	)
Amortization of:
Prior service cost		-			30
Net actuarial loss (gain)		3,736			4,169
Net periodic benefit cost (credit)	$	(6,414	)	$	(1,350	)