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Employee Benefit Plans
3 Months Ended
Mar. 31, 2022
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

13.

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 expensesother” for the other components of benefit costs on the condensed consolidated statements of operations.

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 periods ended March 31, 2022 and 2021:

 

 

 

Pension Plans

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Components of Net Periodic Benefit Cost (Credit):

 

 

 

 

 

 

 

 

Service cost

 

$

211

 

 

$

226

 

Interest cost

 

 

3,000

 

 

 

2,115

 

Expected return on plan assets

 

 

(6,624

)

 

 

(6,534

)

Amortization of:

 

 

 

 

 

 

 

 

Prior service cost

 

 

29

 

 

 

30

 

Net actuarial loss (gain)

 

 

1,087

 

 

 

1,687

 

Settlement loss

 

 

436

 

 

 

380

 

Net periodic benefit cost (credit)

 

$

(1,861

)

 

$

(2,096

)