Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition

The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans.


	Pension Plans
	2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	440,050	$	731,978
Service cost	338		543
Interest cost	20,930		11,130
Amendments	10,201		–
Actuarial (gain) loss	21,937		(203,009)
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	22,787		(71,235)
Benefit obligation at end of year	490,701		440,050
Change in plan assets
Fair value of plan assets at beginning of year	468,872		782,463
Actual return on plan assets	22,461		(215,237)
Employer contributions	5,673		4,206
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	24,987		(73,203)
Fair value of plan assets at end of year	496,451		468,872
Funded (deficit) at end of year	$	5,750	$	28,822
Amounts recognized in the consolidated statements of financial condition at December 31, 2023 and 2022 consist of:
Prepaid pension asset (included in “other assets”)	$	10,507	$	35,268
Accrued benefit liability (included in “other liabilities”)	(4,757)		(6,446)
Net amount recognized	$	5,750	$	28,822
Amounts recognized in AOCI (excluding tax benefits of $40,017 and $31,365 at December 31, 2023 and 2022, respectively) consist of:
Actuarial net loss	$	193,193	$	167,724
Prior service cost	12,782		2,572
Net amount recognized	$	205,975	$	170,296

Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2023 and 2022:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2023		2022		2023		2022		2023		2022
Fair value of plan assets	$	15,511	$	14,983	$	480,940	$	453,889	$	496,451	$	468,872
Accumulated benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050
Projected benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050

Components of Net Periodic Benefit Cost (Credit)

The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2023, 2022 and 2021:


	Pension Plans For The Year Ended December 31,
	2023		2022		2021
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	338	$	543	$	876
Interest cost	20,930		11,130		8,679
Expected return on plan assets	(23,942)		(24,482)		(26,077)
Amortization of:
Prior service cost	107		106		118
Net actuarial loss	6,647		5,040		7,151
Settlement loss	–		–		1,056
Net periodic benefit cost (credit)	$	4,080	$	(7,663)	$	(8,197)


Actual return on plan assets	$	22,461	$	(215,237)	$	26,046
Employer contributions	$	5,673	$	4,206	$	4,493
Benefits paid	$	25,542	$	29,357	$	29,327
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(8,652), $(4,984) and $14,872 during the years ended December 31, 2023, 2022 and 2021, respectively):
Net actuarial (gain) loss	$	23,521	$	31,174	$	(40,717)
Prior service cost	10,172		–		–
Reclassification of prior service (cost) credit to earnings	(107)		(106)		(118)
Reclassification of actuarial gain (loss) to earnings	(6,647)		(5,040)		(7,151)
Currency translation and other adjustments	8,740		(13,783)		(5,860)
Total recognized in AOCI	$	35,679	$	12,245	$	(53,846)
Net amount recognized in total periodic benefit cost and AOCI	$	39,759	$	4,582	$	(62,043)

Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost

The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2023, 2022 and 2021 are set forth below:


	Pension Plans December 31,
	2023		2022		2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.4	%	4.7	%	1.8	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	2.1	%	1.1	%
Expected long-term rate of return on plan assets	5.1	%	3.4	%	3.3	%

Schedule of Expected Benefit Payments

The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:


	Pension Plans
2024	$	28,564
2025	27,844
2026	28,130
2027	28,654
2028	29,105
2029-2033	146,096

Schedule of Categorization of Plans' Assets

The following tables present the categorization of our pension plans’ assets as of December 31, 2023 and 2022, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements:


	As of December 31, 2023
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	9,286	$	–	$	–	$	–	$	9,286
Debt	41,215		–		–		–		41,215
Equities	11,496		–		–		–		11,496
Funds:
Alternative investments	–		–		–		6,640		6,640
Debt	7,268		58,876		–		236,553		302,697
Equity	58,773		55,692		–		6,434		120,899
Other	–		4,218		–		–		4,218
Total	$	128,038	$	118,786	$	–	$	249,627	$	496,451


	As of December 31, 2022
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	18,084	$	–	$	–	$	–	$	18,084
Debt	79,505		–		–		–		79,505
Equities	15,480		–		–		–		15,480
Funds:
Alternative investments	–		–		–		9,113		9,113
Debt	6,350		–		–		220,141		226,491
Equity	49,041		49,297		–		7,138		105,476
Other	–		14,723		–		–		14,723
Total	$	168,460	$	64,020	$	–	$	236,392	$	468,872

_____________________

(a)Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy.