EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

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.

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 six month periods ended June 30, 2024 and 2023:

	Pension Plans
	Three Months Ended June 30,
	2024		2023
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	245	$	84
Interest cost	5,237		5,272
Expected return on plan assets	(6,565)		(6,032)
Amortization of:
Prior service cost	131		27
Net actuarial loss (gain)	1,809		1,534
Settlement loss	–		783
Net periodic benefit cost (credit)	$	857	$	1,668

	Pension Plans
	Six Months Ended June 30,
	2024		2023
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	328	$	182
Interest cost	10,429		10,424
Expected return on plan assets	(13,076)		(11,848)
Amortization of:
Prior service cost	264		53
Net actuarial loss	3,533		3,044
Settlement loss	–		1,542
Net periodic benefit cost (credit)	$	1,478	$	3,397