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Accrued Compensation and Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Components of accrued compensation and benefits Accrued compensation and benefits consist of the following:
 
As of December 31,
 
2024
2023
 
(Dollars in millions)
Accrued performance allocations and incentive fee related compensation
$4,819.7
$4,255.8
Accrued bonuses
335.5
498.2
Accrued pension liability
7.0
13.1
Other(1)(2)
284.4
155.1
Total
$5,446.6
$4,922.2
(1)Includes $7.1 million and $44.5 million of realized performance allocations and incentive fee related compensation not yet paid to participants as of
December 31, 2024 and 2023, respectively.
(2)Includes $176.7 million of realized performance allocations related compensation associated with the Company’s updated compensation program (see Note
2, Summary of Significant Accounting Policies) not yet paid as of December 31, 2024.
Schedule of performance allocations and incentive fee related compensation The following table presents realized and unrealized performance allocations and incentive fee related compensation:
Year Ended December 31,
2024
2023
2022
(Dollars in millions)
Realized
$753.1
$473.8
$1,026.4
Unrealized(1)
608.4
629.9
(306.5)
Total
$1,361.5
$1,103.7
$719.9
(1)  Unrealized performance allocations for the year ended December 31, 2023 included a one-time $1.1 billion charge related to the updated employee
compensation program effective December 31, 2023, which increased the proportion of performance allocations revenue that will be used to compensate
employees.
Schedule of funded status The following table presents the plans’ benefit
obligation, the fair value of plan assets, and the plans’ funded status as of December 31, 2024 and 2023:
As of December 31,
2024
2023
(Dollars in millions)
Benefit obligation
$(65.1)
$(71.9)
Fair value of plan assets
58.1
58.8
Accrued pension liability(1)
$(7.0)
$(13.1)
(1)Represents the funded status of plans and is included in accrued compensation and benefits in the accompanying consolidated financial statements.