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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Compensation And Retirement Disclosure [Abstract] |
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 |
|  | 2022 |  |  | 2021 |
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 731,978 |  |  | $ | 811,662 |
Service cost |  |  | 543 |  |  |  | 876 |
Interest cost |  |  | 11,130 |  |  |  | 8,679 |
Actuarial (gain) loss |  |  | (203,009 | ) |  |  | (39,706 | )
Benefits paid |  |  | (29,357 | ) |  |  | (29,327 | )
Settlements |  |  | - |  |  |  | (4,643 | )
Foreign currency translation and other adjustments |  |  | (71,235 | ) |  |  | (15,563 | )
Benefit obligation at end of year |  |  | 440,050 |  |  |  | 731,978 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 782,463 |  |  |  | 799,895 |
Actual return on plan assets |  |  | (215,237 | ) |  |  | 26,046 |
Employer contributions |  |  | 4,206 |  |  |  | 4,493 |
Benefits paid |  |  | (29,357 | ) |  |  | (29,327 | )
Settlements |  |  | - |  |  |  | (4,643 | )
Foreign currency translation and other adjustments |  |  | (73,203 | ) |  |  | (14,001 | )
Fair value of plan assets at end of year |  |  | 468,872 |  |  |  | 782,463 |
Funded (deficit) at end of year |  | $ | 28,822 |  |  | $ | 50,485 |
Amounts recognized in the consolidated statements of financial condition at December 31, 2022 and 2021 consist of: |  |  |  |  |  |  |  |
Prepaid pension asset (included in “other assets”) |  | $ | 35,268 |  |  | $ | 78,058 |
Accrued benefit liability (included in “other liabilities”) |  |  | (6,446 | ) |  |  | (27,573 | )
Net amount recognized |  | $ | 28,822 |  |  | $ | 50,485 |
Amounts recognized in AOCI (excluding tax benefits of $31,365 and $26,381 at December 31, 2022 and 2021, respectively) consist of: |  |  |  |  |  |  |  |
Actuarial net loss |  | $ | 167,724 |  |  | $ | 155,052 |
Prior service cost |  |  | 2,572 |  |  |  | 2,999 |
Net amount recognized |  | $ | 170,296 |  |  | $ | 158,051 |
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, 2022 and 2021:
|  | U.S. Pension Plans |  |  | Non-U.S. Pension Plans |  |  | Total |
|  | As Of December 31, |  |  | As Of December 31, |  |  | As Of December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Fair value of plan assets |  | $ | 14,983 |  |  | $ | 24,227 |  |  | $ | 453,889 |  |  | $ | 758,236 |  |  | $ | 468,872 |  |  | $ | 782,463 |
Accumulated benefit obligation |  | $ | 20,518 |  |  | $ | 31,543 |  |  | $ | 419,532 |  |  | $ | 700,435 |  |  | $ | 440,050 |  |  | $ | 731,978 |
Projected benefit obligation |  | $ | 20,518 |  |  | $ | 31,543 |  |  | $ | 419,532 |  |  | $ | 700,435 |  |  | $ | 440,050 |  |  | $ | 731,978 |
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, 2022, 2021 and 2020:
|  | Pension Plans |  |
|  | For The Year Ended |  |
|  | December 31, |  |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |
Components of Net Periodic Benefit Cost (Credit): |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 543 |  |  | $ | 876 |  |  | $ | 843 |  |
Interest cost |  |  | 11,130 |  |  |  | 8,679 |  |  |  | 11,912 |  |
Expected return on plan assets |  |  | (24,482 | ) |  |  | (26,077 | ) |  |  | (26,711 | ) |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 106 |  |  |  | 118 |  |  |  | 111 |  |
Net actuarial loss |  |  | 5,040 |  |  |  | 7,151 |  |  |  | 7,411 |  |
Settlement loss |  |  | - |  |  |  | 1,056 |  |  |  | 1,329 |  |
Net periodic benefit cost (credit) |  | $ | (7,663 | ) |  | $ | (8,197 | ) |  | $ | (5,105 | ) |
Actual return on plan assets |  | $ | (215,237 | ) |  | $ | 26,046 |  |  | $ | 86,248 |  |
Employer contributions |  | $ | 4,206 |  |  | $ | 4,493 |  |  | $ | 6,708 |  |
Benefits paid |  | $ | 29,357 |  |  | $ | 29,327 |  |  | $ | 30,272 |  |
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(4,984), $14,872 and and $45 during the years ended December 31, 2022, 2021 and 2020, respectively): |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 31,174 |  |  | $ | (40,717 | ) |  | $ | (4,085 | ) |
Reclassification of prior service (cost) credit to earnings |  |  | (106 | ) |  |  | (118 | ) |  |  | (111 | ) |
Reclassification of actuarial gain (loss) to earnings |  |  | (5,040 | ) |  |  | (7,151 | ) |  |  | (7,411 | ) |
Currency translation and other adjustments |  |  | (13,783 | ) |  |  | (5,860 | ) |  |  | 9,142 |  |
Total recognized in AOCI |  | $ | 12,245 |  |  | $ | (53,846 | ) |  | $ | (2,465 | ) |
Net amount recognized in total periodic benefit cost and AOCI |  | $ | 4,582 |  |  | $ | (62,043 | ) |  | $ | (7,570 | ) |
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, 2022, 2021 and 2020 are set forth below:
|  | Pension Plans |  |
|  | December 31, |  |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.7 | % |  |  | 1.8 | % |  |  | 1.3 | % |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.1 | % |  |  | 1.1 | % |  |  | 1.6 | % |
Expected long-term rate of return on plan assets |  |  | 3.4 | % |  |  | 3.3 | % |  |  | 3.9 | % |
Schedule of Expected Benefit Payments | 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 |
2023 |  | $ | 25,144 |
2024 |  |  | 27,605 |
2025 |  |  | 27,037 |
2026 |  |  | 27,459 |
2027 |  |  | 27,777 |
2028-2032 |  |  | 140,985 |
Schedule of Categorization of Plans' Assets | Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2022 and 2021, 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, 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 |
|  | As of December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV (a) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 11,036 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 11,036 |
Debt |  |  | 84,005 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 84,005 |
Equities |  |  | 43,174 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 43,174 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,758 |  |  |  | 17,758 |
Debt |  |  | 10,990 |  |  |  | 81,417 |  |  |  | - |  |  |  | 318,316 |  |  |  | 410,723 |
Equity |  |  | 141,390 |  |  |  | 60,118 |  |  |  | - |  |  |  | 11,090 |  |  |  | 212,598 |
Other |  |  | - |  |  |  | 3,169 |  |  |  | - |  |  |  | - |  |  |  | 3,169 |
Total |  | $ | 290,595 |  |  | $ | 144,704 |  |  | $ | - |  |  | $ | 347,164 |  |  | $ | 782,463 |
(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.

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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