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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Compensation And Retirement Disclosure [Abstract] |
Employee Benefit Plans |
16. | 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 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 Company expects to contribute approximately $1,000 to the U.S pension plan and approximately $3,000 to the non-U.S. pension plans during the year ending December 31, 2023. 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 |
For the years ended December 31, 2022 and 2021, the change in the benefit obligation related to the actuarial (gain) loss is principally attributable to changes in the discount rates. 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 |
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 | ) |
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 | % |
Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities. In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historical returns. This basis is consistent for all years presented. 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 |
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.
Included in equity funds are $54,810 and $68,529 as of December 31, 2022 and 2021, respectively, that are invested in funds managed by the Company. Consistent with the plans’ investment strategies, at December 31, 2022 and 2021, the Company’s U.S. pension plan had 57% and 54%, respectively, of the plans’ assets invested in equity funds in Level 1 and measured at NAV or its equivalent as a practical expedient, 42% and 46%, respectively, invested in Level 1 debt funds, and at December 31, 2022, 1% was invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2022 and 2021 had 25% and 32%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 66% and 64%, respectively, of the plans’ assets invested in debt and debt funds that are Level 1 and Level 2 assets or measured at NAV or its equivalent as a practical expedient, and 9% and 4%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, other investments, which is a Level 2 asset, or in alternative investment funds that are primarily measured at NAV. Investment Policies and Strategies—The primary investment goal is to ensure that the pension plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the plans to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan investments classified as Level 2 assets are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term. Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $19,692, $17,864 and $16,736 for the years ended December 31, 2022, 2021 and 2020, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.

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