Employee Benefit Plans (Tables)

12 Months Ended

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.