XML 34 R23.htm IDEA: XBRL DOCUMENT v3.23.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2023
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, 2023 and 2022:
Pension Plans
Three Months Ended June 30,
20232022
Components of Net Periodic Benefit Cost (Credit):
Service cost$84 $59 
Interest cost5,272 2,817 
Expected return on plan assets(6,032)(6,195)
Amortization of:
Prior service cost27 26 
Net actuarial loss1,534 1,027 
Settlement loss783 407 
Net periodic benefit cost (credit)$1,668 $(1,859)
Pension Plans
Six Months Ended June 30,
20232022
Components of Net Periodic Benefit Cost (Credit):
Service cost$182 $270 
Interest cost10,424 5,817 
Expected return on plan assets(11,848)(12,819)
Amortization of:
Prior service cost53 55 
Net actuarial loss (gain)3,044 2,114 
Settlement loss1,542 843 
Net periodic benefit cost (credit)$3,397 $(3,720)