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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 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 nine month periods ended September 30, 2023 and 2022:
Pension Plans
Three Months Ended September 30,
20232022
Components of Net Periodic Benefit Cost (Credit):
Service cost$74 $116 
Interest cost5,322 2,642 
Expected return on plan assets(6,068)(5,808)
Amortization of:
Prior service cost28 25 
Net actuarial loss1,926 1,370 
Settlement loss791 380 
Net periodic benefit cost (credit)$2,073 $(1,275)
Pension Plans
Nine Months Ended September 30,
20232022
Components of Net Periodic Benefit Cost (Credit):
Service cost$256 $386 
Interest cost15,746 8,459 
Expected return on plan assets(17,916)(18,627)
Amortization of:
Prior service cost81 80 
Net actuarial loss (gain)4,970 3,484 
Settlement loss2,333 1,223 
Net periodic benefit cost (credit)$5,470 $(4,995)