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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023:
| Pension Plans
| Three Months Ended June 30,
| 2024 |  | 2023
Components of Net Periodic Benefit Cost (Credit): |  |  |
Service cost | $ | 245 |  |  | $ | 84 |
Interest cost | 5,237 |  |  | 5,272 |
Expected return on plan assets | (6,565) |  |  | (6,032) |
Amortization of: |  |  |
Prior service cost | 131 |  |  | 27 |
Net actuarial loss (gain) | 1,809 |  |  | 1,534 |
Settlement loss | – |  |  | 783 |
Net periodic benefit cost (credit) | $ | 857 |  |  | $ | 1,668 |
| Pension Plans
| Six Months Ended June 30,
| 2024 |  | 2023
Components of Net Periodic Benefit Cost (Credit): |  |  |
Service cost | $ | 328 |  |  | $ | 182 |
Interest cost | 10,429 |  |  | 10,424 |
Expected return on plan assets | (13,076) |  |  | (11,848) |
Amortization of: |  |  |
Prior service cost | 264 |  |  | 53 |
Net actuarial loss | 3,533 |  |  | 3,044 |
Settlement loss | – |  |  | 1,542 |
Net periodic benefit cost (credit) | $ | 1,478 |  |  | $ | 3,397 |

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