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Employee Benefit Plans
 12 Months Ended
Dec. 31, 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 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.

Contributions to both the U.S. and non-U.S. pension plans during the year ending December 31, 2025 are not expected to be material.
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
20242023
Change in benefit obligation
Benefit obligation at beginning of year$490,701 $440,050 
Service cost658 338 
Interest cost21,042 20,930 
Amendments15,935 10,201 
Actuarial (gain) loss(48,336)21,937 
Benefits paid(28,277)(25,542)
Foreign currency translation and other adjustments(9,298)22,787 
Benefit obligation at end of year442,425 490,701 
Change in plan assets
Fair value of plan assets at beginning of year496,451 468,872 
Actual return on plan assets(23,539)22,461 
Employer contributions2,517 5,673 
Benefits paid(27,872)(25,542)
Foreign currency translation and other adjustments(8,631)24,987 
Fair value of plan assets at end of year438,926 496,451 
Funded (deficit) at end of year$(3,499)$5,750 
Amounts recognized in the consolidated statements of financial condition at December 31, 2024 and 2023 consist of:
Prepaid pension asset (included in “other assets”)$12,075 $10,507 
Accrued benefit liability (included in “other liabilities”)(15,574)(4,757)
Net amount recognized$(3,499)$5,750 
Amounts recognized in AOCI (excluding tax benefits of $39,769 and $40,017 at December 31, 2024 and 2023, respectively) consist of:
Actuarial net loss$182,439 $193,193 
Prior service cost23,218 12,782 
Net amount recognized$205,657 $205,975 
For the years ended December 31, 2024 and 2023, 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, 2024 and 2023:
U.S. Pension Plans
As Of December 31,		Non-U.S. Pension Plans
As Of December 31,		Total
As Of December 31,
202420232024202320242023
Fair value of plan assets$12,750 $15,511 $426,176 $480,940 $438,926 $496,451 
Accumulated benefit obligation$16,606 $19,999 $425,819 $470,702 $442,425 $490,701 
Projected benefit obligation$16,606 $19,999 $425,819 $470,702 $442,425 $490,701 
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, 2024, 2023 and 2022:
Pension Plans
For The Year Ended
December 31,
202420232022
Components of Net Periodic Benefit Cost (Credit):
Service cost$658 $338 $543 
Interest cost21,042 20,930 11,130 
Expected return on plan assets(26,403)(23,942)(24,482)
Amortization of:   
Prior service cost536 107 106 
Net actuarial loss7,969 6,647 5,040 
Net periodic benefit cost (credit)$3,802 $4,080 $(7,663)
Actual return on plan assets$(23,539)$22,461 $(215,237)
Employer contributions$2,517 $5,673 $4,206 
Benefits paid$27,872 $25,542 $29,357 
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $248, $(8,652) and $(4,984) during the years ended December 31, 2024, 2023 and 2022, respectively):
Net actuarial (gain) loss$641 $23,521 $31,174 
Prior service cost11,147 10,172 – 
Reclassification of prior service (cost) credit to earnings(536)(107)(106)
Reclassification of actuarial gain (loss) to earnings(7,969)(6,647)(5,040)
Currency translation and other adjustments(3,601)8,740 (13,783)
Total recognized in AOCI$(318)$35,679 $12,245 
Net amount recognized in total periodic benefit cost and AOCI$3,484 $39,759 $4,582 
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, 2024, 2023 and 2022 are set forth below:
Pension Plans
December 31,
202420232022
Weighted average assumptions used to determine benefit obligations:
Discount rate5.2 %4.4 %4.7 %
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate4.0 %4.3 %2.1 %
Expected long-term rate of return on plan assets5.4 %5.1 %3.4 %
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
2025$26,506 
202626,544 
202726,721 
202827,794 
202927,837 
2030-2034139,498 
Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2024 and 2023, 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, 2024
Level 1Level 2Level 3NAV (a)Total
Assets:
Cash$8,432 $– $– $– $8,432 
Debt36,767 – – – 36,767 
Equities10,255 – – – 10,255 
Funds:
Alternative investments– – – 3,580 3,580 
Debt5,939 57,074 – 235,625 298,638 
Equity42,415 29,485 – 5,556 77,456 
Other– 3,798 – – 3,798 
Total$103,808 $90,357 $– $244,761 $438,926 
As of December 31, 2023
Level 1Level 2Level 3NAV (a)Total
Assets:
Cash$9,286 $– $– $– $9,286 
Debt41,215 – – – 41,215 
Equities11,496 – – – 11,496 
Funds:
Alternative investments– – – 6,640 6,640 
Debt7,268 58,876 – 236,553 302,697 
Equity58,773 55,692 – 6,434 120,899 
Other– 4,218 – – 4,218 
Total$128,038 $118,786 $– $249,627 $496,451 
_____________________
(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 $44,404 and $63,927 as of December 31, 2024 and 2023, respectively, that are invested in funds managed by the Company.
Consistent with the plans’ investment strategies, at December 31, 2024 and 2023, the Company’s U.S. pension plan had 53% and 50%, respectively, of the plans’ assets invested in equity funds in Level 1 and measured at NAV or its equivalent as a practical expedient, 47% and 47%, respectively, invested in Level 1 debt funds, and at December 31, 2023, 3% was invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2024 and 2023 had 19% and 26%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 78% and 70%, respectively, of the plans’ assets invested in debt and debt funds that are Level 1, Level 2 and measured at NAV or its equivalent as a practical expedient, and 3% 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 $21,136, $22,190 and $19,692 for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.