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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [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
			2024						2023
Change in benefit obligation
Benefit obligation at beginning of year			$	490,701					$	440,050
Service cost			658						338
Interest cost			21,042						20,930
Amendments			15,935						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 year			442,425						490,701
Change in plan assets
Fair value of plan assets at beginning of year			496,451						468,872
Actual return on plan assets			(23,539)						22,461
Employer contributions			2,517						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 year			438,926						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 cost			23,218						12,782
Net amount recognized			$	205,657					$	205,975

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, 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,
			2024						2023						2024						2023						2024						2023
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

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, 2024, 2023 and 2022:

			Pension Plans For The Year Ended December 31,
			2024						2023						2022
Components of Net Periodic Benefit Cost (Credit):
Service cost			$	658					$	338					$	543
Interest cost			21,042						20,930						11,130
Expected return on plan assets			(26,403)						(23,942)						(24,482)
Amortization of:
Prior service cost			536						107						106
Net actuarial loss			7,969						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 cost			11,147						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

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, 2024, 2023 and 2022 are set forth below:

			Pension Plans December 31,
			2024						2023						2022
Weighted average assumptions used to determine benefit obligations:
Discount rate			5.2		%				4.4		%				4.7		%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate			4.0		%				4.3		%				2.1		%
Expected long-term rate of return on plan assets			5.4		%				5.1		%				3.4		%

Schedule of 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
2026			26,544
2027			26,721
2028			27,794
2029			27,837
2030-2034			139,498

Schedule of Categorization of Plans' 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 1						Level 2						Level 3						NAV (a)						Total
Assets:
Cash			$	8,432					$	–					$	–					$	–					$	8,432
Debt			36,767						–						–						–						36,767
Equities			10,255						–						–						–						10,255
Funds:
Alternative investments			–						–						–						3,580						3,580
Debt			5,939						57,074						–						235,625						298,638
Equity			42,415						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 1						Level 2						Level 3						NAV (a)						Total
Assets:
Cash			$	9,286					$	–					$	–					$	–					$	9,286
Debt			41,215						–						–						–						41,215
Equities			11,496						–						–						–						11,496
Funds:
Alternative investments			–						–						–						6,640						6,640
Debt			7,268						58,876						–						236,553						302,697
Equity			58,773						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.

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