XML 35 R24.htm IDEA: XBRL DOCUMENT v3.25.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2025
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 related to the Company’s pension plans for the three month and nine month periods ended September 30, 2025 and 2024:
Pension Plans
Three Months Ended September 30,
20252024
Components of Net Periodic Benefit Cost:
Service cost$193 $170 
Interest cost5,791 5,345 
Expected return on plan assets(6,408)(6,721)
Amortization of:
Prior service cost315 138 
Net actuarial loss2,070 2,295 
Net periodic benefit cost$1,961 $1,227 
Pension Plans
Nine Months Ended September 30,
20252024
Components of Net Periodic Benefit Cost:
Service cost$560 $498 
Interest cost16,924 15,774 
Expected return on plan assets(18,757)(19,797)
Amortization of:
Prior service cost931 402 
Net actuarial loss6,187 5,828 
Net periodic benefit cost$5,845 $2,705