Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

14. 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, 2020 and 2019:

	Pension Plans
	Three Months Ended September 30,
	2020			2019
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	224		$	223
Interest cost		3,013			3,716
Expected return on plan assets		(6,750	)		(6,697	)
Amortization of:
Prior service cost		28			26
Net actuarial loss (gain)		1,729			1,220
Settlement loss		622			2,280
Net periodic benefit cost (credit)	$	(1,134	)	$	768

	Pension Plans
	Nine Months Ended September 30,
	2020			2019
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	594		$	635
Interest cost		8,906			11,476
Expected return on plan assets		(19,813	)		(20,596	)
Amortization of:
Prior service cost		82			82
Net actuarial loss (gain)		5,861			3,761
Settlement loss		2,132			5,802
Net periodic benefit cost (credit)	$	(2,238	)	$	1,160