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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Compensation And Retirement Disclosure [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

 

 

 

2021

 

 

2020

 

Change in benefit obligation

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

811,662

 

 

$

744,705

 

Service cost

 

 

876

 

 

 

843

 

Interest cost

 

 

8,679

 

 

 

11,912

 

Actuarial (gain) loss

 

 

(39,706

)

 

 

60,613

 

Benefits paid

 

 

(29,327

)

 

 

(30,400

)

Settlements

 

 

(4,643

)

 

 

(4,178

)

Foreign currency translation and other adjustments

 

 

(15,563

)

 

 

28,167

 

Benefit obligation at end of year

 

 

731,978

 

 

 

811,662

 

Change in plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

799,895

 

 

 

710,592

 

Actual return on plan assets

 

 

26,046

 

 

 

86,248

 

Employer contributions

 

 

4,493

 

 

 

6,708

 

Benefits paid

 

 

(29,327

)

 

 

(30,272

)

Settlements

 

 

(4,643

)

 

 

(3,926

)

Foreign currency translation and other adjustments

 

 

(14,001

)

 

 

30,545

 

Fair value of plan assets at end of year

 

 

782,463

 

 

 

799,895

 

Funded (deficit) at end of year

 

$

50,485

 

 

$

(11,767

)

Amounts recognized in the consolidated statements

   of financial condition at December 31, 2021 and

   2020 consist of:

 

 

 

 

 

 

 

 

Prepaid pension asset (included in “other assets”)

 

$

78,058

 

 

$

28,473

 

Accrued benefit liability (included in “other

   liabilities”)

 

 

(27,573

)

 

 

(40,240

)

Net amount recognized

 

$

50,485

 

 

$

(11,767

)

Amounts recognized in AOCI (excluding tax

   benefits of $26,381 and $41,253 at December 31,

   2021 and 2020, respectively) consist of:

 

 

 

 

 

 

 

 

Actuarial net loss

 

$

155,052

 

 

$

208,743

 

Prior service cost

 

 

2,999

 

 

 

3,154

 

Net amount recognized

 

$

158,051

 

 

$

211,897

 
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, 2021 and 2020:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plans

 

 

Total

 

 

 

As Of December 31,

 

 

As Of December 31,

 

 

As Of December  31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Fair value of plan assets

 

$

24,227

 

 

$

25,850

 

 

$

758,236

 

 

$

774,045

 

 

$

782,463

 

 

$

799,895

 

Accumulated benefit obligation

 

$

31,543

 

 

$

34,406

 

 

$

700,435

 

 

$

777,256

 

 

$

731,978

 

 

$

811,662

 

Projected benefit obligation

 

$

31,543

 

 

$

34,406

 

 

$

700,435

 

 

$

777,256

 

 

$

731,978

 

 

$

811,662

 
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, 2021, 2020 and 2019:

 

 

 

Pension Plans

 

 

 

 

For The Year Ended

 

 

 

 

December 31,

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

Components of Net Periodic Benefit Cost

   (Credit):

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

876

 

 

$

843

 

 

$

815

 

 

Interest cost

 

 

8,679

 

 

 

11,912

 

 

 

15,350

 

 

Expected return on plan assets

 

 

(26,077

)

 

 

(26,711

)

 

 

(27,470

)

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

 

118

 

 

 

111

 

 

 

110

 

 

Net actuarial loss

 

 

7,151

 

 

 

7,411

 

 

 

5,025

 

 

Settlement loss

 

 

1,056

 

 

 

1,329

 

 

 

749

 

 

Net periodic benefit cost (credit)

 

$

(8,197

)

 

$

(5,105

)

 

$

(5,421

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual return on plan assets

 

$

26,046

 

 

$

86,248

 

 

$

74,844

 

 

Employer contributions

 

$

4,493

 

 

$

6,708

 

 

$

5,623

 

 

Benefits paid

 

$

29,327

 

 

$

30,272

 

 

$

30,760

 

 

Other changes in plan assets and benefit

   obligations recognized in AOCI (excluding

   tax expense (benefit) of $14,872, $45 and

   and $(8,067) during the years ended

   December 31, 2021, 2020 and 2019,

   respectively):

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

$

(40,717

)

 

$

(4,085

)

 

$

40,311

 

 

Reclassification of prior service (cost)

   credit to earnings

 

 

(118

)

 

 

(111

)

 

 

(110

)

 

Reclassification of actuarial gain (loss)

   to earnings

 

 

(7,151

)

 

 

(7,411

)

 

 

(5,774

)

 

Currency translation and other

   adjustments

 

 

(5,860

)

 

 

9,142

 

 

 

3,025

 

 

Total recognized in AOCI

 

$

(53,846

)

 

$

(2,465

)

 

$

37,452

 

 

Net amount recognized in total periodic

   benefit cost and AOCI

 

$

(62,043

)

 

$

(7,570

)

 

$

32,031

 

 
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, 2021, 2020 and 2019 are set forth below:

 

 

 

Pension Plans

 

 

 

 

December  31,

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

Weighted average assumptions used to

   determine benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

1.8

%

 

 

1.3

%

 

 

1.8

%

 

Weighted average assumptions used to

   determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

1.1

%

 

 

1.6

%

 

 

2.2

%

 

Expected long-term rate of return on plan

   assets

 

 

3.3

%

 

 

3.9

%

 

 

4.4

%

 
Schedule of Expected Benefit Payments

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

 

2022

 

$

28,616

 

2023

 

 

28,059

 

2024

 

 

30,227

 

2025

 

 

30,209

 

2026

 

 

30,585

 

2027-2031

 

 

156,945

 
Schedule of Categorization of Plans' Assets

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2021 and 2020, 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, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV (a)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

11,036

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

11,036

 

Debt

 

 

84,005

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

84,005

 

Equities

 

 

43,174

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

43,174

 

Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17,758

 

 

 

17,758

 

Debt

 

 

10,990

 

 

 

81,417

 

 

 

-

 

 

 

318,316

 

 

 

410,723

 

Equity

 

 

141,390

 

 

 

60,118

 

 

 

-

 

 

 

11,090

 

 

 

212,598

 

Derivatives

 

 

-

 

 

 

3,169

 

 

 

-

 

 

 

-

 

 

 

3,169

 

Total

 

$

290,595

 

 

$

144,704

 

 

$

-

 

 

$

347,164

 

 

$

782,463

 

 

 

 

As of December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV (a)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

19,489

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

19,489

 

Debt

 

 

84,031

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

84,031

 

Equities

 

 

41,251

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

41,251

 

Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternative investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,847

 

 

 

18,847

 

Debt

 

 

11,978

 

 

 

83,401

 

 

 

-

 

 

 

322,086

 

 

 

417,465

 

Equity

 

 

199,201

 

 

 

6,287

 

 

 

-

 

 

 

11,378

 

 

 

216,866

 

Derivatives

 

 

-

 

 

 

1,946

 

 

 

-

 

 

 

-

 

 

 

1,946

 

Total

 

$

355,950

 

 

$

91,634

 

 

$

-

 

 

$

352,311

 

 

$

799,895

 

 

 

(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.