Retirement Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans | RETIREMENT PLANS Defined Contribution Savings Plan We sponsor a 401(k) plan, which is a voluntary defined contribution savings plan, for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. The following table presents the savings plan expense for the three and nine months ended September 30, 2026 and 2025, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:
Pension, SERP and Other Post-Retirement Benefit Plans We maintain nonqualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:
Nonqualified Deferred Compensation Plan We maintain a non-qualified deferred compensation plan for senior executives that provides certain eligible employees with the opportunity to defer a portion of their annual salary and bonus up to certain approval limits. The plan is funded through corporate-owned life insurance. The cash surrender value, or CSV, of these policies is included in other non- current assets in the Condensed Consolidated Balance Sheets and the related deferred compensation obligations are recorded within other non-current liabilities in the Condensed Consolidated Balance Sheets. Gains and losses on the CSV are recorded in Other (income) loss in the Condensed Consolidated Statements of Income. The related change in the deferred compensation liability is included in compensation and benefits expense in the Condensed Consolidated Statements of Income. The impact of these items materially offset each other.
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