Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Change in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status of Plan

The Retirement Plan’s projected benefit obligation, fair value of plan assets, and funded status (amounts recognized in the consolidated statements of financial condition) were as follows:

	Years Ended December 31,
	2015			2014
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	113,733		$	93,548
Interest cost	4,816			4,895
Plan amendments	827			—
Actuarial (gain) loss	(6,698		)	19,909
Benefits paid	(4,894		)	(4,619		)
Projected benefit obligation at end of year	107,784			113,733
Change in plan assets:
Plan assets at fair value at beginning of year	90,320			83,831
Actual return on plan assets	866			5,108
Employer contribution	—			6,000
Benefits paid	(4,894		)	(4,619		)
Plan assets at fair value at end of year	86,292			90,320
Funded status	$	(21,492	)	$	(23,413	)

Defined Benefit Plan Amounts Recognized in Other Comprehensive (Loss) Income

The amounts recognized in other comprehensive income (loss) for the Retirement Plan for 2015, 2014 and 2013 were as follows:

	2015			2014			2013
	(in thousands)
Unrecognized net gain (loss) from experience different from that assumed and effects of changes and assumptions	$	2,882		$	(20,803	)	$	22,871
Prior service cost	(895		)	—			—
Unrecognized net plan assets as of January 1, 1987 being recognized over 26.3 years	—			—			(47		)
	1,987			(20,803		)	22,824
Income tax (expense) benefit	(99		)	232			(388		)
Other comprehensive income (loss)	$	1,888		$	(20,571	)	$	22,436

The reconciliation of the 2015 amounts recognized in other comprehensive income for the Retirement Plan as compared to the consolidated statement of comprehensive income ("OCI Statement") is as follows:

	Retirement Plan			Retired Individual Plan			Foreign Retirement Plans			OCI Statement
	(in thousands)
Recognized actuarial (loss) gain	$	2,882		$	96		$	289		$	3,267
Amortization of prior service cost	(895		)	—			—			(895		)
Changes in employee benefit related items	1,987			96			289			2,372
Income tax (expense) benefit	(99		)	(2		)	(64		)	(165		)
Employee benefit related items, net of tax	$	1,888		$	94		$	225		$	2,207

Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The amounts included in accumulated other comprehensive income (loss) for the Retirement Plan as of December 31, 2015 and 2014 were as follows:

	2015			2014
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(43,314	)	$	(46,196	)
Prior service cost	(895		)	—
	(44,209		)	(46,196		)
Income tax benefit	468			567
Accumulated other comprehensive loss	$	(43,741	)	$	(45,629	)

Expected Future Benefit Payments

Benefit payments are expected to be paid as follows (in thousands):

2016	$	5,599
2017	4,400
2018	5,195
2019	5,920
2020	4,889
2021-2025	35,655

Net Expense Under the Retirement Plan

Net (benefit) expense under the Retirement Plan consisted of:

	Year Ended December 31,
	2015			2014			2013
	(in thousands)
Interest cost on projected benefit obligations	$	4,816		$	4,895		$	4,640
Expected return on plan assets	(6,176		)	(6,493		)	(5,347		)
Amortization of transition asset	—			—			(47		)
Recognized actuarial loss	979			490			1,109
Net pension (benefit) expense	$	(381	)	$	(1,108	)	$	355

Actuarial Assumptions Used to Determine Net Periodic Benefit Costs

Actuarial computations used to determine net periodic costs were made utilizing the following weighted-average assumptions:

	Years Ended December 31,
	2015		2014		2013
Discount rate on benefit obligations	4.3	%	5.3	%	4.4	%
Expected long-term rate of return on plan assets	7.0		7.5		7.5

Retirement Plan Asset Allocation

The Retirement Plan’s asset allocation percentages consisted of:

	December 31,
	2015		2014
Equity	56	%	62	%
Debt securities	24		18
Other	20		20
	100	%	100	%

Assets of Retirement Benefit Plans, Fair Value Measurement

The valuation of our Retirement Plan assets by pricing observability levels as of December 31, 2015 and 2014 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2015:
Cash	$	445	$	—	$	—	$	445
Hedge fund	—		9,129		—		9,129
Fixed income mutual funds	21,555		—		—		21,555
Equity mutual fund	21,660		—		—		21,660
Equity securities	23,529		—		—		23,529
Equity private investment trusts	—		9,974		—		9,974
Total assets measured at fair value	$	67,189	$	19,103	$	—	$	86,292

December 31, 2014:
Cash	$	715	$	—	$	—	$	715
Hedge fund	—		9,249		—		9,249
Fixed income mutual funds	22,040		—		—		22,040
Equity mutual fund	23,220		—		—		23,220
Equity securities	25,163		—		—		25,163
Equity private investment trusts	—		9,933		—		9,933
Total assets measured at fair value	$	71,138	$	19,182	$	—	$	90,320