Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [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,
	2017			2016
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	111,315		$	107,784
Interest cost	4,999			4,972
Actuarial loss (gain)	12,617			1,794
Benefits paid	(3,731		)	(3,235		)
Projected benefit obligation at end of year	125,200			111,315
Change in plan assets:
Plan assets at fair value at beginning of year	86,699			86,292
Actual return on plan assets	13,738			3,642
Employer contribution	4,000			—
Benefits paid	(3,731		)	(3,235		)
Plan assets at fair value at end of year	100,706			86,699
Funded status	$	(24,494	)	$	(24,616	)

Reconciliation of Amounts Recognized in Other Comprehensive Income for the Retirement Plan

The reconciliation of the 2017 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)	$	(3,043	)	$	(20	)	$	(127	)	$	(3,190	)
Amortization of prior service cost	24			—			—			24
Changes in employee benefit related items	(3,019		)	(20		)	(127		)	(3,166		)
Income tax (expense) benefit	(49		)	(1		)	23			(27		)
Employee benefit related items, net of tax	$	(3,068	)	$	(21	)	$	(104	)	$	(3,193	)

The amounts recognized in other comprehensive income (loss) for the Retirement Plan for 2017, 2016 and 2015 were as follows:

	2017			2016			2015
	(in thousands)
Unrecognized net (loss) gain from experience different from that assumed and effects of changes and assumptions	$	(3,043	)	$	(3,115	)	$	2,882
Prior service cost	24			93			(895		)
	(3,019		)	(3,022		)	1,987
Income tax expense	(49		)	(10		)	(99		)
Other comprehensive (loss) income	$	(3,068	)	$	(3,032	)	$	1,888

Amounts Included in Accumulated Other Comprehensive Income (Loss) for the Retirement Plan

The amounts included in accumulated other comprehensive income (loss) for the Retirement Plan as of December 31, 2017 and 2016 were as follows:

	2017			2016
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(49,473	)	$	(46,430	)
Prior service cost	(779		)	(803		)
	(50,252		)	(47,233		)
Income tax benefit	408			457
Accumulated other comprehensive loss	$	(49,844	)	$	(46,776	)

Expected Future Benefit Payments

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

2018	$	6,517
2019	7,076
2020	5,302
2021	6,157
2022	8,040
2023-2027	39,643

Net (Benefit) Expense Under the Retirement Plan

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

	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Interest cost on projected benefit obligations	$	4,999		$	4,972		$	4,816
Expected return on plan assets	(5,261		)	(5,407		)	(6,176		)
Amortization of prior service cost	24			24			—
Recognized actuarial loss	1,097			959			979
Net pension (benefit) expense	$	859		$	548		$	(381	)

Actuarial Computations 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,
	2017		2016		2015
Discount rate on benefit obligations	4.55	%	4.75	%	4.3	%
Expected long-term rate of return on plan assets	6.0		6.5		7.0

Retirement Plan Asset Allocation

The Retirement Plan’s asset allocation percentages consisted of:

	December 31,
	2017		2016
Equity	66	%	61	%
Debt securities	15		18
Other	19		21
	100	%	100	%

Valuation of Retirement Plan Assets by Pricing Observability Levels

The valuation of our Retirement Plan assets by pricing observability levels as of December 31, 2017 and 2016 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2017
Cash	$	91	$	—	$	—	$	91
Fixed income mutual funds	23,696		—		—		23,696
Equity mutual fund	29,352		—		—		29,352
Equity securities	25,191		—		—		25,191
Total assets in the fair value hierarchy	78,330		—		—		78,330
Investments measured at net assets value	—		—		—		22,376
Investments at fair value	$	78,330	$	—	$	—	$	100,706

December 31, 2016
Cash	$	344	$	—	$	—	$	344
Fixed income mutual funds	21,441		—		—		21,441
Equity mutual fund	25,037		—		—		25,037
Equity securities	20,690		—		—		20,690
Total assets in the fair value hierarchy	67,512		—		—		67,512
Investments measured at net assets value	—		—		—		19,187
Investments at fair value	$	67,512	$	—	$	—	$	86,699