Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	125,200		$	111,315
Interest cost	4,771			4,999
Actuarial (gain) loss	(9,918		)	12,617
Benefits paid	(3,820		)	(3,731		)
Projected benefit obligation at end of year	116,233			125,200
Change in plan assets:
Plan assets at fair value at beginning of year	100,706			86,699
Actual return on plan assets	(3,302		)	13,738
Employer contribution	5,000			4,000
Benefits paid	(3,820		)	(3,731		)
Plan assets at fair value at end of year	98,584			100,706
Funded status	$	(17,649	)	$	(24,494	)

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

The reconciliation of the 2018 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 gain (loss)	$	1,870		$	53		$	(337	)	$	1,586
Amortization of prior service cost	24			—			—			24
Changes in employee benefit related items	1,894			53			(337		)	1,610
Income tax (expense) benefit	(207		)	(2		)	70			(139		)
Employee benefit related items, net of tax	$	1,687		$	51		$	(267	)	$	1,471

The amounts recognized in other comprehensive income (loss) for the Retirement Plan for 2018, 2017 and 2016 were as follows:

	2018			2017			2016
	(in thousands)
Unrecognized net gain (loss) from experience different from that assumed and effects of changes and assumptions	$	1,870		$	(3,043	)	$	(3,115	)
Prior service cost	24			24			93
	1,894			(3,019		)	(3,022		)
Income tax expense	(207		)	(49		)	(10		)
Other comprehensive income (loss)	$	1,687		$	(3,068	)	$	(3,032	)

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, 2018 and 2017 were as follows:

	2018			2017
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(47,603	)	$	(49,473	)
Prior service cost	(755		)	(779		)
	(48,358		)	(50,252		)
Income tax benefit	201			408
Accumulated other comprehensive loss	$	(48,157	)	$	(49,844	)

Expected Future Benefit Payments

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

2019	$	7,309
2020	6,138
2021	6,126
2022	7,942
2023	6,473
2024-2028	40,196

Net (Benefit) Expense Under the Retirement Plan

Net expense under the Retirement Plan consisted of:

	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Interest cost on projected benefit obligations	$	4,771		$	4,999		$	4,972
Expected return on plan assets	(5,893		)	(5,261		)	(5,407		)
Amortization of prior service cost	24			24			24
Recognized actuarial loss	1,146			1,097			959
Net pension expense	$	48		$	859		$	548

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,
	2018		2017		2016
Discount rate on benefit obligations	3.90	%	4.55	%	4.75	%
Expected long-term rate of return on plan assets	5.75	%	6.00	%	6.50	%

Retirement Plan Asset Allocation

The Retirement Plan’s asset allocation percentages consisted of:

	December 31,
	2018		2017
Equity	43	%	66	%
Debt securities	41		15
Other	16		19
	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, 2018 and 2017 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2018
Cash	$	238	$	—	$	—	$	238
U.S. Treasury Strips	—		22,355		—		22,355
Fixed income mutual funds	18,362		—		—		18,362
Equity mutual fund	26,508		—		—		26,508
Equity securities	8,970		—		—		8,970
Total assets in the fair value hierarchy	54,078		22,355		—		76,433
Investments measured at net assets value	—		—		—		22,151
Investments at fair value	$	54,078	$	22,355	$	—	$	98,584

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