Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	116,233		$	125,200
Interest cost	4,944			4,771
Actuarial loss (gain)	20,411			(9,918		)
Benefits paid	(5,475		)	(3,820		)
Projected benefit obligation at end of year	136,113			116,233
Change in plan assets:
Plan assets at fair value at beginning of year	98,584			100,706
Actual return on plan assets	16,971			(3,302		)
Employer contribution	4,000			5,000
Benefits paid	(5,475		)	(3,820		)
Plan assets at fair value at end of year	114,080			98,584
Funded status	$	(22,033	)	$	(17,649	)

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

The amounts recognized in other comprehensive income (loss) for the Retirement Plan for 2019, 2018 and 2017 were as follows:

	2019			2018			2017
	(in thousands)
Unrecognized net (loss) gain from experience different from that assumed and effects of changes and assumptions	$	(7,934	)	$	1,870		$	(3,043	)
Prior service cost	24			24			24
	(7,910		)	1,894			(3,019		)
Income tax benefit (expense)	312			(207		)	(49		)
Other comprehensive (loss) income	$	(7,598	)	$	1,687		$	(3,068	)

The reconciliation of the 2019 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	$	(7,934	)	$	(69	)	$	112		$	(7,891	)
Amortization of prior service cost	24			—			—			24
Changes in employee benefit related items	(7,910		)	(69		)	112			(7,867		)
Income tax benefit (expense)	312			3			(41		)	274
Employee benefit related items, net of tax	$	(7,598	)	$	(66	)	$	71		$	(7,593	)

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, 2019 and 2018 were as follows:

	2019			2018
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(55,537	)	$	(47,603	)
Prior service cost	(731		)	(755		)
	(56,268		)	(48,358		)
Income tax benefit	513			201
Accumulated other comprehensive loss	$	(55,755	)	$	(48,157	)

Expected Future Benefit Payments

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

2020	$	5,868
2021	7,113
2022	9,202
2023	7,451
2024	7,538
2025-2029	45,048

Net (Benefit) Expense Under the Retirement Plan

Net expense under the Retirement Plan consisted of:

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Interest cost on projected benefit obligations	$	4,944		$	4,771		$	4,999
Expected return on plan assets	(5,639		)	(5,893		)	(5,261		)
Amortization of prior service cost	24			24			24
Recognized actuarial loss	1,146			1,146			1,097
Net pension expense	$	475		$	48		$	859

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,
	2019		2018		2017
Discount rate on benefit obligations	4.40	%	3.90	%	4.55	%
Expected long-term rate of return on plan assets	5.75	%	5.75	%	6.00	%

Retirement Plan Asset Allocation

The Retirement Plan’s asset allocation percentages consisted of:

	December 31,
	2019		2018
Equity	47	%	43	%
Debt securities	41		41
Other	12		16
	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, 2019 and 2018 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2019
Cash	$	230	$	—	$	—	$	230
U.S. Treasury Strips	—		27,318		—		27,318
Fixed income mutual funds	19,518		—		—		19,518
Equity mutual fund	33,875		—		—		33,875
Equity securities	11,182		—		—		11,182
Total assets in the fair value hierarchy	64,805		27,318		—		92,123
Investments measured at net assets value	—		—		—		21,957
Investments at fair value	$	64,805	$	27,318	$	—	$	114,080

	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