Qualified Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
	(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	136,113	$	116,233
Interest cost	4,443		4,944
Actuarial loss (gain)	16,131		20,411
Benefits paid	(5,563)		(5,475)
Projected benefit obligation at end of year	151,124		136,113
Change in plan assets:
Plan assets at fair value at beginning of year	114,080		98,584
Actual return on plan assets	16,505		16,971
Employer contribution	—		4,000
Benefits paid	(5,563)		(5,475)
Plan assets at fair value at end of year	125,022		114,080
Funded status	$	(26,102)	$	(22,033)

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 2020, 2019 and 2018 were as follows:

	2020		2019		2018
	(in thousands)
Unrecognized net (loss) gain from experience different from that assumed and effects of changes and assumptions	$	(4,089)	$	(7,934)	$	1,870
Prior service cost	24		24		24
	(4,065)		(7,910)		1,894
Income tax (expense) benefit	(216)		312		(207)
Other comprehensive (loss) income	$	(4,281)	$	(7,598)	$	1,687

The reconciliation of the 2020 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	$	(4,089)	$	(56)	$	(135)	$	(4,280)
Amortization of prior service cost	24		—		—		24
Changes in employee benefit related items	(4,065)		(56)		(135)		(4,256)
Income tax (expense) benefit	(216)		(2)		31		(187)
Employee benefit related items, net of tax	$	(4,281)	$	(58)	$	(104)	$	(4,443)

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, 2020 and 2019 were as follows:

	2020		2019
	(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions	$	(59,625)	$	(55,537)
Prior service cost	(707)		(731)
	(60,332)		(56,268)
Income tax benefit	296		513
Accumulated other comprehensive loss	$	(60,036)	$	(55,755)

Expected Future Benefit Payments

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

2021	$	7,606
2022	9,373
2023	7,782
2024	7,811
2025	10,055
2026 - 2030	45,955

Net (Benefit) Expense Under the Retirement Plan

Net expense under the Retirement Plan consisted of:

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Interest cost on projected benefit obligations	$	4,443	$	4,944	$	4,771
Expected return on plan assets	(6,084)		(5,639)		(5,893)
Amortization of prior service cost	24		24		24
Recognized actuarial loss	1,386		1,146		1,146
Net pension expense	$	(231)	$	475	$	48

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,
	2020		2019		2018
Discount rate on benefit obligations	3.35	%	4.40	%	3.90	%
Expected long-term rate of return on plan assets	5.50	%	5.75	%	5.75	%

Retirement Plan Asset Allocation

The Retirement Plan’s asset allocation percentages consisted of:

	December 31,
	2020		2019
Equity	55	%	47	%
Debt securities	36		41
Other	9		12
	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, 2020 and 2019 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2020
Cash	$	458	$	—	$	—	$	458
U.S. Treasury Strips	—		26,599		—		26,599
Fixed income mutual funds	17,834		—		—		17,834
Equity mutual fund	44,020		—		—		44,020
Equity securities	14,376		—		—		14,376
Total assets in the fair value hierarchy	76,688		26,599		—		103,287
Investments measured at net assets value	—		—		—		21,735
Investments at fair value	$	76,688	$	26,599	$	—	$	125,022

	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