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Qualified Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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
20212020
(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$151,124 $136,113 
Interest cost3,794 4,443 
Plan settlements(5,803)— 
Actuarial (gain) loss(4,447)16,131 
Benefits paid(2,806)(5,563)
Projected benefit obligation at end of year141,862 151,124 
Change in plan assets:
Plan assets at fair value at beginning of year125,022 114,080 
Actual return on plan assets14,526 16,505 
Employer contribution— — 
Plan settlements(5,803)— 
Benefits paid(2,806)(5,563)
Plan assets at fair value at end of year130,939 125,022 
Funded status$(10,923)$(26,102)
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 2021, 2020 and 2019 were as follows:
202120202019
(in thousands)
Unrecognized net gain (loss) from experience different from that assumed and effects of changes and assumptions$15,858 $(4,089)$(7,934)
Prior service cost24 24 24 
15,882 (4,065)(7,910)
Income tax (expense) benefit(87)(216)312 
Other comprehensive income (loss)$15,795 $(4,281)$(7,598)
The reconciliation of the 2021 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 PlanRetired Individual PlanForeign Retirement PlansOCI
Statement
(in thousands)
Recognized actuarial gain (loss)$15,858 $16 $(131)$15,743 
Amortization of prior service cost24 — — 24 
Changes in employee benefit related items15,882 16 (131)15,767 
Income tax (expense) benefit(87)(1)29 (59)
Employee benefit related items, net of tax$15,795 $15 $(102)$15,708 
Amounts Included in Accumulated Other Comprehensive Income (Loss) for the Retirement Plan
The amounts included in accumulated other comprehensive income (loss) for the Retirement Plan as of December 31, 2021 and 2020 were as follows:
20212020
(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions$(43,768)$(59,625)
Prior service cost (683)(707)
(44,451)(60,332)
Income tax benefit210 296 
Accumulated other comprehensive loss$(44,241)$(60,036)
Expected Future Benefit Payments
Benefit payments are expected to be paid as follows (in thousands):
2022$8,817 
20237,630 
20247,460 
20259,642 
20268,787 
2027 - 2031
45,873 
Net (Benefit) Expense Under the Retirement Plan
Net expense under the Retirement Plan consisted of:
Years Ended December 31
202120202019
(in thousands)
Interest cost on projected benefit obligations$3,794 $4,443 $4,944 
Expected return on plan assets(6,351)(6,084)(5,639)
Amortization of prior service cost24 24 24 
Settlement loss recognized2,024 — — 
Recognized actuarial loss1,447 1,386 1,146 
Net pension expense$938 $(231)$475 
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
202120202019
Discount rate on benefit obligations2.55 %3.35 %4.40 %
Expected long-term rate of return on plan assets5.25 %5.50 %5.75 %
Retirement Plan Asset Allocation
The Retirement Plan’s asset allocation percentages consisted of:
Years Ended December 31
20212020
Equity52 %55 %
Debt securities38 36 
Other10 9 
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, 2021 and 2020 was as follows (in thousands):
Level 1Level 2Level 3Total
December 31, 2021
Cash$47 $— $— $47 
U.S. Treasury Strips— 32,355 — 32,355 
Fixed income mutual funds17,477 — 17,477 
Equity mutual funds43,786 — 43,786 
Equity securities14,801 — — 14,801 
Total assets in the fair value hierarchy76,111 32,355 — 108,466 
Investments measured at net assets value— — 22,473 
Investments at fair value$76,111 $32,355 $— $130,939 
Level 1Level 2Level 3Total
December 31, 2020
Cash$458 $— $— $458 
U.S. Treasury Strips— 26,599 — 26,599 
Fixed income mutual funds17,834 — — 17,834 
Equity mutual funds44,020 — — 44,020 
Equity securities14,376 — — 14,376 
Total assets in the fair value hierarchy76,688 26,599 — 103,287 
Investments measured at net assets value— — — 21,735 
Investments at fair value$76,688 $26,599 $— $125,022