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Qualified Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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
20222021
(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$141,862 $151,124 
Interest cost3,958 3,794 
Plan settlements(4,524)(5,803)
Actuarial (gain)(37,839)(4,447)
Benefits paid(2,977)(2,806)
Projected benefit obligation at end of year100,480 141,862 
Change in plan assets:
Plan assets at fair value at beginning of year130,939 125,022 
Actual return on plan assets(27,448)14,526 
Employer contribution— — 
Plan settlements(4,524)(5,803)
Benefits paid(2,977)(2,806)
Plan assets at fair value at end of year95,990 130,939 
Funded status$(4,490)$(10,923)
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 2022, 2021 and 2020 were as follows:
202220212020
(in thousands)
Unrecognized net gain (loss) from experience different from that assumed and effects of changes and assumptions$6,519 $15,858 $(4,089)
Prior service cost24 24 24 
6,543 15,882 (4,065)
Income tax (expense) (33)(87)(216)
Other comprehensive income (loss)$6,510 $15,795 $(4,281)
The reconciliation of the 2022 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 PlanForeign Retirement PlansOCI
Statement
(in thousands)
Recognized actuarial gain$6,519 $107 $296 $6,922 
Amortization of prior service cost24 — — 24 
Changes in employee benefit related items6,543 107 296 6,946 
Income tax (expense) (33)— (62)(95)
Employee benefit related items, net of tax$6,510 $107 $234 $6,851 
Amounts Included in Accumulated Other Comprehensive Income (Loss) for the Retirement Plan
The amounts included in accumulated other comprehensive loss for the Retirement Plan as of December 31, 2022 and 2021 were as follows:
20222021
(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions$(37,249)$(43,768)
Prior service cost (659)(683)
(37,908)(44,451)
Income tax benefit177 210 
Accumulated other comprehensive loss$(37,731)$(44,241)
Expected Future Benefit Payments
Benefit payments are expected to be paid as follows (in thousands):
2023$10,121 
20246,767 
20258,058 
20267,865 
20278,743 
2028 - 2032
38,404 
Net (Benefit) Expense Under the Retirement Plan
Net expense under the Retirement Plan consisted of:
Years Ended December 31
202220212020
(in thousands)
Interest cost on projected benefit obligations$3,958 $3,794 $4,443 
Expected return on plan assets(6,591)(6,351)(6,084)
Amortization of prior service cost24 24 24 
Settlement loss recognized1,678 2,024 — 
Recognized actuarial loss1,042 1,447 1,386 
Net pension expense$111 $938 $(231)
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
202220212020
Discount rate on benefit obligations2.90 %2.55 %3.35 %
Expected long-term rate of return on plan assets5.25 %5.25 %5.50 %
Retirement Plan Asset Allocation
The Retirement Plan’s asset allocation percentages consisted of:
Years Ended December 31
20222021
Equity46 %52 %
Debt securities42 38 
Other12 10 
Total100 %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, 2022 and 2021 was as follows (in thousands):
Level 1Level 2Level 3Total
December 31, 2022
Cash$1,441 $— $— $1,441 
U.S. Treasury Strips— 15,634 — 15,634 
Fixed income mutual funds2,149 — — 2,149 
Fixed income securities— 22,478 — 22,478 
Equity mutual funds26,074 — — 26,074 
Equity securities10,928 219 — 11,147 
Total assets in the fair value hierarchy40,592 38,331 — 78,923 
Investments measured at net assets value— — — 17,067 
Investments at fair value$40,592 $38,331 $— $95,990 
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