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Qualified Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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
20232022
(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$100,480 $141,862 
Interest cost5,199 3,958 
Plan settlements— (4,524)
Actuarial (gain)(984)(37,839)
Benefits paid(6,269)(2,977)
Projected benefit obligation at end of year98,426 100,480 
Change in plan assets:
Plan assets at fair value at beginning of year95,990 130,939 
Actual return on plan assets11,655 (27,448)
Plan settlements— (4,524)
Benefits paid(6,269)(2,977)
Plan assets at fair value at end of year101,376 95,990 
Funded status$2,950 $(4,490)
Reconciliation of Amounts Recognized in Other Comprehensive Income for the Retirement Plan
The amounts recognized in other comprehensive income for the Retirement Plan for 2023, 2022 and 2021 were as follows:
202320222021
(in thousands)
Unrecognized net gain (loss) from experience different from that assumed and effects of changes and assumptions$8,815 $6,519 $15,858 
Prior service cost24 24 24 
8,839 6,543 15,882 
Income tax (expense) (9)(33)(87)
Other comprehensive income$8,830 $6,510 $15,795 
The reconciliation of the 2023 amounts recognized in other comprehensive income for the Retirement Plan as compared to the consolidated statement of comprehensive income (the "OCI Statement") is as follows:
Retirement
Plan		Retired Individual PlanForeign Retirement PlansOCI
Statement
(in thousands)
Recognized actuarial gain$8,815 $(19)$339 $9,135 
Amortization of prior service cost24 — — 24 
Changes in employee benefit related items8,839 (19)339 9,159 
Income tax (expense) (9)— (70)(79)
Employee benefit related items, net of tax$8,830 $(19)$269 $9,080 
Amounts Included in Accumulated Other Comprehensive Income (Loss) for the Retirement Plan
The amounts included in accumulated other comprehensive loss for the Retirement Plan as of December 31, 2023 and 2022 were as follows:
20232022
(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions$(28,433)$(37,249)
Prior service cost (635)(659)
(29,068)(37,908)
Income tax benefit168 177 
Accumulated other comprehensive loss$(28,900)$(37,731)
Expected Future Benefit Payments
Benefit payments are expected to be paid as follows (in thousands):
2024$10,059 
20258,030 
20267,856 
20278,690 
20287,677 
2029 - 2033
37,703 
Net (Benefit) Expense Under the Retirement Plan
Net expense under the Retirement Plan consisted of:
Years Ended December 31
202320222021
(in thousands)
Interest cost on projected benefit obligations$5,199 $3,958 $3,794 
Expected return on plan assets(4,776)(6,591)(6,351)
Amortization of prior service cost24 24 24 
Settlement loss recognized— 1,678 2,024 
Recognized actuarial loss952 1,042 1,447 
Net pension expense$1,399 $111 $938 
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
202320222021
Discount rate on benefit obligations5.50 %2.90 %2.55 %
Expected long-term rate of return on plan assets5.25 %5.25 %5.25 %
Retirement Plan Asset Allocation
The Retirement Plan’s asset allocation percentages consisted of:
Years Ended December 31
20232022
Equity28 %46 %
Debt securities62 42 
Other10 12 
Total100 %100 %
The guidelines regarding allocation of assets are formalized in the Investment Policy Statement adopted by the Investment Committee for the Retirement Plan. The objective of the investment program is to enhance the portfolio of the Retirement Plan through total return (capital appreciation and income), thereby promoting the ongoing ability of the Plan to meet future liabilities and obligations, while minimizing the need for additional contributions, and managing the Plan's funded status appropriately. The guidelines specify a target allocation weighting of 62.5% for liability hedging investments and 37.5% for return seeking investments.
Valuation of Retirement Plan Assets by Pricing Observability Levels
The valuation of our Retirement Plan assets by pricing observability levels as of December 31, 2023 and 2022 was as follows (in thousands):
Level 1Level 2Level 3Total
December 31, 2023
Cash$944 $— $— $944 
U.S. Treasury Strips— 15,764 — 15,764 
Fixed income mutual funds2,271 — — 2,271 
Fixed income securities— 46,443 — 46,443 
Equity mutual funds9,821 — — 9,821 
Equity securities10,231 — — 10,231 
Total assets in the fair value hierarchy23,267 62,207 — 85,474 
Investments measured at net assets value— — — 15,902 
Investments at fair value$23,267 $62,207 $— $101,376 
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