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Qualified Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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
20242023
(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$98,426 $100,480 
Interest cost5,025 5,199 
Plan settlements(39,246)— 
Actuarial loss (gain)7,655 (984)
Benefits paid(3,281)(6,269)
Projected benefit obligation at end of year68,579 98,426 
Change in plan assets:
Plan assets at fair value at beginning of year101,376 95,990 
Actual return on plan assets4,476 11,655 
Plan settlements(39,246)— 
Benefits paid(3,281)(6,269)
Plan assets at fair value at end of year63,325 101,376 
Funded status$(5,254)$2,950 
Reconciliation of Amounts Recognized in Other Comprehensive Income for the Retirement Plan
The amounts recognized in other comprehensive income for the Retirement Plan for 2024, 2023 and 2022 were as follows:
202420232022
(in thousands)
Unrecognized net gain from experience different from that assumed and effects of changes and assumptions$5,534 $8,815 $6,519 
Prior service cost24 24 24 
5,558 8,839 6,543 
Income tax (expense) (20)(9)(33)
Other comprehensive income$5,538 $8,830 $6,510 
The reconciliation of the 2024 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 Plan		Foreign
Retirement
Plans		OCI
Statement
(in thousands)
Recognized actuarial gain$5,534 $573 $328 $6,435 
Amortization of prior service cost24 — — 24 
Changes in employee benefit related items5,558 573 328 6,459 
Income tax (expense) (20)(4)(65)(89)
Employee benefit related items, net of tax$5,538 $569 $263 $6,370 
Amounts Included in Accumulated Other Comprehensive Income (Loss) for the Retirement Plan
The amounts included in accumulated other comprehensive loss for the Retirement Plan as of December 31, 2024 and 2023 were as follows:
20242023
(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions$(22,899)$(28,433)
Prior service cost (611)(635)
(23,510)(29,068)
Income tax benefit147 168 
Accumulated other comprehensive loss$(23,363)$(28,900)
Expected Future Benefit Payments
Benefit payments are expected to be paid as follows (in thousands):
2025$68,865 
Net (Benefit) Expense Under the Retirement Plan
Net expense under the Retirement Plan consisted of:
Years Ended December 31
202420232022
(in thousands)
Interest cost on projected benefit obligations$5,025 $5,199 $3,958 
Expected return on plan assets(5,056)(4,776)(6,591)
Amortization of prior service cost24 24 24 
Settlement loss recognized13,104 — 1,678 
Recognized actuarial loss666 952 1,042 
Net pension expense$13,763 $1,399 $111 
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
202420232022
Discount rate on benefit obligations5.40 %5.50 %2.90 %
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
20242023
Equity— %28 %
Debt securities88 62 
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, 2024 and 2023 was as follows (in thousands):
Level 1Level 2Level 3Total
December 31, 2024
Cash$5,618 $— $— $5,618 
Fixed income securities— 55,839 — 55,839 
Investments measured at net assets value— — — 1,868 
Investments at fair value$5,618 $55,839 $— $63,325 
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