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2316301 - Disclosure - Qualified Employee Benefit Plans (Tables)
(http://www.abglobal.com/role/QualifiedEmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001109448 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [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,
 
2016
 
2015
 
(in thousands)
Change in projected benefit obligation:
 
 
 
Projected benefit obligation at beginning of year
$
107,784

 
$
113,733

Interest cost
4,972

 
4,816

Plan amendments
—

 
827

Actuarial loss (gain)
1,794

 
(6,698
)
Benefits paid
(3,235
)
 
(4,894
)
Projected benefit obligation at end of year
111,315

 
107,784

Change in plan assets:
 
 
 
Plan assets at fair value at beginning of year
86,292

 
90,320

Actual return on plan assets
3,642

 
866

Employer contribution
—

 
—

Benefits paid
(3,235
)
 
(4,894
)
Plan assets at fair value at end of year
86,699

 
86,292

Funded status
$
(24,616
)
 
$
(21,492
)
  
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 2016, 2015 and 2014 were as follows:
 
2016
 
2015
 
2014
 
(in thousands)
Unrecognized net (loss) gain from experience different from that assumed and effects of changes and assumptions
$
(3,115
)
 
$
2,882

 
$
(20,803
)
Prior service cost
93

 
(895
)
 
—

 
(3,022
)
 
1,987

 
(20,803
)
Income tax (expense) benefit
(10
)
 
(99
)
 
232

Other comprehensive (loss) income
$
(3,032
)
 
$
1,888

 
$
(20,571
)
The reconciliation of the 2016 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
$
(3,115
)
 
$
22

 
$
50

 
$
(3,043
)
Amortization of prior service cost
93

 
—

 
—

 
93

Changes in employee benefit related items
(3,022
)
 
22

 
50

 
(2,950
)
Income tax (expense) benefit
(10
)
 
(1
)
 
(11
)
 
(22
)
Employee benefit related items, net of tax
$
(3,032
)
 
$
21

 
$
39

 
$
(2,972
)
  
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, 2016 and 2015 were as follows:
 
2016
 
2015
 
(in thousands)
Unrecognized net loss from experience different from that assumed and effects of changes and assumptions
$
(46,430
)
 
$
(43,314
)
Prior service cost
(803
)
 
(895
)
 
(47,233
)
 
(44,209
)
Income tax benefit
457

 
468

Accumulated other comprehensive loss
$
(46,776
)
 
$
(43,741
)
  
Expected Future Benefit Payments
Benefit payments are expected to be paid as follows (in thousands):
2017
$
4,302

2018
5,545

2019
6,048

2020
5,109

2021
5,872

2022-2026
37,837

  
Net (Benefit) Expense Under the Retirement Plan
Net (benefit) expense under the Retirement Plan consisted of:
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(in thousands)
Interest cost on projected benefit obligations
$
4,972

 
$
4,816

 
$
4,895

Expected return on plan assets
(5,407
)
 
(6,176
)
 
(6,493
)
Amortization of prior service cost
24

 
—

 
—

Recognized actuarial loss
959

 
979

 
490

Net pension (benefit) expense
$
548

 
$
(381
)
 
$
(1,108
)
  
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,
 
2016
 
2015
 
2014
Discount rate on benefit obligations
4.75
%
 
4.3
%
 
5.3
%
Expected long-term rate of return on plan assets
6.5

 
7.0

 
7.5

  
Retirement Plan Asset Allocation
The Retirement Plan’s asset allocation percentages consisted of:
 
December 31,
 
2016
 
2015
Equity
61
%
 
56
%
Debt securities
18

 
24

Other
21

 
20

 
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, 2016 and 2015 was as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
December 31, 2016:
 
 
 
 
 
 
 
Cash
$
344

 
$
—

 
$
—

 
$
344

Fixed income mutual funds
21,441

 
—

 
—

 
21,441

Equity mutual fund
25,037

 
—

 
—

 
25,037

Equity securities
20,690

 
—

 
—

 
20,690

Total assets in the fair value hierarchy
67,512

 
—

 
—

 
67,512

Investments measured at net assets value
—

 
—

 
—

 
19,187

Investments at fair value
$
67,512

 
$
—

 
$
—

 
$
86,699


December 31, 2015:
 
 
 
 
 
 
 
Cash
$
445

 
$
—

 
$
—

 
$
445

Fixed income mutual funds
21,555

 
—

 
—

 
21,555

Equity mutual fund
23,603

 
—

 
—

 
23,603

Equity securities
21,586

 
—

 
—

 
21,586

Total assets in the fair value hierarchy
67,189

 
—

 
—

 
67,189

Investments measured at net assets value
—

 
—

 
—

 
19,103

Investments at fair value
$
67,189

 
$
—

 
$
—

 
$
86,292