Waddell & Reed Financial (WDR) 10-Q 2 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 17, 2014
Document and Entity Information	'	'
Entity Registrant Name	'WADDELL & REED FINANCIAL INC	'
Entity Central Index Key	'0001052100	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	85,227,949
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets :	'	'
Cash and cash equivalents	$520,742	$487,845
Cash and cash equivalents - restricted	102,161	121,419
Investment securities	199,919	201,348
Receivables:	'	'
Funds and separate accounts	35,914	36,467
Customers and other	128,230	141,763
Deferred income taxes	5,353	7,654
Income taxes receivable	'	419
Prepaid expenses and other current assets	12,164	9,410
Total current assets	1,004,483	1,006,325
Property and equipment, net	82,804	72,638
Deferred sales commissions, net	82,613	79,894
Goodwill and identifiable intangible assets	161,969	161,969
Deferred income taxes	2,127	3,839
Other non-current assets	14,405	12,300
Total assets	1,348,401	1,336,965
Liabilities:	'	'
Accounts payable	17,768	18,821
Payable to investment companies for securities	168,365	214,085
Payable to third party brokers	58,640	59,756
Payable to customers	11,178	8,664
Accrued compensation	58,201	58,677
Other current liabilities	47,353	59,726
Income taxes payable	31,065	'
Total current liabilities	392,570	419,729
Long-term debt	190,000	190,000
Accrued pension and postretirement costs	11,980	13,333
Other non-current liabilities	24,317	26,561
Total liabilities	618,867	649,623
Commitments and contingencies	'	'
Stockholders' equity :	'	'
Preferred stock -$1.00 par value: 5,000 shares authorized; none issued	'	'
Class A Common stock-$0.01 par value: 250,000 shares authorized; 99,701 shares issued; 84,874 shares outstanding (85,236 at December 31, 2013)	997	997
Additional paid-in capital	283,695	267,406
Retained earnings	896,601	850,600
Cost of 14,827 common shares in treasury (14,465 at December 31, 2013)	-435,548	-415,802
Accumulated other comprehensive loss	-16,211	-15,859
Total stockholders' equity	729,534	687,342
Total liabilities and stockholders' equity	$1,348,401	$1,336,965

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock-par value (in dollars per share)	$1	$1
Preferred stock-shares authorized	5,000	5,000
Preferred stock-shares issued	0	0
Class A Common stock-par value (in dollars per share)	$0.01	$0.01
Class A Common stock-shares authorized	250,000	250,000
Class A Common stock-shares issued	99,701	99,701
Class A Common stock-shares outstanding	84,874	85,236
Common shares in treasury	14,827	14,465

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Investment management fees	$188,037	$148,445
Underwriting and distribution fees	165,267	135,419
Shareholder service fees	37,112	32,691
Total	390,416	316,555
Operating expenses:	'	'
Underwriting and distribution	194,951	161,571
Compensation and related costs (including share-based compensation of $13,086 and $11,676, respectively)	50,009	48,155
General and administrative	23,756	16,208
Subadvisory fees	1,877	4,484
Depreciation	3,249	3,227
Total	273,842	233,645
Operating income	116,574	82,910
Investment and other income	3,900	4,377
Interest expense	-2,755	-2,854
Income before provision for income taxes	117,719	84,433
Provision for income taxes	42,855	30,570
Net income	$74,864	$53,863
Net income per share, basic and diluted (in dollars per share)	$0.88	$0.63
Weighted average shares outstanding:	'	'
Basic (in shares)	85,019	85,592
Diluted (in shares)	85,019	85,593

Consolidated_Statements_of_Inc1

Consolidated Statements of Income (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF INCOME	'	'
Compensation and related costs, share-based compensation	$13,086	$11,676

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Net income	$74,864	$53,863
Other comprehensive income:	'	'
Unrealized appreciation (depreciation) of available for sale investment securities during the period, net of income tax expense of $(2) and $9, respectively	-699	2,778
Pension and postretirement benefits, net of income tax expense of $205 and $558, respectively	347	846
Comprehensive income	$74,512	$57,487

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Unrealized appreciation of available for sale investment securities during the year, income tax expense	($2)	$9
Pension and postretirement benefits, income tax expense	$205	$558

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
In Thousands, unless otherwise specified
Balance at Dec. 31, 2013	$687,342	$997	$267,406	$850,600	($415,802)	($15,859)
Balance (in shares) at Dec. 31, 2013	'	99,701	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Net income	74,864	'	'	74,864	'	'
Recognition of equity compensation	13,086	'	13,086	'	'	'
Net issuance/forfeiture of nonvested shares	'	'	2,071	'	-2,071	'
Dividends accrued, $0.34 per share	-28,863	'	'	-28,863	'	'
Excess tax benefits from share-based payment arrangements	1,132	'	1,132	'	'	'
Repurchase of common stock	-17,675	'	'	'	-17,675	'
Other comprehensive loss	-352	'	'	'	'	-352
Balance at Mar. 31, 2014	$729,534	$997	$283,695	$896,601	($435,548)	($16,211)
Balance (in shares) at Mar. 31, 2014	'	99,701	'	'	'	'

Consolidated_Statement_of_Stoc1

Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $)	0 Months Ended	3 Months Ended
	Feb. 13, 2014	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	'	'
Dividends accrued, per share (in dollars per share)	$0.34	$0.34

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$74,864	$53,863
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	3,330	3,497
Amortization of deferred sales commissions	16,120	13,668
Share-based compensation	13,086	11,676
Excess tax benefits from share-based payment arrangements	-1,132	-712
Gain on sale of available for sale investment securities	-1,182	-2,426
Net purchases and sales or maturities of trading securities	479	1,012
Gain on trading securities	-1,961	-2,166
Loss on sale and retirement of property and equipment	410	49
Capital gains and dividends reinvested	-4	-40
Deferred income taxes	3,809	2,065
Changes in assets and liabilities:	'	'
Cash and cash equivalents - restricted	19,258	-61,650
Other receivables	13,533	40,832
Payable to investment companies for securities and payable to customers	-43,206	16,516
Receivables from funds and separate accounts	553	-9,233
Other assets	2,044	-3,721
Deferred sales commissions	-18,839	-16,174
Accounts payable and payable to third party brokers	-2,169	-925
Other liabilities	9,942	15,002
Net cash provided by operating activities	88,935	61,133
Cash flows from investing activities:	'	'
Purchases of available for sale investment securities	-16,826	-55,350
Proceeds from sales and maturities of available for sale investment securities	20,142	62,020
Additions to property and equipment	-13,825	-3,088
Disposition of companies	'	22,000
Net cash provided by (used in) investing activities	-10,509	25,582
Cash flows from financing activities:	'	'
Dividends paid	-28,986	-23,973
Repurchase of common stock	-17,675	-3,422
Exercise of stock options	'	135
Excess tax benefits from share-based payment arrangements	1,132	712
Net cash used in financing activities	-45,529	-26,548
Net increase in cash and cash equivalents	32,897	60,167
Cash and cash equivalents at beginning of period	487,845	330,330
Cash and cash equivalents at end of period	$520,742	$390,497

Description_of_Business_and_Si

Description of Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Description of Business and Significant Accounting Policies	'
Description of Business and Significant Accounting Policies	'
	1.              Description of Business and Significant Accounting Policies
	Waddell & Reed Financial, Inc. and Subsidiaries
	Waddell & Reed Financial, Inc. and subsidiaries (hereinafter referred to as the “Company,” “we,” “our” and “us”) derive revenues from investment management services, investment product underwriting and distribution, and shareholder services administration provided to the Waddell & Reed Advisors Group of Mutual Funds (the “Advisors Funds”), Ivy Funds (the “Ivy Funds”), Ivy Funds Variable Insurance Portfolios (the “Ivy Funds VIP”) and InvestEd Portfolios (“InvestEd”) (collectively, the Advisors Funds, Ivy Funds, Ivy Funds VIP and InvestEd are referred to as the “Funds”), and institutional and separately managed accounts.  The Funds and the institutional and separately managed accounts operate under various rules and regulations set forth by the United States Securities and Exchange Commission (the “SEC”).  Services to the Funds are provided under investment management agreements, underwriting agreements and shareholder servicing and accounting service agreements that set forth the fees to be charged for these services.  The majority of these agreements are subject to annual review and approval by each Fund’s board of trustees.  Our revenues are largely dependent on the total value and composition of assets under management.  Accordingly, fluctuations in financial markets and composition of assets under management can significantly impact revenues and results of operations.
	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements included herein pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”).  Certain amounts in the prior years’ financial statements have been reclassified for consistent presentation.
	The accompanying unaudited consolidated financial statements are prepared consistently with the accounting policies described in Note 2 to the consolidated financial statements included in our 2013 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated mutual funds, property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at March 31, 2014, the results of operations for the three months ended March 31, 2014 and 2013, and cash flows for the three months ended March 31, 2014 and 2013 in conformity with accounting principles generally accepted in the United States.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2014
Cash and Cash Equivalents	'
Cash and Cash Equivalents	'
	2.              Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and short-term investments.  We consider all highly liquid investments with maturities upon acquisition of 90 days or less to be cash equivalents.  Cash and cash equivalents — restricted represents cash held for the benefit of customers segregated in compliance with federal and other regulations.

Investment_Securities

Investment Securities	3 Months Ended
	Mar. 31, 2014
Investment Securities	'
Investment Securities	'
	3.              Investment Securities
	Investment securities at March 31, 2014 and December 31, 2013 are as follows:
		Amortized		Unrealized		Unrealized
	March 31, 2014	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Corporate bonds	$	11,190	28		—		11,218
	Affiliated mutual funds	115,574		5,172		(898	)	119,848
		$	126,764	5,200		(898	)	131,066
	Trading securities:
	Mortgage-backed securities							35
	Corporate bonds							9,369
	Common stock							56
	Affiliated mutual funds							59,393
								68,853
	Total investment securities							$	199,919
		Amortized		Unrealized		Unrealized
	December 31, 2013	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Mortgage-backed securities	$	8	1		—		9
	Corporate bonds	14,568		61		—		14,629
	Affiliated mutual funds	87,710		5,899		(957	)	92,652
		$	102,286	5,961		(957	)	107,290
	Trading securities:
	Mortgage-backed securities							37
	Municipal bonds							501
	Corporate bonds							9,412
	Common stock							60
	Affiliated mutual funds							84,048
								94,058
	Total investment securities							$	201,348
	Purchases of trading securities during the three months ended March 31, 2014 were $27.3 million. Sales and maturities of trading securities were $27.7 million for the same period.
	A summary of available for sale affiliated mutual funds with fair values below carrying values at March 31, 2014 and December 31, 2013 is as follows:
		Less than 12 months				12 months or longer				Total
	March 31, 2014	Fair value		Unrealized		Fair		Unrealized		Fair	Unrealized
				losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	57,964	(883	)	217		(15	)	58,181	(898	)
	Total temporarily impaired securities	$	57,964	(883	)	217		(15	)	58,181	(898	)
		Less than 12 months				12 months or longer				Total
	December 31, 2013	Fair value		Unrealized		Fair		Unrealized		Fair	Unrealized
				losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Total temporarily impaired securities	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Based upon our assessment of these affiliated mutual funds, the time frame investments have been in a loss position, and our intent to hold affiliated mutual funds until they have recovered, we determined that a write-down was not necessary at March 31, 2014.
	Corporate bonds accounted for as available for sale and held as of March 31, 2014 mature as follows:
		Amortized		Fair value
		cost
		(in thousands)
	Within one year	$	11,190	11,218
		$	11,190	11,218
	Mortgage-backed securities and corporate bonds accounted for as trading and held as of March 31, 2014 mature as follows:
		Fair value
		(in thousands)
	Within one year	$	9,369
	After five years but within 10 years	35
		$	9,404
	Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset.  Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset.  An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs that are significant to the overall valuation.  The three-tier hierarchy of inputs is summarized as follows:
	·                  Level 1 — Investments are valued using quoted prices in active markets for identical securities.
	·                  Level 2 — Investments are valued using other significant observable inputs, including quoted prices in active markets for similar securities.
	·                  Level 3 — Investments are valued using significant unobservable inputs, including the Company’s own assumptions in determining the fair value of investments.
Assets classified as Level 2 can have a variety of observable inputs.  These observable inputs are collected and utilized, primarily by an independent pricing service, in different evaluated pricing approaches depending upon the specific asset to determine a value.  The fair value of municipal bonds is measured based on pricing models that take into account, among other factors, information received from market makers and broker/dealers, current trades, bid-wants lists, offerings, market movements, the callability of the bond, state of issuance and benchmark yield curves. The fair value of corporate bonds is measured using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads and fundamental data relating to the issuer. The fair value of equity derivatives is measured based on active market broker quotes, evaluated broker quotes and evaluated prices from vendors.
Securities’ values classified as Level 3 are primarily determined through the use of a single quote (or multiple quotes) from dealers in the securities using proprietary valuation models.  These quotes involve significant unobservable inputs, and thus, the related securities are classified as Level 3 securities.
The following tables summarize our investment securities as of March 31, 2014 and December 31, 2013 that are recognized in our consolidated balance sheets using fair value measurements based on the differing levels of inputs.
March 31, 2014	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage-backed securities	$	—	35		—		35
Corporate bonds	—		20,587		—		20,587
Common stock	56		—		—		56
Affiliated mutual funds	179,241		—		—		179,241
Total	$	179,297	20,622		—		199,919
December 31, 2013	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage-backed securities	$	—	46		—		46
Municipal bonds	—		501		—		501
Corporate bonds	—		24,041		—		24,041
Common stock	60		—		—		60
Affiliated mutual funds	176,700		—		—		176,700
Total	$	176,760	24,588		—		201,348

Goodwill_and_Identifiable_Inta

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2014
Goodwill and Identifiable Intangible Assets	'
Goodwill and Identifiable Intangible Assets	'
	4.              Goodwill and Identifiable Intangible Assets
	Goodwill represents the excess of purchase price over the tangible assets and identifiable intangible assets of an acquired business.  Our goodwill is not deductible for tax purposes.  Goodwill and identifiable intangible assets (all considered indefinite lived) are as follows:
		March 31,		December 31,
		2014		2013
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	38,699		38,699
	Mutual fund management subadvisory contracts	16,300		16,300
	Total identifiable intangible assets	54,999		54,999
	Total	$	161,969	161,969

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2014
Indebtedness	'
Indebtedness	'
	5.              Indebtedness
	Debt is reported at its carrying amount in the consolidated balance sheets.  The fair value of the Company’s outstanding indebtedness is approximately $205.0 million at March 31, 2014 compared to the carrying value of $190.0 million.  Fair value is calculated based on Level 2 inputs.

Income_Tax_Uncertainties

Income Tax Uncertainties	3 Months Ended
	Mar. 31, 2014
Income Tax Uncertainties	'
Income Tax Uncertainties	'
	6.              Income Tax Uncertainties
	As of January 1, 2014 and March 31, 2014, the Company had unrecognized tax benefits, including penalties and interest, of $12.0 million ($8.4 million net of federal benefit) and $12.6 million ($8.8 million net of federal benefit), respectively, that if recognized, would impact the Company’s effective tax rate.  The unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities in the accompanying consolidated balance sheets; unrecognized tax benefits that are expected to be settled within the next 12 months are included in income taxes payable.
	The Company’s accounting policy with respect to interest and penalties related to income tax uncertainties is to classify these amounts as income taxes.  As of January 1, 2014, the total amount of accrued interest and penalties related to uncertain tax positions recognized in the consolidated balance sheet was $3.0 million ($2.5 million net of federal benefit).  The total amount of penalties and interest, net of federal benefit, related to income tax uncertainties recognized in the statement of income for the three month period ended March 31, 2014 was $0.1 million.  The total amount of accrued penalties and interest related to uncertain tax positions at March 31, 2014 of $3.1 million ($2.6 million net of federal benefit) is included in the total unrecognized tax benefits described above.
	In the ordinary course of business, many transactions occur for which the ultimate tax outcome is uncertain.  In addition, respective tax authorities periodically audit our income tax returns.  These audits examine our significant tax filing positions, including the timing and amounts of deductions and the allocation of income among tax jurisdictions.  The 2010, 2011, 2012 and 2013 federal income tax returns are open tax years that remain subject to potential future audit.  State income tax returns for all years after 2009 and, in certain states, income tax returns prior to 2010, are subject to potential future audit by tax authorities in the Company’s major state tax jurisdictions.
	The Company is currently being audited in various state jurisdictions.  It is reasonably possible that the Company will settle the audits in these jurisdictions within the next 12-month period.  It is estimated that the Company’s liability for unrecognized tax benefits, including penalties and interest, could decrease by up to $2.9 million (up to $1.9 million net of federal benefit) upon settlement of these audits.  Such settlements are not anticipated to have a significant impact on the results of operations.

Pension_Plan_and_Postretiremen

Pension Plan and Postretirement Benefits Other Than Pension	3 Months Ended
	Mar. 31, 2014
Pension Plan and Postretirement Benefits Other Than Pension	'
Pension Plan and Postretirement Benefits Other Than Pension	'
	7.              Pension Plan and Postretirement Benefits Other Than Pension
	We provide a non-contributory retirement plan that covers substantially all employees and certain vested employees of our former parent company (the “Pension Plan”).  Benefits payable under the Pension Plan are based on employees’ years of service and compensation during the final 10 years of employment.  We also sponsor an unfunded defined benefit postretirement medical plan that covers substantially all employees, as well as Waddell & Reed advisors, who are independent contractors.  The medical plan is contributory with participant contributions adjusted annually.  The medical plan does not provide for post age 65 benefits with the exception of a small group of employees that were grandfathered when such plan was established.
	The components of net periodic pension and other postretirement costs related to these plans are as follows:
		Pension Benefits					Other
							Postretirement
							Benefits
		Three months					Three months
		ended					ended
		March 31,					March 31,
		2014			2013		2014		2013
		(in thousands)
	Components of net periodic benefit cost:
	Service cost	$	2,725		2,950		180		197
	Interest cost	2,153			1,952		99		90
	Expected return on plan assets	(3,413		)	(2,704	)	—		—
	Actuarial (gain) loss amortization	411			1,250		(4	)	—
	Prior service cost amortization	130			139		14		14
	Transition obligation amortization	1			1		—		—
	Total(1)	$	2,007		3,588		289		301
	(1)Approximately 60% of net periodic pension and other postretirement benefit costs are included in Compensation and related costs on the consolidated statements of income, while the remainder are included in Underwriting and distribution expense.
	During the first quarter of 2014, we contributed $10.0 million to the Pension Plan and contributed an additional $10.0 million in April 2014.  We do not expect to make additional contributions for the remainder of 2014.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	8.              Stockholders’ Equity
	Earnings per Share
	The components of basic and diluted earnings per share were as follows:
		Three months ended
		March 31,
		2014			2013
		(in thousands, except per share
		amounts)
	Net income from continuing operations	$	74,864		53,863
	Weighted average shares outstanding - basic	85,019			85,592
	Dilutive potential shares from stock options	—			1
	Weighted average shares outstanding - diluted	85,019			85,593
	Earnings per share from continuing operations, basic and diluted	$	0.88		0.63
	Dividends
	On February 13, 2014, the Board of Directors (the “Board”) approved a dividend on our common stock in the amount of $0.34 per share to stockholders of record as of April 14, 2014 to be paid on May 1, 2014.  The total dividend to be paid is approximately $28.9 million and is included in other current liabilities in the consolidated balance sheet at March 31, 2014.
	Common Stock Repurchases
	The Board has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs.
	There were 280,186 shares and 81,701 shares repurchased in the open market or privately during the three months ended March 31, 2014 and 2013, respectively, which included 2,667 shares and 2,601 shares, respectively, repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during these two periods.
	In April 2014, the Company repurchased 386,165 shares from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during the period.
	Accumulated Other Comprehensive Income (Loss)
	The following tables summarize other comprehensive income (loss) activity for the periods ended March 31, 2014 and March 31, 2013.
		Unrealized gains			Change in			Pension and		Total
		on investment			valuation			postretirement		accumulated
		securities			allowance for			benefits		other
					unrealized gains					comprehensive
					(losses) on					income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810			(19,819	)	(15,859	)
	Other comprehensive income before reclassification	307			176			—		483
	Amount reclassified from accumulated other comprehensive income	(748		)	(434		)	347		(835	)
	Net current period other comprehensive income (loss)	(441		)	(258		)	347		(352	)
	Balance at March 31, 2014	$	2,709		$	552		(19,472	)	(16,211	)
		Unrealized gains			Change in			Pension and		Total
		on investment			valuation			postretirement		accumulated
		securities			allowance for			benefits		other
					unrealized gains					comprehensive
					(losses) on					income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2012	$	1,823		32			(48,652	)	(46,797	)
	Other comprehensive income before reclassification	3,279			1,934			—		5,213
	Amount reclassified from accumulated other comprehensive income	(1,535		)	(900		)	846		(1,589	)
	Net current period other comprehensive income	1,744			1,034			846		3,624
	Balance at March 31, 2013	$	3,567		$	1,066		(47,806	)	(43,173	)
	Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow.
		For the three months ended March 31, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	1,182		(434	)	748		Investment and other income
	Valuation allowance	—			434		434		Provision for income taxes
	Amortization of pension and postretirement benefits	(552		)	205		(347	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	630		205		835
		For the three months ended March 31, 2013
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	2,426		(891	)	1,535		Investment and other income
Valuation allowance	—			900		900		Provision for income taxes
Amortization of pension and postretirement benefits	(1,404		)	558		(846	)	Underwriting and distribution expense and Compensation and related costs
Total	$	1,022		567		1,589

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2014
Share-Based Compensation	'
Share-Based Compensation	'
	9.              Share-Based Compensation
	In the first quarter of 2014, we granted 38,365 shares of nonvested stock with a fair value of $67.13 per share under the Company’s 1998 Stock Incentive Plan, as amended and restated (the “SI Plan”).  The value of those shares at the grant date, aggregating to $2.6 million, will generally be amortized to expense over a four year vesting period.
	On April 2, 2014, we granted 742,141 shares of nonvested stock with a fair value of $75.96 per share under the SI Plan.  The value of those shares at the grant date, aggregating to $56.4 million, will generally be amortized to expense over a four year vesting period.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2014
Contingencies	'
Contingencies	'
	10.       Contingencies
	The Company is involved from time to time in various legal proceedings, regulatory investigations and claims incident to the normal conduct of business, which may include proceedings that are specific to us and others generally applicable to business practices within the industries in which we operate.  A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and on the results of operations in a particular quarter or year.
	The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable, and the amount can be reasonably estimated.  These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately. The Company regularly revises such accruals in light of new information.  For contingencies where an unfavorable outcome is reasonably possible and that are significant, the Company discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items that management believes should be disclosed.  Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict.

Description_of_Business_and_Si1

Description of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Description of Business and Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	We have prepared the accompanying unaudited consolidated financial statements included herein pursuant to the rules and regulations of the SEC.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to enable a reasonable understanding of the information presented.  The information in this Quarterly Report on Form 10-Q should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”).  Certain amounts in the prior years’ financial statements have been reclassified for consistent presentation.
	The accompanying unaudited consolidated financial statements are prepared consistently with the accounting policies described in Note 2 to the consolidated financial statements included in our 2013 Form 10-K, which include the following: use of estimates, cash and cash equivalents, disclosures about fair value of financial instruments, investment securities and investments in affiliated mutual funds, property and equipment, software developed for internal use, goodwill and identifiable intangible assets, deferred sales commissions, revenue recognition, advertising and promotion, share-based compensation and accounting for income taxes.
	In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of only a normal and recurring nature) necessary to present fairly our financial position at March 31, 2014, the results of operations for the three months ended March 31, 2014 and 2013, and cash flows for the three months ended March 31, 2014 and 2013 in conformity with accounting principles generally accepted in the United States.

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Investment Securities	'
Schedule of investment securities	'
		Amortized		Unrealized		Unrealized
	March 31, 2014	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Corporate bonds	$	11,190	28		—		11,218
	Affiliated mutual funds	115,574		5,172		(898	)	119,848
		$	126,764	5,200		(898	)	131,066
	Trading securities:
	Mortgage-backed securities							35
	Corporate bonds							9,369
	Common stock							56
	Affiliated mutual funds							59,393
								68,853
	Total investment securities							$	199,919
		Amortized		Unrealized		Unrealized
	December 31, 2013	cost		gains		losses		Fair value
		(in thousands)
	Available for sale securities:
	Mortgage-backed securities	$	8	1		—		9
	Corporate bonds	14,568		61		—		14,629
	Affiliated mutual funds	87,710		5,899		(957	)	92,652
		$	102,286	5,961		(957	)	107,290
	Trading securities:
	Mortgage-backed securities							37
	Municipal bonds							501
	Corporate bonds							9,412
	Common stock							60
	Affiliated mutual funds							84,048
								94,058
	Total investment securities							$	201,348
Summary of available for sale affiliated mutual funds with fair values below carrying values	'
		Less than 12 months				12 months or longer				Total
	March 31, 2014	Fair value		Unrealized		Fair		Unrealized		Fair	Unrealized
				losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	57,964	(883	)	217		(15	)	58,181	(898	)
	Total temporarily impaired securities	$	57,964	(883	)	217		(15	)	58,181	(898	)
		Less than 12 months				12 months or longer				Total
	December 31, 2013	Fair value		Unrealized		Fair		Unrealized		Fair	Unrealized
				losses		value		losses		value	losses
		(in thousands)
	Affiliated mutual funds	$	29,598	(939	)	213		(18	)	29,811	(957	)
	Total temporarily impaired securities	$	29,598	(939	)	213		(18	)	29,811	(957	)
Schedule of Corporate bonds accounted for available for sale securities by maturity date	'
	Corporate bonds accounted for as available for sale and held as of March 31, 2014 mature as follows:
		Amortized		Fair value
		cost
		(in thousands)
	Within one year	$	11,190	11,218
		$	11,190	11,218
Schedule of Mortgage-backed securities and corporate bonds accounted for trading securities by maturity date	'
	Mortgage-backed securities and corporate bonds accounted for as trading and held as of March 31, 2014 mature as follows:
		Fair value
		(in thousands)
	Within one year	$	9,369
	After five years but within 10 years	35
		$	9,404
Schedule of fair value of investment securities	'
	March 31, 2014	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	35		—		35
	Corporate bonds	—		20,587		—		20,587
	Common stock	56		—		—		56
	Affiliated mutual funds	179,241		—		—		179,241
	Total	$	179,297	20,622		—		199,919
	December 31, 2013	Level 1		Level 2		Level 3		Total
		(in thousands)
	Mortgage-backed securities	$	—	46		—		46
	Municipal bonds	—		501		—		501
	Corporate bonds	—		24,041		—		24,041
	Common stock	60		—		—		60
	Affiliated mutual funds	176,700		—		—		176,700
	Total	$	176,760	24,588		—		201,348

Goodwill_and_Identifiable_Inta1

Goodwill and Identifiable Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and Identifiable Intangible Assets	'
Schedule of goodwill and identifiable intangible assets	'
		March 31,		December 31,
		2014		2013
		(in thousands)
	Goodwill	$	106,970	106,970
	Mutual fund management advisory contracts	38,699		38,699
	Mutual fund management subadvisory contracts	16,300		16,300
	Total identifiable intangible assets	54,999		54,999
	Total	$	161,969	161,969

Pension_Plan_and_Postretiremen1

Pension Plan and Postretirement Benefits Other Than Pension (Tables)	3 Months Ended
	Mar. 31, 2014
Pension Plan and Postretirement Benefits Other Than Pension	'
Schedule of components of net periodic pension and other postretirement costs	'
		Pension Benefits					Other
							Postretirement
							Benefits
		Three months					Three months
		ended					ended
		March 31,					March 31,
		2014			2013		2014		2013
		(in thousands)
	Components of net periodic benefit cost:
	Service cost	$	2,725		2,950		180		197
	Interest cost	2,153			1,952		99		90
	Expected return on plan assets	(3,413		)	(2,704	)	—		—
	Actuarial (gain) loss amortization	411			1,250		(4	)	—
	Prior service cost amortization	130			139		14		14
	Transition obligation amortization	1			1		—		—
	Total(1)	$	2,007		3,588		289		301
	(1)Approximately 60% of net periodic pension and other postretirement benefit costs are included in Compensation and related costs on the consolidated statements of income, while the remainder are included in Underwriting and distribution expense.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity	'
Components of basic and diluted earnings per share	'
		Three months ended
		March 31,
		2014			2013
		(in thousands, except per share
		amounts)
	Net income from continuing operations	$	74,864		53,863
	Weighted average shares outstanding - basic	85,019			85,592
	Dilutive potential shares from stock options	—			1
	Weighted average shares outstanding - diluted	85,019			85,593
	Earnings per share from continuing operations, basic and diluted	$	0.88		0.63
Summary of other comprehensive income (loss) activity	'
		Unrealized gains			Change in			Pension and		Total
		on investment			valuation			postretirement		accumulated
		securities			allowance for			benefits		other
					unrealized gains					comprehensive
					(losses) on					income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2013	$	3,150		810			(19,819	)	(15,859	)
	Other comprehensive income before reclassification	307			176			—		483
	Amount reclassified from accumulated other comprehensive income	(748		)	(434		)	347		(835	)
	Net current period other comprehensive income (loss)	(441		)	(258		)	347		(352	)
	Balance at March 31, 2014	$	2,709		$	552		(19,472	)	(16,211	)
		Unrealized gains			Change in			Pension and		Total
		on investment			valuation			postretirement		accumulated
		securities			allowance for			benefits		other
					unrealized gains					comprehensive
					(losses) on					income (loss)
					investment
					securities
		(in thousands)
	Balance at December 31, 2012	$	1,823		32			(48,652	)	(46,797	)
	Other comprehensive income before reclassification	3,279			1,934			—		5,213
	Amount reclassified from accumulated other comprehensive income	(1,535		)	(900		)	846		(1,589	)
	Net current period other comprehensive income	1,744			1,034			846		3,624
	Balance at March 31, 2013	$	3,567		$	1,066		(47,806	)	(43,173	)
Summary of reclassifications from accumulated other comprehensive income (loss) and included in net income	'
		For the three months ended March 31, 2014
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	1,182		(434	)	748		Investment and other income
	Valuation allowance	—			434		434		Provision for income taxes
	Amortization of pension and postretirement benefits	(552		)	205		(347	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	630		205		835
		For the three months ended March 31, 2013
		Pre-tax			Tax		Net of tax		Statement of income line item
					(expense)
					benefit
		(in thousands)
	Reclassifications included in net income:
	Realized gain on sale of available for sale investment securities	$	2,426		(891	)	1,535		Investment and other income
	Valuation allowance	—			900		900		Provision for income taxes
	Amortization of pension and postretirement benefits	(1,404		)	558		(846	)	Underwriting and distribution expense and Compensation and related costs
	Total	$	1,022		567		1,589

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Available for sale securities:	'	'
Amortized cost	$126,764,000	$102,286,000
Unrealized gains	5,200,000	5,961,000
Unrealized losses	-898,000	-957,000
Fair value	131,066,000	107,290,000
Trading securities:	'	'
Fair value	68,853,000	94,058,000
Investment securities	199,919,000	201,348,000
Purchases of trading securities	27,300,000	'
Sales and maturities of trading securities	27,700,000	'
Mortgage-backed securities	'	'
Available for sale securities:	'	'
Amortized cost	'	8,000
Unrealized gains	'	1,000
Fair value	'	9,000
Trading securities:	'	'
Fair value	35,000	37,000
Municipal bonds	'	'
Trading securities:	'	'
Fair value	'	501,000
Corporate bonds	'	'
Available for sale securities:	'	'
Amortized cost	11,190,000	14,568,000
Unrealized gains	28,000	61,000
Fair value	11,218,000	14,629,000
Trading securities:	'	'
Fair value	9,369,000	9,412,000
Common Stock	'	'
Trading securities:	'	'
Fair value	56,000	60,000
Affiliated mutual funds	'	'
Available for sale securities:	'	'
Amortized cost	115,574,000	87,710,000
Unrealized gains	5,172,000	5,899,000
Unrealized losses	-898,000	-957,000
Fair value	119,848,000	92,652,000
Trading securities:	'	'
Fair value	$59,393,000	$84,048,000

Investment_Securities_Details_

Investment Securities (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value	'	'
Less than 12 months	$57,964	$29,598
12 months or longer	217	213
Total temporarily impaired securities	58,181	29,811
Unrealized losses	'	'
Less than 12 months	-883	-939
12 months or longer	-15	-18
Total Unrealized losses on temporarily impaired securities	-898	-957
Fair value	'	'
Total fair value	68,853	94,058
Affiliated mutual funds	'	'
Fair Value	'	'
Less than 12 months	57,964	29,598
12 months or longer	217	213
Total temporarily impaired securities	58,181	29,811
Unrealized losses	'	'
Less than 12 months	-883	-939
12 months or longer	-15	-18
Total Unrealized losses on temporarily impaired securities	-898	-957
Fair value	'	'
Total fair value	59,393	84,048
Mortgage-Backed Securities and Bonds	'	'
Fair value	'	'
Within one year	9,369	'
After five years but within 10 years	35	'
Total fair value	9,404	'
Corporate bonds	'	'
Fair value	'	'
Total fair value	9,369	9,412
Amortized Cost	'	'
Within one year	11,190	'
Total amortized cost	11,190	'
Fair value	'	'
Within one year	11,218	'
Total fair value	$11,218	'

Investment_Securities_Details_1

Investment Securities (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value of investments	'	'
Total investment securities	$199,919	$201,348
Level 1	'	'
Fair value of investments	'	'
Total investment securities	179,297	176,760
Level 1 | Common Stock	'	'
Fair value of investments	'	'
Total investment securities	56	60
Level 1 | Affiliated mutual funds	'	'
Fair value of investments	'	'
Total investment securities	179,241	176,700
Level 2	'	'
Fair value of investments	'	'
Total investment securities	20,622	24,588
Level 2 | Mortgage-backed securities	'	'
Fair value of investments	'	'
Total investment securities	35	46
Level 2 | Municipal bonds	'	'
Fair value of investments	'	'
Total investment securities	'	501
Level 2 | Corporate bonds	'	'
Fair value of investments	'	'
Total investment securities	20,587	24,041
Total | Mortgage-backed securities	'	'
Fair value of investments	'	'
Total investment securities	35	46
Total | Municipal bonds	'	'
Fair value of investments	'	'
Total investment securities	'	501
Total | Corporate bonds	'	'
Fair value of investments	'	'
Total investment securities	20,587	24,041
Total | Common Stock	'	'
Fair value of investments	'	'
Total investment securities	56	60
Total | Affiliated mutual funds	'	'
Fair value of investments	'	'
Total investment securities	$179,241	$176,700

Goodwill_and_Identifiable_Inta2

Goodwill and Identifiable Intangible Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Goodwill and Identifiable Intangible Assets	'	'
Goodwill	$106,970	$106,970
Mutual fund management advisory contracts	38,699	38,699
Mutual fund management subadvisory contracts	16,300	16,300
Total identifiable intangible assets	54,999	54,999
Total goodwill and identifiable intangible assets	$161,969	$161,969

Indebtedness_Details

Indebtedness (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Indebtedness	'	'
Fair value of outstanding indebtedness	$205,000,000	'
Summary of long-term debt	'	'
Total long-term debt	$190,000,000	$190,000,000

Income_Tax_Uncertainties_Detai

Income Tax Uncertainties (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Income Tax Uncertainties	'	'
Unrecognized tax benefits, including penalties and interest that if recognized would impact effective tax rate	$12.60	$12
Unrecognized tax benefits, including penalties and interest, net of federal tax benefit that if recognized would affect effective tax rate	8.8	8.4
Accrued interest and penalties related to uncertain tax positions	3.1	3
Accrued interest and penalties related to uncertain tax positions, net of federal benefit	2.6	2.5
Total expense of interest and penalties, net of federal benefit related to uncertain tax positions	$0.10	'

Income_Tax_Uncertainties_Detai1

Income Tax Uncertainties (Details 2) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Income Tax Uncertainties	'
Estimated decrease in unrecognized tax benefits within the next 12-month period, high end of range	$2.90
Estimated decrease in unrecognized tax benefits net of federal benefits within the next 12-month period	$1.90

Pension_Plan_and_Postretiremen2

Pension Plan and Postretirement Benefits Other Than Pension (Details)	3 Months Ended
	Mar. 31, 2014
Pension Benefits	'
Pension Plan and Postretirement Benefits Other than Pension	'
Final number of years of employee's compensation to determine the benefits payable	'10 years
Other Postretirement Benefits	'
Pension Plan and Postretirement Benefits Other than Pension	'
Age of employees after which the plan does not provide benefits	'65 years

Pension_Plan_and_Postretiremen3

Pension Plan and Postretirement Benefits Other Than Pension (Details 2) (USD $)	3 Months Ended			1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Apr. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
		Pension Benefits	Pension Benefits	Pension Benefits	Other Postretirement Benefits	Other Postretirement Benefits
				Subsequent Event
Components of net periodic benefit cost:	'	'	'	'	'	'
Service cost	'	$2,725,000	$2,950,000	'	$180,000	$197,000
Interest cost	'	2,153,000	1,952,000	'	99,000	90,000
Expected return on plan assets	'	-3,413,000	-2,704,000	'	'	'
Actuarial (gain) loss amortization	'	411,000	1,250,000	'	-4,000	'
Prior service cost amortization	'	130,000	139,000	'	14,000	14,000
Transition obligation amortization	'	1,000	1,000	'	'	'
Total	'	2,007,000	3,588,000	'	289,000	301,000
Percentage of net periodic pension and other postretirement benefit costs included in Compensation and related costs	60.00%	'	'	'	'	'
Expected benefit payments	'	'	'	'	'	'
Employer contributions	'	$10,000,000	'	$10,000,000	'	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	3 Months Ended		1 Months Ended
	Feb. 13, 2014	Mar. 31, 2014	Mar. 31, 2013	Apr. 30, 2014
				Subsequent Event
Components of basic and diluted earnings per share	'	'	'	'
Net income from continuing operations	'	$74,864,000	$53,863,000	'
Weighted average shares outstanding - basic	'	85,019,000	85,592,000	'
Dilutive potential shares from stock options	'	'	1,000	'
Weighted average shares outstanding - diluted	'	85,019,000	85,593,000	'
Earnings per share:	'	'	'	'
Earnings per share from continuing operations, basic and diluted (in dollars per share)	'	$0.88	$0.63	'
Dividends	'	'	'	'
Dividends accrued, per share (in dollars per share)	$0.34	$0.34	'	'
Dividends to be paid	'	$28,900,000	'	'
Common stock repurchases	'	'	'	'
Shares repurchased in the open market or privately	'	280,186	81,701	'
Common stock repurchases	'	'	'	'
Shares repurchased from employees to cover minimum income tax withholdings	'	2,667	2,601	386,165

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in other comprehensive income (loss)	'	'
Balance at the beginning of the period	($15,859)	($46,797)
Other comprehensive income before reclassification	483	5,213
Amount reclassified from accumulated other comprehensive income	-835	-1,589
Net current period other comprehensive income (loss)	-352	3,624
Balance at the end of the period	-16,211	-43,173
Unrealized gains on investment securities	'	'
Changes in other comprehensive income (loss)	'	'
Balance at the beginning of the period	3,150	1,823
Other comprehensive income before reclassification	307	3,279
Amount reclassified from accumulated other comprehensive income	-748	-1,535
Net current period other comprehensive income (loss)	-441	1,744
Balance at the end of the period	2,709	3,567
Change in valuation allowance for unrealized gains (losses) on investment securities	'	'
Changes in other comprehensive income (loss)	'	'
Balance at the beginning of the period	810	32
Other comprehensive income before reclassification	176	1,934
Amount reclassified from accumulated other comprehensive income	-434	-900
Net current period other comprehensive income (loss)	-258	1,034
Balance at the end of the period	552	1,066
Pension and postretirement benefits	'	'
Changes in other comprehensive income (loss)	'	'
Balance at the beginning of the period	-19,819	-48,652
Amount reclassified from accumulated other comprehensive income	347	846
Net current period other comprehensive income (loss)	347	846
Balance at the end of the period	($19,472)	($47,806)

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Reclassifications included in net income:	'	'
Net of tax	$835	$1,589
Reclassifications from accumulated other comprehensive income	'	'
Reclassifications included in net income:	'	'
Pre-tax	630	1,022
Tax (expense) benefit	205	567
Net of tax	835	1,589
Realized gain on sale of available for sale investment securities	'	'
Reclassifications included in net income:	'	'
Net of tax	748	1,535
Realized gain on sale of available for sale investment securities | Investment and other income | Reclassifications from accumulated other comprehensive income	'	'
Reclassifications included in net income:	'	'
Pre-tax	1,182	2,426
Tax (expense) benefit	-434	-891
Net of tax	748	1,535
Valuation allowance	'	'
Reclassifications included in net income:	'	'
Net of tax	434	900
Valuation allowance | Provision for income taxes | Reclassifications from accumulated other comprehensive income	'	'
Reclassifications included in net income:	'	'
Tax (expense) benefit	434	900
Net of tax	434	900
Amortization of pension and postretirement benefits	'	'
Reclassifications included in net income:	'	'
Net of tax	-347	-846
Amortization of pension and postretirement benefits | Underwriting and distribution expense and Compensation and related costs | Reclassifications from accumulated other comprehensive income	'	'
Reclassifications included in net income:	'	'
Pre-tax	-552	-1,404
Tax (expense) benefit	205	558
Net of tax	($347)	($846)

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (Nonvested stock awards, 1998 Stock Incentive Plan ("SI Plan"), USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Apr. 02, 2014
		Subsequent Event
Share-Based Compensation	'	'
Number of nonvested stocks granted (in shares)	38,365	742,141
Grant date fair value (in dollars per share)	$67.13	$75.96
Fair value of shares granted (in dollars)	$2.60	$56.40
Vesting period of the value of shares amortized to expense	'4 years	'4 years