RETIREMENT PLANS |
12 Months Ended |
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Dec. 31, 2025 | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
| RETIREMENT PLANS | RETIREMENT PLANS Defined Contribution Plan We offer a 401(k) and employee stock ownership plan that allows employees to select from a variety of investment options. Employees may contribute up to 80% of their earnings, subject to the annual Internal Revenue Service (“IRS”) contribution limits. We match 100% of the first 3% of employee contributions and 50% of the next 3%. Matching contributions totaled $35 million in each of 2025, 2024, and 2023. The 401(k) plan also includes a discretionary, noncontributory profit-sharing component that may range from 0% to 3.5% of eligible compensation, based on our performance in accordance with a formula approved annually by the Board. Profit-sharing expense totaled $17 million, $14 million, and $16 million for 2025, 2024, and 2023, respectively. Profit-sharing contributions to participants were made in the form of shares of our common stock purchased in the open market. Defined Benefit Plans Supplemental Retirement Plans — These unfunded, nonqualified plans cover certain current and former employees. Each year, we make contributions to the plans in amounts sufficient to satisfy benefit payments due to participants. Our liability for these plans was approximately $8 million and $9 million at December 31, 2025 and 2024, respectively. Post-retirement Plan — This unfunded health care and life insurance plan provides post-retirement benefits to certain former full-time employees who meet specified age and service requirements. Our contribution toward retiree medical premiums has been permanently capped at a fixed amount that will not increase in future years. Annual contributions are made in amounts sufficient to cover the portion of premiums for which we are responsible. Our liability for this plan was less than $1 million at both December 31, 2025 and 2024. The liabilities associated with supplemental retirement and post-retirement benefits are included in “Other liabilities” on the consolidated balance sheet.
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