v3.25.4
Employee Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Obligation and Funded Status
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2025202420252024
Change in benefit obligation:
Benefit obligation, beginning of period$1,506,747 $1,568,277 $191,747 $206,506 
Service cost3,854 4,698 2,571 2,892 
Interest cost82,006 80,478 10,470 10,775 
Actuarial loss / (gains)
15,059 (41,748)(17,916)(15,269)
Plan participant contributions— — 488 564 
Special early retirement benefits— 1,722 — — 
Plan amendments
— 5,601 — — 
Benefits paid(113,359)(112,281)(15,106)(13,721)
Settlements
(531)— — — 
Benefit obligation, end of period1,493,776 1,506,747 172,254 191,747 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2025202420252024
Change in plan assets:
Fair value of plan assets, beginning of period1,839,779 1,901,824 244,490 225,167 
Return on plan assets154,449 49,572 40,909 28,067 
Plan participant contributions— — 488 564 
Benefits paid(112,780)(111,617)(9,382)(9,308)
Fair value of plan assets, end of period1,881,448 1,839,779 276,505 244,490 
Funded status of the plan$387,672 $333,032 $104,251 $52,743 
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$397,107 $342,569 $149,196 $98,256 
Accrued liabilities(1,245)(1,176)— — 
Pension and postretirement liabilities(8,190)(8,361)(44,945)(45,513)
$387,672 $333,032 $104,251 $52,743 
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$5,452 $6,597 $7,638 $8,087 
Actuarial losses (gains)304,523 310,065 (101,711)(75,603)
$309,975 $316,662 $(94,073)$(67,516)
Schedule of Amounts Recognized in Balance Sheet
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2025202420252024
Change in benefit obligation:
Benefit obligation, beginning of period$1,506,747 $1,568,277 $191,747 $206,506 
Service cost3,854 4,698 2,571 2,892 
Interest cost82,006 80,478 10,470 10,775 
Actuarial loss / (gains)
15,059 (41,748)(17,916)(15,269)
Plan participant contributions— — 488 564 
Special early retirement benefits— 1,722 — — 
Plan amendments
— 5,601 — — 
Benefits paid(113,359)(112,281)(15,106)(13,721)
Settlements
(531)— — — 
Benefit obligation, end of period1,493,776 1,506,747 172,254 191,747 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2025202420252024
Change in plan assets:
Fair value of plan assets, beginning of period1,839,779 1,901,824 244,490 225,167 
Return on plan assets154,449 49,572 40,909 28,067 
Plan participant contributions— — 488 564 
Benefits paid(112,780)(111,617)(9,382)(9,308)
Fair value of plan assets, end of period1,881,448 1,839,779 276,505 244,490 
Funded status of the plan$387,672 $333,032 $104,251 $52,743 
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$397,107 $342,569 $149,196 $98,256 
Accrued liabilities(1,245)(1,176)— — 
Pension and postretirement liabilities(8,190)(8,361)(44,945)(45,513)
$387,672 $333,032 $104,251 $52,743 
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$5,452 $6,597 $7,638 $8,087 
Actuarial losses (gains)304,523 310,065 (101,711)(75,603)
$309,975 $316,662 $(94,073)$(67,516)
Schedule of PBO in Excess of Fair Value of Plan Assets
The funded status of the qualified pension plan and the SERPA plans are combined above. The SERPA plans had projected benefit obligations (PBO) and accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, as presented below (in thousands):
20252024
Plans with PBO in excess of fair value of plan assets:
PBO$9,435 $9,537 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$9,417 $9,516 
Fair value of plan assets$— $— 
Schedule of ABO in Excess of Fair Value of Plan Assets
The funded status of the qualified pension plan and the SERPA plans are combined above. The SERPA plans had projected benefit obligations (PBO) and accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, as presented below (in thousands):
20252024
Plans with PBO in excess of fair value of plan assets:
PBO$9,435 $9,537 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$9,417 $9,516 
Fair value of plan assets$— $— 
Schedule of Components of Net Periodic Benefit Costs Components of net periodic benefit costs for the Company's defined benefit plans for the years ended December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202520242023202520242023
Service cost$3,854 $4,698 $5,174 $2,571 $2,892 $3,184 
Interest cost82,006 80,478 81,911 10,470 10,775 11,089 
Expected return on plan assets(131,195)(132,574)(146,076)(18,699)(17,696)(17,124)
Amortization of unrecognized:
Prior service credit1,520 751 751 595 595 (665)
Net loss(696)(650)(722)(5,476)(4,999)(4,388)
Settlement (gain) loss(145)1,722 (759)— — — 
Net periodic benefit cost$(44,656)$(45,575)$(59,721)$(10,539)$(8,433)$(7,904)
Schedule of Assumptions used to Determine Net Periodic Benefit Cost
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31, were as follows:
Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202520242023202520242023
Assumptions for benefit obligations:
Discount rate5.55 %5.65 %5.31 %5.39 %5.63 %5.36 %
Rate of compensation increase4.00 %4.00 %4.00 %n/an/an/a
Assumptions for net periodic benefit cost:
Discount rate5.65 %5.31 %5.45 %5.63 %5.36 %5.42 %
Expected return on plan assets6.40 %6.20 %6.80 %7.66 %7.46 %7.48 %
Rate of compensation increase4.00 %4.00 %4.00 %n/an/an/a
Schedule of Allocation of Plan Assets The fair values of the Company’s pension plan assets at December 31, 2025 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$34,593 $34,593 $— 
Equity holdings:
U.S. companies190,782 190,751 31 
Foreign companies47 47 — 
Pooled equity funds240,729 195,964 44,765 
431,558 386,762 44,796 
Fixed-income holdings:
U.S. Treasuries63,413 63,413 — 
Federal agencies1,086 — 1,086 
Corporate bonds508,778 — 508,778 
Pooled fixed income funds769,289 — 769,289 
Foreign bonds66,135 — 66,135 
Municipal bonds6,224 — 6,224 
1,414,925 63,413 1,351,512 
Plan assets subject to fair value leveling1,881,076 $484,768 $1,396,308 
Plan assets measured at net asset value:
Private equity investments— 
Real estate investments372 
372 
$1,881,448 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2025 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$2,434 $2,434 $— 
Equity holdings:
U.S. companies96,608 96,608 — 
Foreign companies39,889 39,889 — 
Pooled equity funds59,039 44,571 14,468 
195,536 181,068 14,468 
Fixed-income holdings:
U.S. Treasuries234 234 — 
Federal agencies4 — 4 
Corporate bonds1,871 — 1,871 
Pooled fixed income funds60,318 15,807 44,511 
Foreign bonds243 — 243 
Municipal bonds23 — 23 
62,693 16,041 46,652 
Plan assets subject to fair value leveling260,663 $199,543 $61,120 
Plan assets measured at net asset value:
Limited partnership interests
$15,604 
Real estate investments238 
$276,505 
The fair values of the Company’s pension plan assets at December 31, 2024 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$26,111 $26,111 $— 
Equity holdings:
U.S. companies190,113 190,058 55 
Foreign companies32 32 — 
Pooled equity funds237,473 135,631 101,842 
427,618 325,721 101,897 
Fixed-income holdings:
U.S. Treasuries120,028 120,028 — 
Federal agencies11,271 — 11,271 
Corporate bonds694,002 — 694,002 
Pooled fixed income funds463,769 — 463,769 
Foreign bonds86,071 — 86,071 
Municipal bonds10,020 — 10,020 
1,385,161 120,028 1,265,133 
Plan assets subject to fair value leveling1,838,890 $471,860 $1,367,030 
Plan assets measured at net asset value:
Private equity investments334 
Real estate investments555 
889 
$1,839,779 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2024 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$1,824 $1,824 $— 
Equity holdings:
U.S. companies88,083 88,083 — 
Foreign companies27,430 27,430 — 
Pooled equity funds53,987 40,785 13,202 
169,500 156,298 13,202 
Fixed-income holdings:
U.S. Treasuries415 415 — 
Federal agencies39 — 39 
Corporate bonds2,388 — 2,388 
Pooled fixed income funds55,119 14,720 40,399 
Foreign bonds296 — 296 
Municipal bonds34 — 34 
58,291 15,135 43,156 
Plan assets subject to fair value leveling229,615 $173,257 $56,358 
Plan assets measured at net asset value:
Limited partnership interests$14,537 
Real estate investments338 
$244,490 
Schedule of Weighted Average Health Care Cost Trend Rate
The weighted-average healthcare cost trend rates used in determining the accumulated postretirement benefit obligation of the healthcare plans were as follows:
20252024
Healthcare cost trend rate for next year6.27 %6.89 %
Rate to which the cost trend rate is assumed to decline (the ultimate rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20332033
Schedule of Expected Benefit Payments for Next Five Years and Thereafter
The Company's future expected benefit payments as of December 31, 2025 were as follows (in thousands):
Pension BenefitsSERPA BenefitsPostretirement Healthcare Benefits
2026$119,495 $1,278 $16,203 
2027$119,851 $1,102 $16,330 
2028$117,972 $941 $16,601 
2029$119,046 $818 $16,673 
2030$119,558 $802 $16,418 
2031-2035$573,837 $3,394 $76,352