v3.25.4
Compensation Related Costs, Retirement Benefits
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans SEVERANCE PLAN
The Company maintains the Severance Plan which provides severance benefits for covered executives. In addition, the Company also enters into employee agreements with key executives which incorporate severance benefits, including continuation of certain insurance benefits. The benefits payable under the Severance Plan (as well as applicable employment agreements) outline benefits based on salary level, amongst other variables. Accordingly, as the severance expenses are part of an on-going benefit arrangement, the Company recognizes the expense when payment of the severance is probable and can be reasonably estimated in accordance with ASC 712, Compensation — Nonretirement Postemployment Benefits. In December 2023, the Company recorded a severance charge of $3.6 million related to the separation of one executive, which was recorded in Selling, General, and Administrative Expenses in the Consolidated Statements of Operations. The majority of the severance charge was paid out in 2024, excluding the costs for the continuation of insurance benefits. The Company’s severance expenses were $0.8 million, $0.3 million, and $3.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.