v3.25.4
Pension Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension Benefits PENSION BENEFITS
The Company previously sponsored a qualified defined benefit pension plan (the “Pension Plan”). Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan has since been fully terminated.
During 2023, all plan liabilities were settled by either a lump-sum distribution or assumed by a third-party in exchange for a transfer of assets from the pension plan trust fund. After giving effect to these transactions, the Company
NOTE 19. PENSION BENEFITS (Continued)
recorded a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations. Subsequently, during 2024, the Company received $2.6 million as a post-settlement adjustment which was recorded in Insurance and Other Expenses in the accompanying Consolidated Statements of Income (Loss).
During 2024, the Company distributed $4.7 million to eligible participants in the Company’s defined contribution benefit plans and reverted the remaining $13.1 million of assets for general corporate use. The Company incurred $7.3 million of pre- and post-tax expenses related to the reversion of assets within the pension trust, which included $4.7 million distributed to eligible participants in the Company’s defined contribution benefit plans and $2.6 million of excise taxes paid by the Company on the remaining $13.1 million made available for general corporate use. As of December 31, 2024, no assets remained in the pension trust.
Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2025 and 2024 is presented below.
DOLLARS IN MILLIONS20252024
Fair Value of Plan Assets at Beginning of Year$— $16.3 
Actual Return on Plan Assets— (1.1)
Benefits Paid— — 
Settlement Benefits— 2.6 
Assets contributed to 401(k) Plan
— (4.7)
Assets reverted to the Company
— (13.1)
Fair Value of Plan Assets at End of Year— — 
Projected Benefit Obligation at Beginning of Year— — 
Interest Cost— — 
Benefits Paid— — 
Settlement Benefits— — 
Actuarial Gains— — 
Projected Benefit Obligation at End of Year— — 
Funded Status—Plan Assets in Excess of Projected Benefit Obligation$— $— 
Unamortized Amount Reported in AOCI at End of Year$— $— 
Accumulated Benefit Obligation at End of Year$— $— 
The measurement dates of the assets and liabilities at end of year presented in the preceding table under the headings, “2025” and “2024” were December 31, 2025 and December 31, 2024, respectively.
NOTE 19. PENSION BENEFITS (Continued)
The components of Comprehensive Pension (Income) Expense for the Pension Plan for the years ended December 31, 2025, 2024 and 2023 were:
DOLLARS IN MILLIONS202520242023
Service Cost Earned During the Year$— $— $— 
Interest Cost on Projected Benefit Obligation— — 8.4 
Expected Return on Plan Assets— — (7.9)
Amortization of Prior Service Cost— — 0.4 
Amortization of Actuarial Loss— — — 
Settlement (Income) Expense
— (2.6)70.2 
Pension (Income) Expense Recognized in Consolidated Statements of Income (Loss)
— (2.6)71.1 
Unrecognized Pension Loss Arising During the Year— — — 
Prior Service Cost Arising During the Year— — — 
Amortization of Prior Service Cost— — — 
Amortization of Accumulated Unrecognized Pension Loss— — — 
Comprehensive Pension (Income) Expense $— $(2.6)$71.1 
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2025, 2024 and 2023 were:
202520242023
Weighted-average Discount Rate— %— %5.05 %
Interest Cost Discount Rate— — 4.92 
Rate of Increase in Future Compensation LevelsN/AN/AN/A
Expected Long Term Rate of Return on Plan Assets— — 3.79 
The Company did not contribute to the Pension Plan in 2023, 2024 or 2025.
The Company also sponsors a non-qualified supplemental defined benefit pension plan (the “Supplemental Plan”). Benefit accruals for all participants in the Supplemental Plan were frozen effective June 30, 2016. The unfunded liability related to the Supplemental Plan was $20.3 million and $20.1 million at December 31, 2025 and 2024, respectively. Pension expense for the Supplemental Plan was $1.0 million, $1.0 million, and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. There was a pre-tax actuarial loss of $1.1 million, gain of $0.8 million, and loss of $0.7 million included in Other Comprehensive Income for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company also sponsors several defined contribution benefit plans covering most of its employees. The Company made contributions to those plans of $24.5 million, $24.3 million and $27.5 million in 2025, 2024 and 2023, respectively, excluding the $4.7 million contributed during the fourth quarter of 2024 as part of the reversion of assets remaining in the pension trust.