v3.26.1
Employee Pension Plans
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Employee Pension Plans Employee Pension Plans
The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. In November 2025, the Company’s Board of Directors voted to terminate the Company’s pension plan with an effective date of March 31, 2026. The Company expects that all obligations under the plan will be satisfied by the end of 2026.
The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(in thousands)20262025
Interest cost$940 $933 
Service cost171 170 
Expected return on plan assets(898)(902)
Recognized net actuarial losses437 414 
Net periodic benefit cost$650 $615 
The Company contributed $0.6 million and $0.7 million, respectively, to its defined benefit pension plan during the three months ended March 31, 2026 and 2025, and expects to contribute an additional $0.3 million in cash by the end of 2026, excluding any payments required to settle obligations under the plan.