Pension and Other Postretirement Benefit Plans |
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| Pension and Other Postretirement Benefit Plans | 9. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.
(1) Reported in the Consolidated Statements of Operations as part of salaries and employee benefits. (2) Reported in the Consolidated Statements of Operations as part of other operating expenses. The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2025 that it does not expect to contribute to the employee pension plan or the outside director pension plan during the year ending December 31, 2026. During December 2025, the Company modified its Postretirement Plans through the following actions: Curtailment The Company approved a restructuring program that resulted in the elimination of future service benefits for all active employees and current retirees. As a result, the Company recognized a of $4.9 million, reflecting the reduction in future benefits. Special Termination Benefits The Company approved a restructuring program that provided benefits to certain senior executives in excess of what the plan already provided totaling $4.4 million. These amounts paid to senior executives were contractual obligations. As a result, the Company recognized special termination benefit of $6.7 million, reflecting the additional benefits. Settlement As part of the restructuring program, the Company adopted the resolution to terminate the Postretirement Plans effective December 29, 2025 recognizing a of $2.3 million. Final distribution totaling $6.1 million was made in the first quarter of 2026.
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