v3.26.1
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Retirement Plan—The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. The Retirement Plan was frozen in 2004.
The components of net periodic benefit for the three and six months ended June 30, 2026 and 2025, are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net periodic benefit:
Interest cost
$163 $168 $327 $336 
Expected return on plan assets
(206)(201)(412)(403)
Amortization of net actuarial loss
7 12 14 25 
Net periodic benefit$(36)$(21)$(71)$(42)
Net periodic benefit does not include a service cost component as a result of the Retirement Plan being frozen. All other components of net periodic benefit are included in other income on the condensed consolidated statements of operations.