v3.26.1
Pension Plans And Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
Pension Plans And Other Postretirement Benefits [Abstract]  
Pension Plans And Other Postretirement Benefits Note 11 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit cost for the Company’s pension and other postretirement benefit plans:

Pension Benefits

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Service cost

$

222

$

304

$

444

$

608

Interest cost

3,770

3,991

7,541

7,982

Expected return on plan assets

(4,251)

(4,266)

(8,502)

(8,532)

Amortization of prior service cost

76

78

153

156

Amortization of actuarial loss

825

833

1,649

1,666

Net periodic benefit cost

$

642

$

940

$

1,285

$

1,880

Other

Postretirement Benefits

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Service cost

$

415

$

372

$

830

$

744

Interest cost

1,139

1,132

2,277

2,264

Expected return on plan assets

(1,154)

(1,071)

(2,309)

(2,142)

Amortization of actuarial gain

(663)

(401)

(1,325)

(802)

Net periodic benefit cost (credit)

$

(263)

$

32

$

(527)

$

64

The net periodic benefit cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit cost other than service cost in the condensed consolidated statements of operations and comprehensive income on the line item “Other”.

In December 2025, the Company’s Board of Directors approved the termination of the non-qualified pension plan. Consequently, participants no longer accrue benefits under the plan. The settlement of the related benefit obligations is expected to occur in the fourth quarter of 2026. As of June 30, 2026 and December 31, 2025, the total benefit obligation associated with the non-qualified pension plan was $19,021 and $18,406, respectively, and is included in other accrued liabilities in the consolidated balance sheets.

The Company did not make cash contributions to the Pension Plan during the first half of 2026 and intends to make cash contributions of $2,416 later in the year.