v3.26.1
Employee Benefit Plans
6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans
14. EMPLOYEE BENEFIT PLANS
United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. No discretionary contributions were made during the first six months of 2026 and 2025.
Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $10,725 that have not yet been recognized in net periodic pension cost.
Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation.
Net periodic pension cost for the three and six months ended June 30, 2026 and 2025 included the following components:
 
    
Three Months Ended

June 30
   
Six Months Ended

June 30
 
    
2026
   
2025
   
2026
   
2025
 
Service cost
   $ 336     $ 348     $ 668     $ 692  
Interest cost
     1,763       1,835       3,507       3,650  
Expected return on plan assets
     (2,898     (2,751     (5,764     (5,472
Recognized net actuarial loss
     0       0       0       0  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net periodic pension (benefit) cost
   $ (799   $ (568   $ (1,589   $ (1,130
  
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average assumptions:
        
Discount Rate
     5.66     5.76     5.66     5.76
Expected return on assets
     6.00     6.15     6.00     6.15
Rate of Compensation Increase (prior to age 40)
     6.00     6.00     6.00     6.00
Rate of Compensation Increase (ages
40-49)
     5.50     5.50     5.50     5.50
Rate of Compensation Increase (ages
50-54)
     5.00     5.00     5.00     5.00
Rate of Compensation Increase (ages
55-64)
     4.00     4.00     4.00     4.00
Rate of Compensation Increase (otherwise)
     3.00     3.00     3.00     3.00