PENSION AND POST-RETIREMENT BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Retirement Benefits [Abstract] |
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| Schedule of Changes in Projected Benefit Obligations and Change in Plan Assets |
The following tables present changes in, and components of, People Inc.’s net assets/liabilities for pension and other post-retirement benefits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Pension | | Post-Retirement | | Pension | | Post-Retirement | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | (In thousands) | | Change in benefit obligation | | | | | | | | | | | | | Benefit obligation, beginning of year | $ | 3,632 | | | $ | 420,626 | | | $ | 4,042 | | | $ | 56,722 | | | $ | 488,269 | | | $ | 4,248 | | | | | | | | | | | | | | | | | | | | | | | | | | | Service cost | — | | | — | | | — | | | 202 | | | — | | | 1 | | | Interest cost | 138 | | | 21,589 | | | 212 | | | 1,816 | | | 19,288 | | | 206 | | | | | | | | | | | | | | | | | | | | | | | | | | | Net actuarial loss (gain) | 66 | | | 12,559 | | | (480) | | | (7,357) | | | (62,955) | | | (370) | | | Benefits paid (including lump sums) | (666) | | | (18,296) | | | (65) | | | (496) | | | (18,822) | | | (43) | | | Settlements | — | | | — | | | — | | | (46,856) | | | — | | | — | | | | | | | | | | | | | | | Curtailment gain | — | | | — | | | — | | | (399) | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency exchange rate impact | — | | | 32,201 | | | — | | | — | | | (5,154) | | | — | | | Benefit obligation, end of year | $ | 3,170 | | | $ | 468,679 | | | $ | 3,709 | | | $ | 3,632 | | | $ | 420,626 | | | $ | 4,042 | | | Change in plan assets | | | | | | | | | | | | | Fair value of plan assets, beginning of year | $ | — | | | $ | 419,963 | | | $ | — | | | $ | 62,008 | | | $ | 488,701 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Actual return on plan assets | — | | | 30,922 | | | — | | | 823 | | | (45,117) | | | — | | | Employer contributions | 666 | | | 186 | | | 65 | | | 489 | | | 172 | | | — | | | | | | | | | | | | | | | Benefits paid (including lump sums) | (666) | | | (18,296) | | | (65) | | | (496) | | | (18,822) | | | — | | | Settlements | — | | | — | | | — | | | (46,856) | | | — | | | — | | | | | | | | | | | | | | | Transfer to QRP | — | | | — | | | — | | | (15,968) | | | — | | | — | | | Foreign currency exchange rate impact | — | | | 32,154 | | | — | | | — | | | (4,971) | | | — | | | Fair value of plan assets, end of year | $ | — | | | $ | 464,929 | | | $ | — | | | $ | — | | | $ | 419,963 | | | $ | — | | | (Under) funded status, end of year | $ | (3,170) | | | $ | (3,750) | | | $ | (3,709) | | | $ | (3,632) | | | $ | (663) | | | $ | (4,042) | |
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| Schedule of Amounts Recognized in Balance Sheet |
The following amounts are recognized in the December 31, 2025 and 2024 balance sheet, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Pension | | Post-Retirement | | Pension | | Post-Retirement | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | (In thousands) | | Other current assets | | | | | | | | | | | | | Prepaid benefit cost | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,275 | | | $ | — | | | Other non-current assets | | | | | | | | | | | | | Prepaid benefit cost | — | | | 287 | | | — | | | — | | | — | | | — | | | Accrued expenses and other current liabilities | | | | | | | | | | | | | Accrued benefit liability | (1,431) | | | (207) | | | (403) | | | (1,619) | | | (186) | | | (432) | | | Other long-term liabilities | | | | | | | | | | | | | Accrued benefit liability | (1,739) | | | (3,830) | | | (3,306) | | | (2,013) | | | (3,752) | | | (3,610) | | | Net amount recognized | $ | (3,170) | | | $ | (3,750) | | | $ | (3,709) | | | $ | (3,632) | | | $ | (663) | | | $ | (4,042) | |
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| Schedule of Plan with Projected Benefit Obligation and Accumulated Benefit Obligations in Excess of Plan Assets |
The following table provides information about pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | U.S. | | U.K. | | U.S. | | U.K. | | (In thousands) | | Projected benefit obligation | $ | 3,170 | | | $ | 4,037 | | | $ | 3,632 | | | $ | 3,938 | | | Accumulated benefit obligation | $ | 3,170 | | | $ | 4,037 | | | $ | 3,632 | | | $ | 3,938 | | | Fair value of plan assets | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| Schedule of Net Benefit Costs |
The components of net periodic benefit cost (credit) recognized in the statement of operations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | Pension | | Post-
Retirement | | Pension | | Post-
Retirement | | Pension | | Post-
Retirement | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | (In thousands) | | Service cost | $ | — | | | $ | — | | | $ | — | | | $ | 202 | | | $ | — | | | $ | 1 | | | $ | 211 | | | $ | — | | | $ | 4 | | | Interest cost | 138 | | | 21,589 | | | 212 | | | 1,816 | | | 19,288 | | | 206 | | | 3,140 | | | 19,610 | | | 231 | | | Expected return on plan assets | — | | | (21,539) | | | — | | | (1,293) | | | (19,289) | | | — | | | (1,881) | | | (19,586) | | | — | | | | | | | | | | | | | | | | | | | | | Actuarial loss (gain) recognition | 66 | | | 3,134 | | | (480) | | | (6,887) | | | 1,272 | | | (370) | | | (932) | | | (225) | | | (496) | | | | | | | | | | | | | | | | | | | | | Curtailment gain | — | | | — | | | — | | | (399) | | | — | | | — | | | — | | | — | | | — | | | Net periodic benefit cost (credit) | $ | 204 | | | $ | 3,184 | | | $ | (268) | | | $ | (6,561) | | | $ | 1,271 | | | $ | (163) | | | $ | 538 | | | $ | (201) | | | $ | (261) | |
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| Schedule of Assumptions |
Benefit obligations were determined using the following weighted average assumptions:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Pension | | Post-Retirement | | Pension | | Post-Retirement | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | | | | | | | | | | | | Discount rate | 4.58% | | 5.14% | | 5.14% | | 5.27% | | 4.99% | | 5.55% | | Rate of compensation increase | N/A | | N/A | | 3.50% | | 2.96% | | N/A | | 3.50% | | Cash balance interest credit rate | 2.39% | | N/A | | N/A | | 2.39% | | N/A | | N/A |
Net periodic benefit cost (credit) was determined using the following weighted average assumptions:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | Pension | | Post-
Retirement | | Pension | | Post-
Retirement | | Pension | | Post-
Retirement | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | U.S. | | U.K. | | U.S. | | | | | | | | | | | | | | | | | | | Discount rate | 5.27% | | 4.99% | | 5.55% | | 5.36% | | 4.06% | | 5.11% | | 5.48% | | 4.13% | | 5.46% | | Expected return on plan assets | N/A | | 4.99% | | N/A | | 5.22% | | 4.06% | | N/A | | 4.48% | | 4.12% | | N/A | | Rate of compensation increase | N/A | | N/A | | 3.50% | | 2.90% | | N/A | | 3.50% | | 2.99% | | N/A | | 3.50% | | Cash balance interest credit rate | 2.39% | | N/A | | N/A | | 2.39% | | N/A | | N/A | | 2.39% | | N/A | | N/A |
The assumed healthcare trend rates used to measure the expected cost of benefits for the post-retirement plan were as follows:
| | | | | | | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | 2023 | | | | | | | Initial level | 7.00% | | 6.50% | | 6.00% | | Ultimate level | 5.00% | | 5.00% | | 5.00% | | Years to ultimate level | 8 | | 6 | | 4 |
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| Schedule of Fair Value Measurements |
Fair value measurements for the U.K. pension plan assets were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total
Fair Value
Measurements | | (In thousands) | Cash and cash equivalents | $ | 3,183 | | | $ | — | | | $ | — | | | $ | 3,183 | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income | — | | | — | | | — | | | — | | | | | | | | | | | Insurance annuity contracts | — | | | — | | | 461,746 | | | 461,746 | | | Total assets at fair value | $ | 3,183 | | | $ | — | | | $ | 461,746 | | | $ | 464,929 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total
Fair Value
Measurements | | (In thousands) | | Cash and cash equivalents | $ | 6,384 | | | $ | — | | | $ | — | | | $ | 6,384 | | | | | | | | | | | | | | | | | | | Fixed income | — | | | — | | | 332 | | | 332 | | | | | | | | | | | Insurance annuity contracts | — | | | — | | | 413,247 | | | 413,247 | | | Total assets at fair value | $ | 6,384 | | | $ | — | | | $ | 413,579 | | | $ | 419,963 | |
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| Schedule of Changes in Fair Value of Plan Assets |
The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | (In thousands) | | Balance at January 1 | $ | 413,579 | | | $ | 480,502 | | | | | | | Purchases | 1,408 | | | — | | | Settlements | (18,149) | | | (18,899) | | | Sale | (316) | | | — | | | Change in fair value | 33,215 | | | (44,238) | | | Foreign currency translation | 32,009 | | | (3,786) | | | | | | | Balance at December 31 | $ | 461,746 | | | $ | 413,579 | |
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| Schedule of Expected Benefit Payments |
The benefit payments for the U.S. will be made from People Inc.’s current funds and the payments for the U.K. plan will primarily be made from the funded IPC Plan; the benefit payments expected to be paid are as follows: | | | | | | | | | | | | | | | | | | | Pension Benefits | | Post-Retirement Benefits | | U.S. | | U.K. | | U.S. | | Year Ending December 31, | (In thousands) | | 2026 | $ | 1,464 | | | $ | 20,011 | | | $ | 414 | | | 2027 | 257 | | | 21,114 | | | 387 | | | 2028 | 427 | | | 22,063 | | | 365 | | | 2029 | 194 | | | 22,998 | | | 345 | | | 2030 | 327 | | | 23,956 | | | 328 | | | 2031-2035 | 654 | | | 135,813 | | | 1,399 | | | Net amount recognized, end of year | $ | 3,323 | | | $ | 245,955 | | | $ | 3,238 | |
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