Employee Retirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Ovation Pension Plan [Member] |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Changes in the Actuarial Present Value of the Projected Benefit Obligation and Fair Value |
The changes in the actuarial present value of the projected benefit obligation and fair value of Ovation Pension Plan assets were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Projected benefit obligation, beginning balance |
|
$ |
569,070 |
|
|
$ |
607,033 |
|
Interest cost |
|
30,255 |
|
|
7,373 |
|
Actuarial liability loss (gain) |
|
8,363 |
|
|
(34,887 |
) |
Benefit payments |
|
(45,221 |
) |
|
(10,449) |
|
Projected benefit obligation, ending balance |
|
$ |
562,467 |
|
|
$ |
569,070 |
|
Fair value of plan assets, beginning balance |
|
520,617 |
|
|
571,163 |
|
Actual return on plan assets |
|
54,085 |
|
|
(40,097 |
) |
Employer contributions |
|
— |
|
|
— |
|
Benefit payments |
|
(45,221 |
) |
|
(10,449) |
|
Fair value of plan assets, ending balance |
|
$ |
529,481 |
|
|
$ |
520,617 |
|
Underfunded status, ending balance |
|
(32,986 |
) |
|
(48,453 |
) |
Accumulated benefit obligation |
|
$ |
562,467 |
|
|
$ |
569,070 |
|
|
| Schedule of Liabilities Related to Pension Plan |
The liabilities related to the Ovation Pension Plan were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Current liabilities |
|
$ |
— |
|
|
$ |
— |
|
Noncurrent liabilities |
|
(32,986 |
) |
|
(48,453 |
) |
Total |
|
$ |
(32,986 |
) |
|
$ |
(48,453 |
) |
|
| Schedule of Components of Pension Costs in Future Periods |
The following table presents amounts included within Members’ equity on the Combined Balance Sheets for the Ovation Pension Plan that will be recognized as components of pension cost in future periods:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Unrecognized (gain) loss |
|
$ |
(1,647 |
) |
|
$ |
10,717 |
|
|
| Schedule of Components of Net Periodic Pension Cost and Other Comprehensive Income (Loss) |
Components of the net periodic pension cost and other comprehensive income (loss) for the Ovation Pension Plan were computed using the projected unit credit actuarial cost method and included the following components:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Interest cost on projected benefit obligation |
|
$ |
30,255 |
|
|
$ |
7,373 |
|
Expected return on plan assets |
|
|
(29,414 |
) |
|
|
(8,690 |
) |
Net pension benefit cost (income) |
|
$ |
841 |
|
|
$ |
(1,317 |
) |
Change in net (gain) loss |
|
$ |
(12,364 |
) |
|
$ |
10,717 |
|
Total recognized in other comprehensive (income) loss |
|
|
(12,364 |
) |
|
|
10,717 |
|
Total recognized in net periodic (income) cost and other comprehensive (income) loss |
|
$ |
(11,523 |
) |
|
$ |
9,400 |
|
|
| Schedule of Expected Benefit Payments |
The future benefits expected to be paid to the Ovation Pension Plan were as follows:
|
|
|
|
|
Year Ending December 31, |
|
Amount |
|
2026 |
|
$ |
42,857 |
|
2027 |
|
43,489 |
|
2028 |
|
43,786 |
|
2029 |
|
44,033 |
|
2030 |
|
43,927 |
|
Next five years |
|
212,116 |
|
Total expected benefit payments |
|
$ |
430,208 |
|
|
| Schedule of Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost |
The discount rates used in determining benefit obligations of the Ovation Pension Plan were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Discount rate |
|
|
5.4 |
% |
|
|
5.6 |
% |
The actuarial assumptions used in determining the net periodic benefit cost of the Ovation Pension Plan were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Discount rate |
|
|
5.6 |
% |
|
|
4.9 |
% |
Expected return on plan assets |
|
|
5.9 |
% |
|
|
6.1 |
% |
|
| Schedule of Fair Value of Plan Assets |
The fair values of the Ovation Pension Plan assets as of December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
carrying
value |
|
|
Quoted price
in active
markets
(Level 1) |
|
|
Significant
observable
inputs
(Level 2) |
|
|
Significant
unobservable
input
(Level 3) |
|
|
Measured at
NAV |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,132 |
|
|
$ |
8,132 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Fixed income securities |
|
|
337,161 |
|
|
|
32,084 |
|
|
|
305,077 |
|
|
|
— |
|
|
|
— |
|
Mutual funds |
|
|
184,188 |
|
|
|
157,588 |
|
|
|
12,963 |
|
|
|
— |
|
|
|
13,637 |
|
Total |
|
$ |
529,481 |
|
|
$ |
197,804 |
|
|
$ |
318,040 |
|
|
$ |
— |
|
|
$ |
13,637 |
|
The fair values of the Ovation Pension Plan assets as of December 31, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
carrying
value |
|
|
Quoted price
in active
markets
(Level 1) |
|
|
Significant
observable
inputs
(Level 2) |
|
|
Significant
unobservable
input
(Level 3) |
|
|
Measured at
NAV |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,119 |
|
|
$ |
10,119 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Futures contracts - assets |
|
|
3,157 |
|
|
|
— |
|
|
|
3,157 |
|
|
|
— |
|
|
|
— |
|
Fixed income securities |
|
|
220,543 |
|
|
|
— |
|
|
|
220,543 |
|
|
|
— |
|
|
|
— |
|
Mutual funds |
|
|
60,021 |
|
|
|
60,021 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common trust funds |
|
|
202,220 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
202,220 |
|
Corporate stock |
|
|
24,557 |
|
|
|
24,557 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
520,617 |
|
|
$ |
94,697 |
|
|
$ |
223,700 |
|
|
$ |
— |
|
|
$ |
202,220 |
|
|
| Hawkeye Pension Plans [Member] |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Changes in the Actuarial Present Value of the Projected Benefit Obligation and Fair Value |
The changes in the actuarial present value of the projected benefit obligation and fair value of the Hawkeye Pension Plan assets were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Change in projected benefit obligations: |
|
|
|
|
|
|
Projected benefit obligation at beginning of year |
|
$ |
9,727 |
|
|
$ |
10,677 |
|
Service cost |
|
230 |
|
|
213 |
|
Interest cost |
|
454 |
|
|
467 |
|
Benefit payments |
|
(766 |
) |
|
(779 |
) |
Actuarial loss |
|
281 |
|
|
— |
|
Effect of currency translation loss (gain) |
|
512 |
|
|
(851 |
) |
Projected benefit obligation at end of year |
|
$ |
10,438 |
|
|
$ |
9,727 |
|
Change in plan assets: |
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
12,543 |
|
|
$ |
13,505 |
|
Actual return on plan assets |
|
506 |
|
|
771 |
|
Employer contributions, net of administrative costs |
|
148 |
|
|
135 |
|
Benefit payments |
|
(766 |
) |
|
(779 |
) |
Effect of currency translation gain (loss) |
|
662 |
|
|
(1,089 |
) |
Fair value of plan assets at end of year |
|
13,093 |
|
|
12,543 |
|
Funded status at end of year |
|
2,655 |
|
|
2,816 |
|
Amount recognized within Other assets on the Combined Balance Sheets |
|
2,655 |
|
|
2,816 |
|
Amount recognized within Other comprehensive (loss) income on the Combined Statements of Members’ Equity |
|
$ |
(307 |
) |
|
$ |
281 |
|
|
| Schedule of Components of Net Periodic Pension Cost and Other Comprehensive Income (Loss) |
Components of the net periodic pension cost and other comprehensive income (loss) for the Hawkeye Pension Plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Net periodic pension cost: |
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
230 |
|
|
$ |
213 |
|
|
$ |
211 |
|
Interest cost |
|
|
454 |
|
|
|
467 |
|
|
|
506 |
|
Expected return on plan assets |
|
|
(575 |
) |
|
|
(577 |
) |
|
|
(566 |
) |
Amortization of prior service costs |
|
|
8 |
|
|
|
— |
|
|
|
9 |
|
Amortization of loss |
|
|
— |
|
|
|
— |
|
|
|
8 |
|
Net periodic pension cost |
|
$ |
117 |
|
|
$ |
103 |
|
|
$ |
168 |
|
Other pre-tax changes in plan asset and benefit obligations recognized in other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Actuarial loss (gain) |
|
$ |
259 |
|
|
$ |
(79 |
) |
|
$ |
(350 |
) |
Amortization of prior service cost |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
Amortization of loss |
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
Total loss (gain) recognized in accumulated other comprehensive loss (income) |
|
|
251 |
|
|
|
(87 |
) |
|
|
(367 |
) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) |
|
$ |
368 |
|
|
$ |
16 |
|
|
$ |
(199 |
) |
|
| Schedule of Expected Benefit Payments |
The future benefits expected to be paid to the Hawkeye Pension Plans were as follows:
|
|
|
|
Year Ending December 31, |
|
Amount |
|
2026 |
$ |
695 |
|
2027 |
|
729 |
|
2028 |
|
777 |
|
2029 |
|
766 |
|
2030 |
|
772 |
|
Next five years |
|
3,663 |
|
Total expected benefit payments |
$ |
7,402 |
|
|
| Schedule of Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost |
The weighted average assumptions used in the accounting for the Hawkeye Pension Plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
Salaried Plan |
|
|
Hourly Plan |
|
|
Salaried Plan |
|
|
Hourly Plan |
|
Discount rate |
|
|
4.85 |
% |
|
|
4.85 |
% |
|
|
4.65 |
% |
|
|
4.65 |
% |
Expected return on plan assets |
|
|
5.10 |
% |
|
|
4.40 |
% |
|
|
5.05 |
% |
|
|
4.25 |
% |
Average compensation increase |
|
|
2.50 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
| Schedule of Fair Value of Plan Assets |
The fair values of the Hawkeye Pension Plan assets by asset category were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Equity funds |
|
$ |
4,227 |
|
|
$ |
3,158 |
|
Fixed income funds |
|
|
8,866 |
|
|
|
9,385 |
|
Total |
|
$ |
13,093 |
|
|
$ |
12,543 |
|
|