Defined Benefit Pension Plan |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Pension Plan | Defined Benefit Pension Plan Net periodic pension income and benefits paid during the quarter and year-to-date periods ended September 30, 2026 and 2025 were immaterial. Assumptions A weighted-average discount rate of 4.25% was used to determine benefit obligations as of September 30, 2026. The following weighted-average assumptions were used to determine net periodic pension cost:
Settlement During the year-to-date period ended September 30, 2026, the Company completed a settlement of a portion of its defined benefit pension plan obligations. The settlement was executed through the purchase of group annuity contracts from a third‑party, which transferred the related benefit obligations and associated plan assets. As a result of the settlement, the Company recognized net pension settlement activity during the quarter and year-to-date periods ended September 30, 2026 of $(0.6) million and $0.2 million, respectively. These amounts are included in "Salaries, wages, and benefits" in the Company's condensed consolidated statements of comprehensive income. This charge primarily reflects the accelerated recognition of previously unrecognized actuarial losses and prior service costs that were recorded in accumulated other comprehensive loss. Following the settlements, the Company’s projected benefit obligation and plan assets were both reduced by $33.0 million. The settlement significantly reduced the Company’s exposure to future changes in interest rates, longevity assumptions, and asset return volatility associated with the pension plan. The termination of the pension plan is expected to be finalized during the quarter ended December 31, 2026. Refer to Note 12 for additional information regarding fair value measurements of the Company's investments.
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