Employee Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefits

15.Employee Benefits

All of the Company’s employees except independent contractors, associate divers, the associate tugmasters, residents of Puerto Rico, and employees covered by a collective bargaining agreement, unless the agreement requires the employee to be included under the plan, are eligible to participate in the Company’s 401(k) Retirement Plan (the “Plan”) on the first day of any month following their date of hire. Each participant may contribute between 1% and 80% of eligible compensation on a pre-tax basis, Roth after-tax or a combination of pre-tax and Roth, up to the annual IRS limit. The Company matches 100% on the first 3% of eligible compensation contributed to the Plan and 50% on the next 2% of eligible compensation contributed to the Plan. Participants’ contributions are fully vested at all times. Because the Plan is a safe harbor plan, the money Orion contributes to employees’ accounts in the form of a match, and any related earnings become theirs immediately upon receipt. At its discretion, the Company may make additional matching and profit-sharing contributions. During the years ended December 31, 2025, 2024 and 2023 the Company contributed $2.7 million, $2.9 million and $2.7 million, respectively, in matching contributions.

The Company contributes to several multi-employer defined pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. Risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

● Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers;

● If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

● If the Company chooses to stop participating in its multi-employer plans, it may be required to pay a withdrawal liability based on the underfunded status of the plan.

The following table presents the Company’s participation in these plans:

		Pension Protection										Expiration
		Act ("PPA")										of
	Employer	Certified Zone Status		FIP/RP								Collective
	Identification	(1)		Status	Contributions (3)						Surcharge	Bargaining
Pension Trust Fund	Number	2025	2024	P/I (2)	2025		2024		2023		Imposed	Agreement
International Union of Operating Engineers - Employers Construction Industry Retirement Plan - Local 302 and 612 Trust Funds	91-6028571	Green	Green	N/A	$	1,755	$	1,182	$	1,340	—	2027
Washington Laborers	91-6022315	Green	Green	N/A	$	30	$	50	$	137	—	2027
SW Carpenters Pension Plan	95-6042875	Green	Green	N/A	$	1,336	$	681	$	1,906	—	2027
Cement Masons & Plasterers Trust Funds	91-6066773	N/A	Green	N/A	$	—	$	128	$	—	—	N/A
Western Conference of Teamsters Pension Trust Fund	91-6145047	N/A	Green	N/A	$	—	$	22	$	46	—	N/A
Oregon Operating Engineers – AGC -IUOE Local 701	93-6022485	Green	N/A	N/A	$	117	$	—	$	—	—	2028
Hawaii Operating Engineers Local 3 Trust Funds	81-3751949	Green	Green	N/A	$	1,610	$	1,706	$	121	—	2029
Hawaii Regional Council of Carpenters	45-3998630	Green	Green	N/A	$	1,611	$	1,542	$	128	—	2029

(1) The most recent PPA zone status available in 2025 and 2024 is for the plan’s year end during 2024 and 2023, respectively. Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are less than 80% funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80%funded, and plans in the green zone are at least 80% funded.

(2) The FIP/RP Status P/I column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending (“P”), or implemented (“I”).

(3) Based on information provided by the plan administrators, the Company’s contributions represented less than 5% of the total contributions to each plan by all participating employers for the plan year(s) for which information is available.

There are currently no plans to withdraw from any of the multi-employer plans in which the Company participates.