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Pensions
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pensions Pensions
During the periods presented, the Company sponsored two frozen non-contributory qualified defined benefit pension plans that incur no additional service costs: the Dex Pension Plan and the YP Holdings LLC Pension Plan (the “YP Plan”). The Company also maintains two frozen non-qualified defined benefit pension plans for certain executives: the Dex One Pension Benefit Equalization Plan and the SuperMedia Excess Pension Plan.

During 2025, the Company commenced the process to fully terminate the YP Plan. In the fourth quarter of 2025, $15.9 million in lump sum distributions were made from plan assets to certain retirees, participants, and beneficiaries under the YP Plan who elected to receive their benefits as accelerated lump sum payouts. Additionally, the Company purchased a group annuity contract with an insurance company for $33.1 million that transferred $29.5 million of benefit obligations related to the remaining participants to the insurer. There was no change to the pension benefits for the participants transferred to the insurance company. The purchase of the group annuity contract was fully funded by plan assets. The transaction was considered a settlement under GAAP and, in the fourth quarter of 2025, the Company recorded a non-cash pension settlement charge of approximately $3.7 million reflected in Net periodic pension (cost) benefit as a result of the lump sum distributions and the purchase of the group annuity contract. The pension settlement required remeasurement of the plan assets and obligations prior to the calculation of the settlement charge.

The Company immediately recognizes actuarial gains and losses in its operating results in the year in which the gains and losses occur. The Company estimates the interest cost component of net periodic pension cost by utilizing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligations of the relevant projected cash flows. This method provides a more precise measurement of interest costs by improving the correlation between projected cash flows to the corresponding spot yield curve rates.
Net Periodic Pension Cost (Benefit)

The following table details the components of net periodic pension cost (benefit) for the Company's pension plans:
Years Ended December 31,
(in thousands)202520242023
Interest cost$18,925 $19,295 $21,386 
Expected return on assets(15,859)(12,971)(13,752)
Settlement loss (gain)3,652 — (407)
Remeasurement loss (gain)2,099 (31,130)(9,946)
Net periodic pension cost (benefit)$8,817 $(24,806)$(2,719)

Since all pension plans are frozen and no employees accrue future pension benefits under any of the pension plans, the rate of compensation increase assumption is no longer applicable. The Company determines the weighted-average discount rate by applying a yield curve comprised of the yields on several hundred high-quality, fixed income corporate bonds available on the measurement date to expected future benefit cash flows.

The weighted-average assumptions used for determining the Company's net periodic pension cost (benefit) are as follows:
 Years Ended December 31,
202520242023
Pension benefit obligations discount rate5.52 %4.95 %5.14 %
Interest cost discount rate5.38 %4.90 %5.10 %
Expected return on plan assets, net of administrative expenses5.15 %4.08 %4.04 %
Interest crediting rate3.76 %3.51 %3.02 %

The weighted-average assumptions used for determining the Company's pension benefit obligations are as follows:
 Years Ended December 31,
20252024
Pension benefit obligations discount rate5.11 %5.52 %
Interest crediting rate4.50 %3.76 %
Pension Benefit Obligations and Plan Assets

The following table summarizes the benefit obligations, plan assets, and funded status associated with the Company's pension and benefit plan:

 (in thousands)
20252024
Change in Benefit Obligations
Balance as of January 1$366,836 $408,950 
Interest cost18,925 19,295 
Actuarial loss (gain), net
20,850 (28,103)
Benefits paid(50,823)(33,306)
Settlement loss
(3,652)— 
Obligations transferred through annuity purchase
(29,485)— 
Balance as of December 31$322,651 $366,836 
 
Change in Plan Assets
Balance as of January 1$328,283 $339,046 
Plan contributions2,398 6,545 
Actual return on plan assets, net of administrative expenses30,958 15,998 
Benefits paid(50,561)(33,306)
Plan assets transferred through annuity purchase
(33,137)— 
Balance as of December 31$277,941 $328,283 
 
Funded Status as of December 31 (plan assets less benefit obligations)$(44,710)$(38,553)

The following table summarizes the cash contributions made by the Company to its qualified and non-qualified plans during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
(in thousands)202520242023
Qualified plans$2,094 $6,000 $— 
Non-qualified plans$564 $515 $778 

For fiscal year 2026, the Company expects to contribute approximately $5.4 million to the qualified plan and approximately $0.5 million to the non-qualified plans.

The net actuarial loss in the benefit obligations of $5.8 million for the year ended December 31, 2025 was a result of losses attributable to decreasing discount rates due to changes in corporate bond markets, life expectancy updates, actuarial assumption updates to reflect current market conditions, and plan experience differing from expectations, partially offset by gains attributable to asset performance exceeding expectations.

The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to pension plans:

December 31,
(in thousands)20252024
Current liabilities$(539)$(539)
Long-term liabilities(44,171)(38,014)
Total pension liability as of December 31$(44,710)$(38,553)
The following table summarizes the amounts associated with the Company's pension plans that have accumulated pension obligations greater than plan assets (underfunded):

December 31,
(in thousands)20252024
Accumulated benefit obligations$322,651 $320,242 
Projected benefit obligations$322,651 $320,242 
Plan assets$277,941 $280,325 

Expected Cash Flows

The Company's estimated future pension benefit payments are as follows:
(in thousands)Expected Future
Pension Benefit
Payments
2026$39,120
2027$33,762
2028$32,544
2029$31,444
2030$30,536
2031 to 2035$128,949

Pension Plan Assets

The Company's overall investment strategy is to achieve a mix of assets, allowing it to meet projected benefits payments while taking into consideration expected levels of risk and return. Depending on perceived market pricing and various other factors, both active and passive approaches are utilized.

The following tables set forth the fair values of the Company's pension plan assets by asset category:


December 31, 2025
(in thousands)TotalLevel 1
(Quoted
Market Prices
in Active
Markets)		Level 2
(Significant
Observable
Input)		Level 3
(Unobservable
Inputs)
Cash and cash equivalents$2,643 $2,643 $— $— 
Equity funds71,126 71,126 — — 
U.S. treasuries and agencies20,790 — 20,790 — 
Corporate bond funds106,348 106,348 — — 
Total$200,907 $180,117 $20,790 $— 
Hedge funds-investments measured at net asset value (“NAV”) as a practical expedient
77,034 
Total plan assets$277,941 
 December 31, 2024
 TotalLevel 1
(Quoted
Market Prices
in Active
Markets)		Level 2
(Significant
Observable
Input)		Level 3
(Unobservable
Inputs)
Cash and cash equivalents$8,833 $8,833 $— $— 
Equity funds77,614 77,614 — — 
U.S. treasuries and agencies18,044 — 18,044 — 
Corporate bond funds138,680 138,680 — — 
Total$243,171 $225,127 $18,044 $— 
Hedge funds-investments measured at NAV as a practical expedient85,112 
Total plan assets$328,283 

Cash and cash equivalents are comprised of cash and high-grade money market instruments with short-term maturities. Equity funds are mutual funds invested in equity securities. U.S. treasuries and agencies are fixed income investments in U.S. government or agency securities. Corporate bonds are mutual fund investments in corporate debt. Hedge funds are private investment vehicles that use a variety of investment strategies with the objective of providing positive total returns regardless of market performance.

Pension Plan Hedge Fund Investments

The Company's hedge fund investments are made through limited partnership interests in various hedge funds that employ different trading strategies. Examples of strategies followed by hedge funds include directional strategies, relative value strategies and event driven strategies. A directional strategy entails taking a net long or short position in a market. Relative value seeks to take advantage of mis-pricing between two related and often correlated securities with the expectation that the pricing discrepancy will be resolved over time. Relative value strategies typically involve buying and selling related securities. An event driven strategy uses different investment approaches to profit from reactions to various events. Typically, events can include acquisitions, divestitures or restructurings that are expected to affect individual companies and may include long and short positions in common and preferred stocks, as well as debt securities and options. The Company has no unfunded commitments to these investments and has redemption rights with respect to its investments that range up to three years.

The Company uses NAV to determine the fair value of all underlying investments that do not have a readily determinable fair market value and either have the attributes of an investment company or prepare their financial statements consistent with the measurement principles of an investment company. As of December 31, 2025 and 2024, the Company used NAV to value its hedge fund investments.

The weighted-average percentage of assets in the Company's pension plans, by category, is as follows:

December 31,

20252024
Cash and cash equivalents1.0 %2.7 %
U.S. treasuries and agencies, corporate bond funds, and other fixed income45.7 %47.7 %
Equity funds25.6 %23.6 %
Hedge funds27.7 %26.0 %
Total100.0 %100.0 %

Prospective Pension Plan Investment Strategy

The Company uses a liability-driven investment strategy, and as part of the strategy, the Company may invest in hedge fund investments, fixed income investments, and equity investments, and will hold an adequate amount of cash and cash equivalents to meet daily pension obligations.
Expected Rate of Return for Pension Assets

The expected rate of return for the pension assets represents the average rate of return to be earned on plan assets over the period the benefits are expected to be paid. The expected rate of return on the plan assets is developed from the expected future return on each asset class, weighted by the expected allocation of pension assets to that asset class. Historical performance is considered for the types of assets in which the plan invests. Independent market forecasts and economic and capital market considerations are also utilized.

For 2026, the expected rate of return, net of administrative expenses, for the Dex Pension Plan is 5.2%. In 2025, the actual rates of return on assets for the Dex Pension Plan and the YP Plan were 10.7% and 7.2%, respectively. In 2024, the actual rates of return on assets for the Dex Pension Plan and the YP Plan were 6.0% and (1.0)%, respectively.

Savings Plan Benefits
The Company sponsors a defined contribution savings plan to provide opportunities for eligible employees to save for retirement. All full-time U.S. employees are eligible to participate in the plan. Participant contributions may be made on a pre-tax, after-tax, or Roth basis. Under the plan, the Company matched up to 1% of eligible pre-tax or Roth employee contributions for the year ended December 31, 2025, and up to 4.8% for the years ended December 31, 2024 and 2023. These matching Company cash contributions are allocated to the participants' current investment elections. The Company recognizes its contributions as savings plan expense based on its matching obligation to participating employees. For the years ended December 31, 2025, 2024 and 2023, the Company recorded total savings plan expense of $1.7 million, $7.7 million, and $9.0 million, respectively.