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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Assets by Investment Type The following schedule summarizes the allocation of assets of the FPU Pension Plan, by investment type, at December 31, 2025, 2024 and 2023:
 FPU Pension Plan
At December 31,202520242023
Asset Category
Equity securities15 %31 %50 %
Debt securities84 67 49 
Other1 2 1 
Total100 %100 %100 %
Schedule of Asset Allocation Strategy
Asset Allocation Strategy
Asset ClassTargetRange (+/-)
Fixed Income (Inflation Bond and Taxable Fixed Income funds)90 %5 %
Cash10 %5 %
Summary of Pension Plan Assets
At December 31, 2025 and 2024, the assets of the FPU Pension Plan (prior to the previously mentioned change in asset allocation strategy) were comprised of the following investments:
As of December 31,
Asset Category20252024
(in millions) 
Mutual Funds - Equity securities
U.S. Large Cap (1)
$5.1 $10.6 
U.S. Mid Cap (1)
1.3 3.2 
U.S. Small Cap (1)
— — 
International (2)
1.3 1.3 
7.7 15.1 
Mutual Funds - Debt securities
Fixed income (3)
41.9 32.8 
41.9 32.8 
Mutual Funds - Other
Guaranteed deposit (4)
0.4 1.2 
0.4 1.2 
Total Pension Plan Assets at fair value (5)
$50.0 $49.1 
Schedule of Level Three Defined Benefit Plan Assets Roll Forward
The changes in the fair value within our pension assets for Level 3 investments for the years ended December 31, 2025 and 2024 were not material.
Schedule of Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Income Loss or Regulatory Assets
As of December 31, 2025, there was $7.6 million not yet reflected in net periodic postretirement benefit costs and included in the Company's consolidated balance sheets as accumulated other comprehensive income (loss) or as a regulatory asset. Net losses of $5.8 million and $1.1 million attributable to the FPU Pension Plan and Chesapeake Postretirement Plan, respectively, comprised most of this amount with $2.2 million recorded in accumulated other comprehensive income (loss) and $4.7 million recorded as a regulatory asset at December 31, 2025.
Schedule of Estimated Future Benefit Payments
The schedule below shows the estimated future benefit payments for the FPU Pension Plan (estimated payments related to the Chesapeake SERP, Chesapeake Postretirement Plan and FPU Medical Plan are not material) assuming continuation of the plan. A termination of the plan and related settlement of its obligations would accelerate the timing of payments estimated below.
FPU Pension
Plan (1)
(in millions) 
2026$3.6 
2027$3.6 
2028$3.7 
2029$3.6 
2030$3.6 
Years 2031 through 2035$17.2 
(1) The pension plan is funded; therefore, benefit payments are expected to be paid out of the plan assets.
Pension benefit  
Schedule of Funded Status of Benefit Obligation and Plan Assets
The following schedules set forth the funded status at December 31, 2025 and 2024 and the net periodic cost (benefit) for the years ended December 31, 2025, 2024 and 2023 for the FPU Pension Plan and the Chesapeake SERP:
 FPU
Pension Plan		Chesapeake
SERP
2025202420252024
(in millions)  
Change in benefit obligation:
Benefit obligation — beginning of year$45.5 $49.7 $1.5 $1.6 
Interest cost2.4 2.4 0.1 0.1 
Actuarial (gain) loss0.6 (2.0)(0.1)— 
Benefits paid(3.5)(4.6)(0.2)(0.2)
Benefit obligation — end of year45.0 45.5 1.3 1.5 
Change in plan assets:
Fair value of plan assets — beginning of year49.1 49.5 — — 
Actual return on plan assets4.4 4.2 — — 
Employer contributions— — 0.2 0.2 
Benefits paid(3.5)(4.6)(0.2)(0.2)
Fair value of plan assets — end of year50.0 49.1 — — 
Accrued pension funded status$5.0 $3.6 $(1.3)$(1.5)
Assumptions:
Discount rate5.25 %5.50 %4.98 %5.40 %
Expected return on plan assets5.50 %6.00 %— %— %
Component of Net Periodic Pension Cost (Benefit)
FPU
Pension Plan		Chesapeake
SERP
For the Year Ended December 31,202520242023202520242023
(in millions)   
Components of net periodic pension (benefit) cost:
Interest cost$2.4 $2.4 $2.5 $0.1 $0.1 $0.1 
Expected return on assets(2.6)(2.9)(2.7)— — — 
Amortization of actuarial loss0.1 0.3 0.4 — — — 
Total periodic (benefit) cost$(0.1)$(0.2)$0.2 $0.1 $0.1 $0.1 
Assumptions:
Discount rate5.50 %5.00 %5.25 %5.40 %4.88 %5.00 %
Expected return on plan assets5.50 %6.00 %6.00 %— %— %— %
Other Postretirement Benefit Plans  
Component of Net Periodic Pension Cost (Benefit)
Amounts Not Yet Reflected in Periodic Benefit Cost