Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Executive Benefit Plans

In addition to the Company’s Director Deferral Plan, the Company has four executive benefit plans: the Supplemental Savings Incentive Plan, the Long-Term Retention Plan, the Officer Retention Plan and the Long-Term Performance Plan. The Company also has a Long-Term Performance Equity Plan, as discussed in Note 2.

Pursuant to the Supplemental Savings Incentive Plan, as amended and restated effective July 30, 2024, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service with the Company, termination of employment due to death or retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are invested in either a fixed benefit option or certain investment funds determined by the participant. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary, excluding bonuses, deferred by the participant. During 2025, 2024 and 2023, the Company matched 50% of the first 6% of salary, excluding bonuses, deferred by the participant. The Company may also make discretionary contributions to participants’ accounts.

Under the Director Deferral Plan, as amended and restated effective January 1, 2014, non-employee directors may defer payment of all or a portion of their annual retainer and meeting fees. There is no Company matching contribution under the Director Deferral Plan. The liability under these two deferral plans was as follows:

(in thousands)	December 31, 2025		December 31, 2024
Current liabilities	$	10,372	$	10,424
Noncurrent liabilities	94,102		89,293
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan	$	104,474	$	99,717

Under the Long-Term Retention Plan, as amended and restated effective July 30, 2024, the Company accrues a defined amount each year for an eligible participant based upon an award schedule. Amounts awarded may earn an investment return based on certain investment funds specified by the Company. Accrued benefits under the Long-Term Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the accrued benefit is fully vested at age 60. Participants receive payments from the plan upon retirement or, in certain instances, upon termination of employment. Payments are made in the form of monthly installments over a period of 10, 15 or 20 years. The liability under this plan was as follows:

(in thousands)	December 31, 2025		December 31, 2024
Current liabilities	$	287	$	268
Noncurrent liabilities	19,934		14,660
Total liability - Long-Term Retention Plan	$	20,221	$	14,928

Under the Officer Retention Plan, as amended and restated effective July 30, 2024, eligible participants may elect to receive an annuity payable in equal monthly installments over a 10-, 15- or 20-year period commencing at retirement or, in certain instances, upon termination of employment. The benefits under the Officer Retention Plan increase with each year of participation as set forth in an agreement between the participant and the Company. Accrued benefits under the Officer Retention Plan are 50% vested until age

51. Beginning at age 51, the vesting percentage increases by 5% each year until the accrued benefit is fully vested at age 60. The liability under this plan was as follows:

(in thousands)	December 31, 2025		December 31, 2024
Current liabilities	$	2,458	$	3,489
Noncurrent liabilities	33,780		32,486
Total liability - Officer Retention Plan	$	36,238	$	35,975

Under the Long-Term Performance Plan, as amended and restated effective July 30, 2024, the Compensation Committee of the Company’s Board of Directors establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Long-Term Performance Plan are made to executive officers based on the relative achievement of performance measures in terms of the Company-sponsored objectives or objectives related to the performance of the individual participant or of the subsidiary, division, department, region or function in which the participant is employed. The liability under this plan was as follows:

(in thousands)	December 31, 2025		December 31, 2024
Current liabilities	$	10,234	$	9,588
Noncurrent liabilities	10,580		9,541
Total liability - Long-Term Performance Plan	$	20,814	$	19,129

Pension Plan

The Company sponsors a pension plan (the “Bargaining Plan”) for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company updates its mortality assumptions used in the calculation of its pension liability each year using The Society of Actuaries’ latest mortality tables and mortality projection scales.

The following tables set forth pertinent information for the Bargaining Plan:

	Fiscal Year
(in thousands)	2025		2024
Beginning balance - Bargaining Plan projected benefit obligation	$	44,935	$	46,123
Service cost	3,703		4,330
Interest cost	2,722		2,379
Plan amendments	124		—
Actuarial loss (gain)	1,665		(7,000)
Benefits paid	(1,049)		(897)
Ending balance - Bargaining Plan projected benefit obligation	$	52,100	$	44,935

Changes in Projected Benefit Obligation

The plan assets of the Bargaining Plan were in excess of the projected benefit obligation and the accumulated benefit obligation as of both December 31, 2025 and December 31, 2024. The accumulated benefit obligation associated with the Bargaining Plan was $52.1 million on December 31, 2025 and $44.9 million on December 31, 2024.

Changes to demographic assumptions for the Bargaining Plan, as compared to the previous year, was the primary driver of the actuarial loss in 2025. The increase in the discount rate for the Bargaining Plan, as compared to the previous year, was the primary driver of the actuarial gain in 2024. The actuarial loss (gain), net of tax, was recorded in accumulated other comprehensive (loss) income in the consolidated balance sheets.

Change in Plan Assets

	Fiscal Year
(in thousands)	2025		2024
Beginning balance - Bargaining Plan assets at fair value	$	49,617	$	47,321
Actual return on plan assets	5,231		1,424
Employer contributions	5,000		2,000
Benefits and expenses paid	(1,312)		(1,128)
Ending balance - Bargaining Plan assets at fair value	$	58,536	$	49,617

Funded Status

(in thousands)	December 31, 2025		December 31, 2024
Projected benefit obligation	$	(52,100)	$	(44,935)
Plan assets at fair value	58,536		49,617
Net funded status - Bargaining Plan	$	6,436	$	4,682

Amounts Recognized in the Consolidated Balance Sheets

(in thousands)	December 31, 2025		December 31, 2024
Assets:
Noncurrent assets	$	6,436	$	4,682
Total asset - Bargaining Plan	$	6,436	$	4,682

Net Periodic Pension Cost

	Fiscal Year
(in thousands)	2025		2024		2023
Service cost	$	3,703	$	4,330	$	3,996
Interest cost	2,722		2,379		2,079
Expected return on plan assets	(3,276)		(3,050)		(2,438)
Amortization of prior service costs	16		16		16
Net periodic pension cost - Bargaining Plan	$	3,165	$	3,675	$	3,653

Significant Assumptions

	Fiscal Year
	2025		2024		2023
Projected benefit obligation at the measurement date:
Discount rate - Bargaining Plan	5.92	%	5.89	%	5.16	%
Weighted average rate of compensation increase	N/A		N/A		N/A
Net periodic pension cost for the fiscal year:
Discount rate - Bargaining Plan	5.89	%	5.16	%	5.34	%
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)	7.00	%	7.00	%	7.00	%
Weighted average rate of compensation increase	N/A		N/A		N/A

(1)The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.

Cash Flows

The anticipated future pension benefit payments as of December 31, 2025 were as follows:

(in thousands)	Anticipated Future Payment
2026	$	1,535
2027	1,782
2028	2,043
2029	2,299
2030	2,562
2031 - 2035	17,154

The Company expects to make cash contributions to the Bargaining Plan of approximately $5 million during fiscal year 2026.

Plan Assets

All assets in the Bargaining Plan are invested in institutional investment funds managed by professional investment advisors which hold U.S. and international equity and debt securities. The objective of the Company’s investment philosophy is to earn the Bargaining Plan’s targeted rate of return over longer periods without assuming excess investment risk. The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which will be used to compute fiscal year 2026 net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions in the context of historical returns and volatilities for each asset class. The Company evaluates the rate of return assumption on an annual basis.

The Company’s actual asset allocation at December 31, 2025 and December 31, 2024 and target asset allocation for fiscal year 2026 by asset category for the Bargaining Plan were as follows:

	Percentage of Bargaining Plan Assets at Fiscal Year-End				Target Asset Allocation
	2025		2024		2026
U.S. debt securities	54	%	50	%	50	%
U.S. equity securities	26	%	26	%	25	%
International debt securities	2	%	3	%	—	%
International equity securities	11	%	13	%	13	%
Cash and cash equivalents	1	%	1	%	2	%
Other	6	%	7	%	10	%
Total	100	%	100	%	100	%

The expected long-term rate of return on assets for the Bargaining Plan as of December 31, 2025 was 7.00%.

Debt securities in the Bargaining Plan as of December 31, 2025 consisted primarily of investments in government and corporate bonds with a weighted average maturity of approximately 18 years. U.S. equity securities in the Bargaining Plan as of December 31, 2025 included large-capitalization, mid-capitalization and small-capitalization domestic equity funds represented by various indices. International equity securities in the Bargaining Plan as of December 31, 2025 included companies from both developed and emerging markets outside the United States. Other investments in the Bargaining Plan as of December 31, 2025 included alternative investment funds and other strategic opportunities. Cash and cash equivalents have a weighted average duration of less than one year.

The following table summarizes the Bargaining Plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 16 for additional information.

(in thousands)	December 31, 2025		December 31, 2024
Pension plan assets - fixed income	$	32,491	$	26,243
Pension plan assets - equity securities	21,819		19,468
Pension plan assets - cash and cash equivalents	588		671
Pension plan assets - other	3,638		3,235
Total pension plan assets	$	58,536	$	49,617

401(k) Savings Plan

The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements and for certain employees who are part of collective bargaining agreements. The Company’s matching contribution for employees who are not part of collective bargaining agreements is discretionary, with the option to match contributions for eligible participants up to 5% based on the Company’s financial results. For all years presented, the Company matched the maximum 5% of participants’ contributions. The Company’s matching contribution for employees who are part of collective bargaining agreements is determined in accordance with negotiated formulas for the respective employees. The total expense for the Company’s matching contributions to the 401(k) Savings Plan was $35.1 million in 2025, $32.7 million in 2024 and $30.5 million in 2023.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified qualifying criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future.

The following tables set forth pertinent information for the Company’s postretirement benefit plan:

Reconciliation of Activity

	Fiscal Year
(in thousands)	2025		2024
Benefit obligation at beginning of year	$	62,100	$	63,828
Service cost	1,072		1,163
Interest cost	3,640		3,102
Plan participants’ contributions	702		707
Actuarial loss (gain)	10,539		(2,920)
Benefits paid	(4,382)		(3,780)
Benefit obligation at end of year	$	73,671	$	62,100

Updates to the health care claims assumptions for the postretirement benefit plan, as compared to the previous year, was the primary driver of the actuarial loss in 2025. Updates to demographic assumptions and the increase in the discount rate for the postretirement benefit plan, as compared to the previous year, partially offset by updates to claim trends, were the primary drivers of the actuarial gain in 2024. The actuarial loss (gain), net of tax, was recorded in accumulated other comprehensive (loss) income in the consolidated balance sheets.

Reconciliation of Plan Assets Fair Value

	Fiscal Year
(in thousands)	2025		2024
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	3,680		3,073
Plan participants’ contributions	702		707
Benefits paid	(4,382)		(3,780)
Fair value of plan assets at end of year	$	—	$	—

Funded Status

(in thousands)	December 31, 2025		December 31, 2024
Current liabilities	$	(4,373)	$	(3,598)
Noncurrent liabilities	(69,298)		(58,502)
Total liability - postretirement benefits	$	(73,671)	$	(62,100)

Net Periodic Postretirement Benefit Cost

	Fiscal Year
(in thousands)	2025		2024		2023
Service cost	$	1,072	$	1,163	$	1,085
Interest cost	3,640		3,102		2,761
Recognized net actuarial loss	187		44		—
Net periodic postretirement benefit cost	$	4,899	$	4,309	$	3,846

Significant Assumptions

	Fiscal Year
	2025		2024		2023
Benefit obligation at the measurement date:
Weighted average healthcare cost trend rate - Pre-Medicare	8.07	%	8.45	%	7.88	%
Weighted average healthcare cost trend rate - Post-Medicare	9.23	%	9.73	%	8.65	%
Benefit obligation discount rate	5.41	%	5.68	%	5.02	%
Net periodic postretirement benefit cost discount rate for fiscal year	5.68	%	5.02	%	5.19	%
Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate	8.45	%	7.88	%	6.58	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2034		2033		2032
Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate	9.73	%	8.65	%	6.89	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2034		2033		2032

Cash Flows

The anticipated future postretirement benefit payments reflecting expected future service as of December 31, 2025 were as follows:

(in thousands)	Anticipated Future Payment
2026	$	4,373
2027	5,016
2028	5,612
2029	5,824
2030	6,207
2031 - 2035	31,546

Accumulated Other Comprehensive Income (Loss)

A reconciliation of the gross amounts in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost associated with the plans discussed above is as follows:

(in thousands)	December 31, 2024		Actuarial Gain (Loss)		Reclassification Adjustments		December 31, 2025
Bargaining Plan:
Actuarial gain	$	5,362	$	26	$	—	$	5,388
Prior service costs	(131)		(124)		16		(239)
Postretirement Medical:
Actuarial loss	(4,252)		(10,539)		187		(14,604)
Total within accumulated other comprehensive income (loss)	$	979	$	(10,637)	$	203	$	(9,455)

Multiemployer Pension Plans

Certain employees of the Company whose employment is covered under collective bargaining agreements participate in a multiemployer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (the “Teamsters Plan”). The Company makes monthly contributions to the Teamsters Plan on behalf of such employees. The collective bargaining agreements covering the Teamsters Plan expire at various times through 2027. The Company expects these agreements will be renegotiated.

Participating in the Teamsters Plan involves certain risks in addition to the risks associated with single employer pension plans, as contributed assets are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Teamsters Plan, the unfunded obligations of the Teamsters Plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the Teamsters Plan, the Company could be required to pay the Teamsters Plan a withdrawal liability based on the underfunded status of the Teamsters Plan. The Company does not anticipate withdrawing from the Teamsters Plan.

In 2015, the Company increased its contribution rates to the Teamsters Plan, with additional increases occurring annually, as part of a rehabilitation plan, which was incorporated into the renewal of collective bargaining agreements with the unions effective April 28, 2014 and adopted by the Company as a rehabilitation plan effective January 1, 2015. This is a result of the Teamsters Plan being certified by its actuary as being in “critical” status for the plan year beginning January 1, 2013.

The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

	Fiscal Year
(in thousands)	2025		2024		2023
Pension Protection Act Zone Status	Red		Red		Red
FIP or RP pending or implemented	Yes		Yes		Yes
Surcharge imposed	Yes		Yes		Yes
Contribution	$	1,052	$	1,032	$	999

According to the Teamsters Plan’s Form 5500 for both the plan years ended December 31, 2024 and December 31, 2023, the Company was not listed as providing more than 5% of the total contributions. At the date these consolidated financial statements were issued, a Form 5500 was not available for the plan year ended December 31, 2025.

The Company has a liability recorded for withdrawing from a multiemployer pension plan in 2008 and is required to make payments of approximately $1 million to this multiemployer pension plan each year through 2028. As of December 31, 2025, the Company had $2.4 million remaining on this liability.