Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is composed of adjustments to the Company’s pension and postretirement medical benefit plans and unrealized gains/losses on the Company’s available-for-sale short-term investments.

Following is a summary of AOCI(L) for 2025, 2024 and 2023:


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2024		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2025
Net pension activity:
Actuarial gain	$	4,418	$	26	$	(5)	$	—	$	—	$	4,439
Prior service costs	(85)		(124)		31		16		(5)		(167)
Net postretirement benefits activity:
Actuarial gain (loss)	2,960		(10,539)		2,594		187		(46)		(4,844)
Prior service costs	(624)		—		—		—		—		(624)
Unrealized gain on short-term investments	25		20		(6)		(53)		14		—
Reclassification of stranded tax effects	(4,809)		—		—		—		—		(4,809)
Total AOCI(L)	$	1,885	$	(10,617)	$	2,614	$	150	$	(37)	$	(6,005)


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2023		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2024
Net pension activity:
Actuarial gain	$	533	$	5,144	$	(1,259)	$	—	$	—	$	4,418
Prior service costs	(97)		—		—		16		(4)		(85)
Net postretirement benefits activity:
Actuarial gain	721		2,920		(715)		44		(10)		2,960
Prior service costs	(624)		—		—		—		—		(624)
Unrealized gain on short-term investments	—		33		(8)		—		—		25
Reclassification of stranded tax effects	(4,809)		—		—		—		—		(4,809)
Total AOCI(L)	$	(4,276)	$	8,097	$	(1,982)	$	60	$	(14)	$	1,885


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	3,036	$	(744)	$	1,946	$	(476)	$	(67,378)
Prior service costs	(105)		(5)		1		16		(4)		(97)
Pension plan settlement	—		—		—		112,796		(44,885)		67,911
Net postretirement benefits activity:
Actuarial gain	6,752		(7,986)		1,955		—		—		721
Prior service costs	(624)		—		—		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		—		—		14,911		(4,809)
Total AOCI(L)	$	(84,837)	$	(4,955)	$	1,212	$	114,758	$	(30,454)	$	(4,276)