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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Combined Activity in Corporations Defined Benefit Pension Plans
We use a December 31 measurement date for our defined benefit plans. Combined activity in our defined benefit pension plans was as follows:
202520242023
Change in plan assets:
Fair value of plan assets at beginning of year$169,727 $174,611 $161,823 
Actual return on plan assets14,677 5,306 22,477 
Employer contributions1,151 1,150 1,105 
Benefits paid(11,348)(11,340)(10,794)
Fair value of plan assets at end of year174,207 169,727 174,611 
Change in benefit obligation:
Benefit obligation at beginning of year130,900 142,372 143,944 
Interest cost6,619 6,647 6,983 
Actuarial (gain) loss3,645 (6,779)2,239 
Benefits paid(11,348)(11,340)(10,794)
Benefit obligation at end of year129,816 130,900 142,372 
Funded status of the plan at end of year and accrued benefit (liability) recognized
$44,391 $38,827 $32,239 
Accumulated benefit obligation at end of year$129,816 $130,900 $142,372 
Disaggregated Information Related to Corporations Defined Benefit Pension Plans
Certain disaggregated information related to our defined benefit pension plans as of year-end was as follows:
Retirement PlanRestoration Plan
2025202420252024
Projected benefit obligation$119,198 $120,179 $10,618 $10,721 
Accumulated benefit obligation119,198 120,179 10,618 10,721 
Fair value of plan assets174,207 169,727 — — 
Funded status of the plan at end of year and accrued benefit (liability) recognized
55,009 49,548 (10,618)(10,721)
Net Periodic Benefit Cost (Benefit)
The components of the combined net periodic cost (benefit) for our defined benefit pension plans are presented in the table below.
202520242023
Expected return on plan assets, net of expenses$(9,366)$(9,645)$(10,959)
Interest cost on projected benefit obligation6,619 6,647 6,983 
Net amortization and deferral1,239 1,673 3,479 
Net periodic expense (benefit)$(1,508)$(1,325)$(497)
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income
Amounts related to our defined benefit pension plans recognized as a component of other comprehensive income were as follows:
202520242023
Net actuarial gain (loss)$2,904 $4,112 $12,757 
Deferred tax (expense) benefit(610)(863)(2,679)
Other comprehensive income (loss), net of tax$2,294 $3,249 $10,078 
Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost
Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net periodic benefit cost of our defined benefit pension plans are presented in the following table.
20252024
Net actuarial loss$(23,902)$(26,806)
Deferred tax benefit5,020 5,630 
Amounts included in accumulated other comprehensive income/loss, net of tax(18,882)(21,176)
Weighted-Average Assumptions Used to Determine Benefit Obligations
The weighted-average assumptions used to determine the benefit obligations as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plans were frozen, increases in compensation are not considered after 2001.
202520242023
Benefit obligations:
Discount rate5.27 %5.58 %4.95 %
Net periodic benefit cost:
Discount rate5.58 %4.95 %5.14 %
Expected return on plan assets5.70 5.70 7.00 
Fair Value of Plan Assets
The major categories of assets in our Retirement Plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 “Fair Value Measurements and Disclosures,” utilized to measure fair value (see Note 16 - Fair Value Measurements). Our Restoration Plan is unfunded.
20252024
Level 1:
Mutual funds and ETFs$35,883 $34,564 
U.S. Treasury25,830 24,341 
Common stock16,280 14,921 
Cash and cash equivalents3,688 431 
Level 2:
Corporate bonds and notes59,615 62,405 
U.S. government agency securities6,345 7,232 
States and political subdivisions26,566 25,833 
Total fair value of plan assets$174,207 $169,727 
Expected Future Benefit Payments Related to Defined Benefit Plans
As of December 31, 2025, expected future benefit payments related to our defined benefit plans were as follows:
2026$11,777 
202711,782 
202811,673 
202911,359 
203011,191 
2031 through 203551,178 
$108,960 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
A combined summary of activity in our active stock plans is presented in the table. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. The target award level for performance stock units granted in 2025, 2024 and 2023 was 23,292, 21,554 and 66,471, respectively. As of December 31, 2025, there were 2,119,870 shares remaining available for grant for future awards.
Director Deferred
Stock Units
Outstanding
Non-Vested
Restricted Stock Units
Outstanding
Performance Stock Units OutstandingStock Options
Outstanding
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares/Units
Weighted-
Average
Fair Value
at Grant
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares
Weighted-
Average
Exercise
Price
January 1, 202345,661 $87.15 465,319 $105.36 213,749 $96.20 616,227 $71.27 
Granted8,503 103.47 217,561 85.39 99,710 74.71 — — 
Exercised/vested— — (108,920)94.00 (28,151)85.74 (130,286)71.37 
Forfeited/expired— — (7,154)114.53 (18,254)85.74 — — 
December 31, 202354,164 89.71 566,806 99.77 267,054 89.99 485,941 71.25 
Granted7,997 116.84 176,892 129.44 32,334 119.17 — — 
Exercised/vested(9,382)80.99 (232,617)91.78 (45,818)57.89 (301,965)74.98 
Forfeited/expired— — (3,219)106.74 (22,913)57.89 — — 
December 31, 202452,779 95.37 507,862 113.72 230,657 103.65 183,976 65.11 
Granted8,760 116.47 201,569 123.27 34,941 111.95 — — 
Exercised/vested— — (114,675)142.54 (46,086)121.46 (183,476)65.11 
Forfeited/expired— — (8,458)112.11 — — (500)65.11 
December 31, 202561,539 98.38 586,298 111.39 219,512 101.23 — — 
Shares Issued in Connection With Stock Compensation Awards
Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:
202520242023
New shares issued from available authorized shares— — 49,887 
Shares issued from available treasury stock344,237 589,782 217,470 
Total344,237 589,782 267,357 
Proceeds from stock option exercises$11,946 $22,643 $9,299 
Intrinsic value of stock options exercised12,074 13,454 3,614 
Fair value of restricted/director deferred stock units vested20,853 35,922 13,445 
Stock-Based Compensation Expense
Stock-based compensation expense and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
202520242023
Non-vested restricted stock units$20,216 $19,457 $16,734 
Director deferred stock units1,020 934 880 
Performance stock units3,519 (628)6,976 
Total$24,755 $19,763 $24,590 
Income tax benefit$5,261 $4,776 $4,120 
Unrecognized Stock-Based Compensation Expense
Unrecognized stock-based compensation expense and the weighted-average period over which the expense is expected to be recognized at December 31, 2025 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Unrecognized ExpenseWeighted-Average Number of Years for Expense Recognition
Non-vested restricted stock units$29,567 2.24
Performance stock units13,305 2.41
Total$42,872