XML 64 R42.htm IDEA: XBRL DOCUMENT v3.25.4
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The funded status and amounts recognized on the 2025 and 2024 consolidated balance sheets for the RAP and Postretirement Plan were as follows:
 RAPPostretirement
Plan
RAPPostretirement
Plan
(in thousands)2025202520242024
Change in fair value of plan assets
Fair value of plan assets at beginning of year$478,970 $— $453,457 $— 
Actual return on plan assets55,988 — 43,676 — 
Employer contributions— 190 — 183 
Benefits paid(17,379)(190)(18,163)(183)
Fair value of plan assets at end of year(a)
$517,579 $— $478,970 $— 
Change in benefit obligation
Net benefit obligation at beginning of year$213,365 $2,043 $211,353 $1,425 
Service cost3,007 — 3,027 — 
Interest cost
11,540 105 11,173 73 
Actuarial loss (gain)8,250 (248)5,975 729 
Benefits paid(17,379)(190)(18,163)(183)
Net benefit obligation at end of year(a)
$218,783 $1,710 $213,365 $2,043 
Funded (unfunded) status$298,796 $(1,710)$265,605 $(2,043)
Noncurrent assets$298,796 $— $265,605 $— 
Current liabilities— (185)— (212)
Noncurrent liabilities— (1,525)— (1,832)
Asset (liability) recognized on the consolidated balance sheets$298,796 $(1,710)$265,605 $(2,043)
(a) The fair value of the plan assets represented 237% and 224% of the net benefit obligation of the RAP at December 31, 2025 and 2024, respectively.
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]
Amounts recognized in accumulated other comprehensive (income) loss, net of tax, were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
(in thousands)2025202520242024
Prior service cost$(590)$(196)$(723)$(252)
Net actuarial loss14,820 69 24,758 267 
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive loss (income)$14,230 $(127)$24,035 $15 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other changes in plan assets and benefit obligations recognized in OCI, net of tax were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
(in thousands)2025202520242024
Net actuarial gain (loss)$8,472 $248 $3,102 $(729)
Amortization of prior service cost(177)(75)(215)(75)
Amortization of actuarial gain— (16)— (28)
Income tax (expense) benefit(2,070)(47)(718)208 
Total recognized in OCI$6,225 $110 $2,169 $(624)
Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic pension benefit cost for the RAP were as follows:
(in thousands)202520242023
Service cost$3,007 $3,027 $3,189 
Interest cost11,540 11,173 10,887 
Expected return on plan assets(39,267)(34,599)(32,862)
Amortization of prior service cost(177)(215)(250)
Amortization of actuarial loss — — — 
Total net periodic pension benefit income$(24,897)$(20,614)$(19,037)
Net period benefit cost for postretirement plan
The components of net periodic benefit cost for the Postretirement Plan were as follows:
(in thousands)202520242023
Interest cost$105 $73 $78 
Amortization of prior service cost(75)(75)(75)
Amortization of actuarial loss (gain)16 (28)(29)
Total net periodic benefit cost (income)$46 $(31)$(26)
Defined Benefit Plan, Assumptions [Table Text Block]
RAPPostretirement
 Plan
RAPPostretirement
Plan
2025202520242024
Weighted average assumptions used to determine benefit obligations
Discount rate5.30 %5.30 %5.40 %5.40 %
Rate of increase in compensation levels3.00 %N/A2.50 %N/A
Interest crediting rate3.75 %N/A3.81 %N/A
Weighted average assumptions used to determine net periodic benefit costs
Discount rate
5.70 %5.40 %5.40 %5.40 %
Rate of increase in compensation levels2.50 %N/A2.50 %N/A
Expected long-term rate of return on plan assets
8.20 %N/A7.40 %N/A
Schedule of Allocation of Plan Assets [Table Text Block] The asset allocation for the RAP as of the December 31, 2025 and 2024 measurement dates, respectively, by asset category were as follows:
Asset Category20252024
Equity securities56 %55 %
Fixed-income securities35 %35 %
Group annuity contracts%%
Other%%
Total100 %100 %
Defined Benefit Plan, Plan Assets, Category [Table Text Block]
Based on these inputs, the following tables summarize the fair value of the RAP’s investments:
 December 31, 2025
(in thousands)Fair ValueLevel 1Level 2Level 3
RAP investments
Money market account$2,661 $2,661 $— $— 
Common /collective trust funds197,772 197,772 — — 
Mutual funds277,577 277,577 — — 
Group annuity contract39,569 — — 39,569 
Total RAP investments$517,579 $478,010 $— $39,569 
December 31, 2024
(in thousands)Fair ValueLevel 1Level 2Level 3
RAP investments
Money market account$7,892 $7,892 $— $— 
Common /collective trust funds183,059 183,059 — — 
Mutual funds247,602 247,602 — — 
Group annuity contract40,416 — — 40,416 
Total RAP investments$478,970 $438,554 $— $40,416 
Schedule of Changes in Fair Value of Plan Assets
The following presents a summary of the changes in the fair value of the RAP's Level 3 asset during the periods indicated.
Fair Value Reconciliation of Level 3 RAP Investments20252024
Fair value of group annuity contract at beginning of period$40,416 $43,687 
Return on plan assets1,645 (731)
Benefits paid(2,492)(2,539)
Fair value of group annuity contract at end of period$39,569 $40,416 
Schedule of Expected Benefit Payments [Table Text Block]
The projected benefit payments were calculated using the same assumptions as those used to calculate the benefit obligations listed above. The projected benefit payments for the RAP and Postretirement Plan at December 31, 2025, reflecting expected future services, were as follows:
(in thousands)RAPPostretirement Plan
Estimated future benefit payments
2026$22,872 $190 
202721,660 185 
202821,472 179 
202921,555 173 
203021,226 166 
2031-203585,207 711