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Postretirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Postretirement Benefits Postretirement Benefits
Pension plans
Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. The pension plan provides benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula.

Although we are the sponsor of these postretirement plans and record the funded status of these plans, there are reimbursements between us and the Exchange and its insurance subsidiaries for their allocated share of pension cost or income. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan cost (income) for employees in departments that support the administrative functions. In 2025, the Exchange and its insurance subsidiaries reimbursed us for approximately 61% of the annual defined benefit pension cost and 33% of the annual SERP cost. For our funded pension plan, amounts are settled in cash for the portion of pension cost (income) allocated to the Exchange and its insurance subsidiaries. For our unfunded SERP, we pay the obligations when due and amounts are settled in cash between entities when there is a payout.

Pension plan cost (income)
Pension plan cost (income) includes the following components for the years ended December 31:
(in thousands)
202520242023
Service cost for benefits earned$35,471 $34,554 $28,763 
Interest cost on benefit obligation58,748 52,688 50,193 
Expected return on plan assets(80,276)(80,793)(68,869)
Prior service cost amortization1,688 1,611 1,446 
Net actuarial gain amortization(2,519)(6,859)(15,331)
Settlement gain (1)
(572)(1,338)— 
Pension plan cost (income) (2)
$12,540 $(137)$(3,798)

(1)    Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2025 and 2024.
(2)     Pension plan cost (income) represents total plan cost (income) before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan cost (income) other than the service cost components are included in the line item "Other income" in the Consolidated Statements of Operations, net of reimbursements between Indemnity and the Exchange and its insurance subsidiaries.


Actuarial assumptions
The following table describes the weighted-average assumptions used to measure benefit obligations at December 31:
20252024
Employee pension plan:
Discount rate5.72 %5.87 %
Expected return on assets7.00 7.00 
Rate of compensation increase – age-graded5.07 5.01 
SERP:
Discount rate5.44 %5.65 %
Rate of compensation increase7.00 7.00 
The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:
202520242023
Employee pension plan:
Discount rate5.87 %5.34 %5.67 %
Expected return on assets7.00 7.00 6.50 
Rate of compensation increase – age-graded5.05 4.31 3.30 
SERP:
Discount rate (1)
5.29 %5.12 %5.46 %
Rate of compensation increase7.00 5.00 5.00 
(1)    Settlement accounting was required due to lump sum payments made under the SERP in 2025 and 2024. The 2025 discount rates in effect at the January 1, September 1, and November 1 measurement dates were 5.65%, 5.51%, and 5.29%, respectively. The 2024 discount rates in effect at the January 1, June 1, and September 1 measurement dates were 5.11%, 5.53%, and 5.12%, respectively.


The economic assumptions that have the most impact on the postretirement benefits expense are the discount rate and the long-term rate of return on plan assets. The discount rate assumption used to determine the benefit obligation for all periods presented was based upon a yield curve developed from corporate bond yield information.

The pension plan's expected long-term rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. To determine the expected long-term rate of return assumption, we utilized models based upon historical analysis and forward-looking views of the financial markets based upon key factors such as historical returns for the asset class' applicable indices, the correlations of the asset classes under various market conditions, and consensus views on future real economic growth and inflation. The expected future return for each asset class is then combined by considering correlations between asset classes and the volatilities of each asset class to produce a reasonable range of asset return results within which our expected long-term rate of return assumption falls.

Funding policy/funded status
Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we made contributions of $39 million and $33 million in 2025 and 2024, respectively. We also made a contribution of $47 million in January 2026. The pension asset is presented separately from the unfunded SERP plan as a non-current asset on the Consolidated Statements of Financial Position. The following table sets forth the funded status of the pension plans and the amounts recognized in the Consolidated Statements of Financial Position at December 31:
(in thousands)
20252024
Funded status at end of year$(11,484)$(11,718)
Pension asset$24,137 $21,311 
Pension liabilities – due within one year (1)
(2,211)(4,959)
Pension liabilities – due after one year(33,410)(28,070)
Net amount recognized$(11,484)$(11,718)

(1)    The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities.
Benefit obligations
Benefit obligations are described in the following tables. Accumulated and projected benefit obligations represent the obligations of a pension plan for past service as of the measurement date. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the projected benefit obligation in that the accumulated benefit obligation includes no assumptions to reflect expected future compensation. The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:
(in thousands)
20252024
Projected benefit obligation, beginning of year$1,013,767 $993,554 
Service cost for benefits earned35,471 34,554 
Interest cost on benefit obligation58,748 52,688 
Plan amendments1,935 1,146 
Actuarial loss (gain)
36,300 (28,250)
Benefits paid(39,887)(35,924)
Settlements
(3,252)(4,001)
Projected benefit obligation, end of year$1,103,082 $1,013,767 
Accumulated benefit obligation, end of year$935,049 $860,855 

Projected benefit obligations increased $89.3 million at December 31, 2025 compared to December 31, 2024 primarily due to the lower discount rate used to measure the future benefit obligations. The discount rate for the employee pension plan decreased to 5.72% in 2025 from 5.87% in 2024.

The SERP had a projected benefit obligation in excess of plan assets at December 31:
(in thousands)
20252024
Projected benefit obligation$35,621 $33,029 
Plan assets— — 
The SERP had an accumulated benefit obligation in excess of plan assets at December 31:
(in thousands)
20252024
Accumulated benefit obligation$23,523 $22,761 
Plan assets— — 


Plan assets
The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:
(in thousands)
20252024
Fair value of plan assets, beginning of year$1,002,049 $996,879 
Actual return on plan assets90,357 8,034 
Employer contributions42,331 37,061 
Benefits paid(39,887)(35,924)
Settlements
(3,252)(4,001)
Fair value of plan assets, end of year$1,091,598 $1,002,049 
Accumulated other comprehensive loss
Net actuarial loss and prior service cost included in accumulated other comprehensive loss that were not yet recognized as components of net benefit costs were as follows at December 31:
(in thousands)
20252024
Net actuarial loss
$56,062 $26,752 
Prior service cost11,297 11,050 
Net amount not yet recognized$67,359 $37,802 


Other comprehensive loss
Amounts recognized in other comprehensive loss for pension plans were as follows for the years ended December 31:
(in thousands)
202520242023
Net actuarial loss arising during the year$26,219 $44,509 $28,279 
Amortization of net actuarial gain2,519 6,859 15,331 
Amortization of prior service cost(1,688)(1,611)(1,446)
Plan amendments (1)
1,935 1,146 583 
Settlement gain
572 1,338 — 
Total recognized in other comprehensive loss$29,557 $52,241 $42,747 
(1)    Plan amendments relate to new SERP participants.


Asset allocation
The employee pension plan utilizes a return seeking and a liability asset matching allocation strategy.  It is based upon the understanding that 1) equity investments are expected to outperform debt investments over the long-term, 2) the potential volatility of short-term returns from equities is acceptable in exchange for the larger expected long-term returns, and 3) a portfolio structured across investment styles and markets (both domestic and foreign) reduces volatility.  As a result, the employee pension plan's investment portfolio utilizes a broadly diversified asset allocation across domestic and foreign equity and debt markets.  The investment portfolio is composed of commingled pools, an exchange traded fund, and a separate account that are dedicated exclusively to the management of employee benefit plan assets.

The target and actual asset allocations for the portfolio are as follows for the years ended December 31:
Target asset
allocation		Target asset
allocation		Actual asset
allocation		Actual asset
allocation
Asset allocation:2025202420252024
Equity securities:
U.S. equity securities21 %21 %22 %(1)21 %
Non-U.S. equity securities14 14 15 (2)14 
Total equity securities35 35 37 35 
Debt securities64 64 62 (3)63 
Other1 1 1 (4)2 
Total100 %100 %100 %100 %

(1)    U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index.
(2)    Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 21% are allocated to international emerging market investments.  The remaining 68% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index.
(3)    Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.
(4)    Institutional money market fund.
The following tables present fair value measurements for the pension plan assets by major category and level of input as of:
December 31, 2025
(in thousands)Total Level 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value		Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$235,431 $224,370 $0 $0 $11,061 
Non-U.S. equity securities160,644 108,651 0 0 51,993 
Total equity securities396,075 333,021 0 0 63,054 
Debt securities679,966 0 0 0 679,966 
Other15,557 15,557 0 0 0 
Total$1,091,598 $348,578 $0 $0 $743,020 

December 31, 2024
(in thousands)TotalLevel 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value		Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$214,942 $204,588 $0 $0 $10,354 
Non-U.S. equity securities142,401 98,115 0 0 44,286 
Total equity securities357,343 302,703 0 0 54,640 
Debt securities628,961 0 0 0 628,961 
Other15,745 15,745 0 0 0 
Total$1,002,049 $318,448 $0 $0 $683,601 


Estimates of fair values of the pension plan assets are obtained primarily from the trustee and custodian of our pension plan.  Our Level 1 category includes a money market mutual fund, an exchange traded fund, and a separate account for which the fair value is determined using an exchange traded price provided by the trustee and custodian.  Commingled pools are valued based on NAV per share or unit as a practical expedient as reported by the fund manager, multiplied by the number of shares or units held as of the measurement date. Accordingly, these NAV-based investments have been excluded from the fair value hierarchy. These investments have minimal redemption notice periods and are redeemable daily at the NAV, less transaction fees, without significant restrictions. There are no significant unfunded commitments related to these investments.

Estimated future benefit payments
The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of:

(in thousands)
Year ending
December 31,		Expected future
benefit payments
2026$44,346 
202747,555 
202851,396 
202954,999 
203059,093 
2031 - 2035346,104 
Employee savings plan
All full-time and regular part-time employees are eligible to participate in a qualified 401(k) savings plan.  We match 100% of the participant contributions up to 3% of compensation and 50% of participant contributions over 3% and up to 5% of compensation.  Matching contributions paid to the plan were $21.3 million in 2025, $21.0 million in 2024, and $18.4 million in 2023.  The Exchange and its insurance subsidiaries reimbursed us for approximately 61% of the matching contributions. Employees are permitted to invest the employer-matching contributions in our Class A common stock.  Employees, other than executive and senior officers, may sell the shares at any time without restriction, provided they are in compliance with applicable insider trading laws; sales by executive and senior officers are subject to additional pre-clearance restrictions imposed by our insider trading policies.  The plan acquires shares in the open market necessary to meet the obligations of the plan.  Plan participants held 0.1 million shares of our Class A common stock at December 31, 2025 and 2024.