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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of 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.
Schedule of Weighted-Average Actuarial Assumptions Used to Measure Benefit Obligations and Net Periodic Benefit Costs
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.
Schedule of Funded Status of Pension Plans and Amounts Recognized in 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.
Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation 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 
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
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— — 
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of 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— — 
Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of 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 
Schedule of Amounts Included in Accumulated Other Comprehensive Loss that were Not Yet Recognized as Components of Net Benefit Costs
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 
Schedule of Amounts Recognized in Other Comprehensive Loss for Pension Plans
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.
Schedule of Target and Actual Asset Allocations for the Portfolio
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.
Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input
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 
Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans
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