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RETIREMENT PLANS | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
RETIREMENT PLANS | RETIREMENT PLANS We sponsor the Retirement Income Plan (RIP), a qualified noncontributory defined benefit pension plan that has been frozen. The RIP covered employees who satisfied minimum age and length of service requirements. We also sponsor two supplemental non-qualified retirement plans that have been frozen. The ERISA Excess Retirement Plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would be provided under the RIP, if no limits were applied. The Basic Retirement Plan (BRP) is applicable to certain officers whom the Board of Directors designates. Officers participating in the BRP receive a benefit based on a target benefit percentage based on years of service at retirement and a designated tier as determined by the Board of Directors. When a participant retires, the benefit under the BRP is a monthly benefit equal to the participant's aggregate target benefit percentage multiplied by the participant’s highest average monthly cash compensation, including bonuses, during five consecutive calendar years within the last ten calendar years of employment before 2009. This monthly benefit is reduced by the monthly benefit the participant receives from the Social Security Administration, the RIP, the ERISA Excess Retirement Plan and the annuity equivalent of the automatic contributions paid to participants under the qualified 401(k) defined contribution plan and the ERISA Excess Lost Match Plan. The following table provides information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans): TABLE 18.1
December 31 | 2025 |  | 2024
(in millions) | Qualified |  | Non-Qualified |  | Total |  | Qualified |  | Non-Qualified |  | Total
Accumulated benefit obligation | $ | 107 |  |  | $ | 13 |  |  | $ | 120 |  |  | $ | 108 |  |  | $ | 14 |  |  | $ | 122 |
Projected benefit obligation at beginning of year | $ | 108 |  |  | $ | 14 |  |  | $ | 122 |  |  | $ | 116 |  |  | $ | 15 |  |  | $ | 131 |
Interest cost | 5 |  |  | 1 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 6 |
Actuarial loss (gain) | 3 |  |  | 1 |  |  | 4 |  |  | (4) |  |  | — |  |  | (4) |
Benefits paid | (9) |  |  | (3) |  |  | (12) |  |  | (9) |  |  | (2) |  |  | (11) |
Projected benefit obligation at end of year | $ | 107 |  |  | $ | 13 |  |  | $ | 120 |  |  | $ | 108 |  |  | $ | 14 |  |  | $ | 122 |
Fair value of plan assets at beginning of year | $ | 184 |  |  | $ | — |  |  | $ | 184 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 178 |
Actual return on plan assets | 20 |  |  | — |  |  | 20 |  |  | 15 |  |  | — |  |  | 15 |
Corporation contribution | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 2 |  |  | 2 |
Benefits paid | (9) |  |  | (3) |  |  | (12) |  |  | (9) |  |  | (2) |  |  | (11) |
Fair value of plan assets at end of year | $ | 195 |  |  | $ | — |  |  | $ | 195 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 184 |
Funded status of plans | $ | 88 |  |  | $ | (13) |  |  | $ | 75 |  |  | $ | 76 |  |  | $ | (14) |  |  | $ | 62 |
The unrecognized actuarial loss, prior service cost and net transition obligation are required to be recognized into earnings over the average remaining participant life due to the freezing of the RIP, which may, on a net basis, reduce future earnings. Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows: TABLE 18.2
Assumptions at December 31 | 2025 |  | 2024
Weighted average discount rate | 5.16 | % |  | 5.48 | %
The discount rate assumption at December 31, 2025 and 2024 was determined using a yield-curve based approach. A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions), and after excluding the 10% of the bonds with the highest and lowest yields. The discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. The rates of increase in compensation levels only pertains to the non-qualified plan for 2023. There were no participants accruing benefits under this plan, therefore the compensation level assumption was no longer used. The net periodic pension cost and OCI for the Plans included the following components: TABLE 18.3
Year Ended December 31 | 2025 |  | 2024 |  | 2023
(in millions) |  |  |  |  |
Interest cost | $ | 6 |  |  | $ | 6 |  |  | $ | 7 |
Expected return on plan assets | (12) |  |  | (12) |  |  | (11) |
Actuarial loss amortization | 1 |  |  | 2 |  |  | 2 |
Total pension cost (income) | (5) |  |  | (4) |  |  | (2) |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): |  |  |  |  |
Current year actuarial (gain) loss | (5) |  |  | (8) |  |  | (1) |
Amortization of actuarial loss | (1) |  |  | (2) |  |  | (2) |
Total amount recognized in other comprehensive loss (income) | (6) |  |  | (10) |  |  | (3) |
Total amount recognized in net periodic benefit cost (benefit) and other comprehensive loss (income) | $ | (11) |  |  | $ | (14) |  |  | $ | (5) |
The plans have an actuarial measurement date of December 31. Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows: TABLE 18.4
Assumptions for the Year Ended December 31 | 2025 |  | 2024 |  | 2023
Weighted average discount rate | 5.48 | % |  | 4.99 | % |  | 5.34 | %
Expected long-term rate of return on assets | 6.75 |  |  | 6.75 |  |  | 6.75 |
Rates of increase in compensation levels | n/a |  | n/a |  | 3.30 |
The rates of increase in compensation levels only pertains to the non-qualified plan for 2023. At the end of 2025 and 2024, there were no participants accruing benefits under this plan, therefore the compensation level assumption was no longer used. The expected long-term rate of return on plan assets has been established by considering historical and anticipated expected returns on the asset classes invested in by the pension trust and the allocation strategy currently in place among those classes. The change in plan assets reflects benefits paid from the qualified pension plans of $9.3 million and $9.5 million for 2025 and 2024, respectively. We did not make a contribution to the RIP in 2025, 2024 and 2023. For the non-qualified pension plans, the change in plan assets reflects benefits paid from and contributions made to the plans in the same amount. This amount represents the actual benefit payments paid from general assets of $2.9 million and $1.6 million for 2025 and 2024, respectively. The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2025: TABLE 18.5
(in millions) |  |  |
Expected employer contributions: | 2026 |  | $ | — |
Expected benefit payments: | 2026 |  | 11 |
| 2027 |  | 11 |
| 2028 |  | 11 |
| 2029 |  | 11 |
| 2030 |  | 10 |
| 2031 – 2035 |  | 47 |
The qualified pension plan contributions are deposited into a trust and the qualified benefit payments are made from trust assets. For the non-qualified plans, the contributions and the benefit payments are the same and reflect expected benefit amounts, which we pay from general assets. Our subsidiaries participate in a qualified 401(k) defined contribution plan under which employees may contribute a percentage of their salary. Employees are eligible to participate upon their first day of employment. Under this plan, we match 100% of the first 6% that the employee defers. Additionally, we may provide a performance-based company contribution of up to 3% if we exceed annual financial goals. Our contribution expense is presented in the following table: TABLE 18.6
Year Ended December 31 | 2025 |  | 2024 |  | 2023
(in millions) |  |  |  |  |
401(k) contribution expense | $ | 28 |  |  | $ | 21 |  |  | $ | 21 |
We also sponsor an ERISA Excess Lost Match Plan for certain officers. This plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would have been provided under the qualified 401(k) defined contribution plan, if no limits were applied. Pension Plan Investment Policy and Strategy Our investment strategy for the RIP is to diversify plan assets between a wide mix of securities within the equity and debt markets to allow the plan assets the opportunity to meet the expected long-term rate of return requirements, while minimizing short-term volatility. In this regard, the plan has targeted allocations within the equity securities category for domestic large cap, domestic mid cap, domestic small cap, emerging market and international securities. Within the debt securities category, the plan has targeted allocation levels for U.S. Treasury, U.S. agency and domestic investment-grade bonds. The following table presents asset allocations for our pension plans as of December 31, 2025 and 2024, and the target allocation for 2026, by asset category: TABLE 18.7
| Target Allocation |  | Percentage of Plan Assets
December 31 | 2026 |  | 2025 |  | 2024
Asset Category |  |  |  |  |
Equity securities | 45 - 65 |  | 61 | % |  | 60 | %
Debt securities | 30 - 50 |  | 36 |  |  | 36 |
Cash equivalents | 0 - 10 |  | 3 |  |  | 4 |
At December 31, 2025 and 2024, equity securities included 155,000 and 235,000 shares, respectively, of our common stock, representing 1.4% and 1.9% of total plan assets at December 31, 2025 and 2024, respectively. Dividends received on our common stock held by the Plan were $0.1 million for both 2025 and 2024. The fair values of our pension plan assets by asset category are as follows: TABLE 18.8
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2025 |  |  |  |  |  |  |
Asset Class |  |  |  |  |  |  |
Cash | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Equity securities: |  |  |  |  |  |  |
F.N.B. Corporation | 3 |  |  | — |  |  | — |  |  | 3 |
Other large-cap U.S. financial services companies | 4 |  |  | — |  |  | — |  |  | 4 |
Other large-cap U.S. companies | 60 |  |  | — |  |  | — |  |  | 60 |
Other equity | 1 |  |  | — |  |  | — |  |  | 1 |
Mutual fund equity investments: |  |  |  |  |  |  |
U.S. equity index funds: |  |  |  |  |  |  |
U.S. small-cap equity index funds | 4 |  |  | — |  |  | — |  |  | 4 |
U.S. mid-cap equity index funds | 7 |  |  | — |  |  | — |  |  | 7 |
Non-U.S. equities growth fund | 12 |  |  | — |  |  | — |  |  | 12 |
U.S. equity funds: |  |  |  |  |  |  |
U.S. large-cap | 6 |  |  | — |  |  | — |  |  | 6 |
U.S. mid-cap | 11 |  |  | — |  |  | — |  |  | 11 |
U.S. small-cap | 4 |  |  | — |  |  | — |  |  | 4 |
Other | 6 |  |  | — |  |  | — |  |  | 6 |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury bonds | 27 |  |  | — |  |  | — |  |  | 27 |
U.S. government agencies | — |  |  | 18 |  |  | — |  |  | 18 |
Fixed income mutual funds: |  |  |  |  |  |  |
U.S. investment-grade fixed income securities | 25 |  |  | — |  |  | — |  |  | 25 |
Total | $ | 177 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 195 |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2024 |  |  |  |  |  |  |
Asset Class |  |  |  |  |  |  |
Cash | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Equity securities: |  |  |  |  |  |  |
F.N.B. Corporation | 3 |  |  | — |  |  | — |  |  | 3 |
Other large-cap U.S. financial services companies | 3 |  |  | — |  |  | — |  |  | 3 |
Other large-cap U.S. companies | 58 |  |  | — |  |  | — |  |  | 58 |
Other equity | 1 |  |  | — |  |  | — |  |  | 1 |
Mutual fund equity investments: |  |  |  |  |  |  |
U.S. equity index funds: |  |  |  |  |  |  |
U.S. small-cap equity index funds | 4 |  |  | — |  |  | — |  |  | 4 |
U.S. mid-cap equity index funds | 6 |  |  | — |  |  | — |  |  | 6 |
Non-U.S. equities growth fund | 15 |  |  | — |  |  | — |  |  | 15 |
U.S. equity funds: |  |  |  |  |  |  |
U.S. mid-cap | 12 |  |  | — |  |  | — |  |  | 12 |
U.S. small-cap | 4 |  |  | — |  |  | — |  |  | 4 |
Other | 4 |  |  | — |  |  | — |  |  | 4 |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury bonds | 18 |  |  | — |  |  | — |  |  | 18 |
U.S. government agencies | — |  |  | 26 |  |  | — |  |  | 26 |
Fixed income mutual funds: |  |  |  |  |  |  |
U.S. investment-grade fixed income securities | 22 |  |  | — |  |  | — |  |  | 22 |
Total | $ | 158 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 184 |
The classifications for Level 1, Level 2 and Level 3 are discussed in Note 25, “Fair Value Measurements”

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