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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Changes in Benefit Obligations and Plan Assets | The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2025 and 2024, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s Consolidated Balance Sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans.
| Pension Benefits |  |  | Other Post-Retirement Benefits |
($ in thousands) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 486,231 |  |  | $ | 517,648 |  |  | $ | 10,447 |  |  | $ | 13,404 |
Service cost |  | 6,061 |  |  |  | 7,707 |  |  |  | 24 |  |  |  | 31 |
Interest cost |  | 25,086 |  |  |  | 24,047 |  |  |  | 520 |  |  |  | 578 |
Plan participants' contributions |  | — |  |  |  | — |  |  |  | 549 |  |  |  | 608 |
Plan amendments |  | — |  |  |  | — |  |  |  | 369 |  |  |  | — |
Net actuarial gain (loss) |  | 16,517 |  |  |  | (35,453 | ) |  |  | 170 |  |  |  | (2,371 | )
Benefits paid |  | (27,988 | ) |  |  | (27,718 | ) |  |  | (1,469 | ) |  |  | (1,803 | )
Benefit obligation, end of year |  | 505,907 |  |  |  | 486,231 |  |  |  | 10,610 |  |  |  | 10,447 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 734,820 |  |  |  | 723,064 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  | 81,135 |  |  |  | 40,388 |  |  |  | — |  |  |  | — |
Employer contributions |  | 1,320 |  |  |  | 1,264 |  |  |  | 920 |  |  |  | 1,196 |
Plan participants' contributions |  | — |  |  |  | — |  |  |  | 549 |  |  |  | 608 |
Benefit payments |  | (27,988 | ) |  |  | (27,718 | ) |  |  | (1,469 | ) |  |  | (1,804 | )
Expenses |  | (2,286 | ) |  |  | (2,178 | ) |  |  | — |  |  |  | — |
Fair value of plan assets, end of year |  | 787,001 |  |  |  | 734,820 |  |  |  | — |  |  |  | — |
Funded status at end of year - net asset (liability) | $ | 281,094 |  |  | $ | 248,589 |  |  | $ | (10,610 | ) |  | $ | (10,447 | )
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |  |  |  |
Unrecognized loss (gain) at beginning of year | $ | 109,324 |  |  | $ | 141,049 |  |  | $ | (9,474 | ) |  | $ | (7,902 | )
Net actuarial loss (gain) |  | (21,678 | ) |  |  | (31,725 | ) |  |  | 1,166 |  |  |  | (1,572 | )
Unrecognized loss (gain) at end of year | $ | 87,646 |  |  | $ | 109,324 |  |  | $ | (8,308 | ) |  | $ | (9,474 | )
Projected benefit obligation | $ | 505,907 |  |  | $ | 486,231 |  |  |  |  |  |  |
Accumulated benefit obligation |  | 488,780 |  |  |  | 467,634 |  |  |  |  |  |  |
Fair value of plan assets |  | 787,001 |  |  |  | 734,820 |  |  |  |  |  |  |
Components of Net Periodic (Benefits) Cost | The following table shows net periodic (benefit) cost included in expense and the changes in the amounts recognized in AOCI during the years ended December 31, 2025, 2024, and 2023.
|  | Pension Benefits |  |  | Other Post-Retirement Benefits |
($ in thousands) |  | 2025 |  | 2024 |  | 2023 |  |  | 2025 |  | 2024 |  | 2023 |
Net periodic (benefit) cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 6,061 |  | $ | 7,707 |  | $ | 7,916 |  |  | $ | 24 |  | $ | 31 |  | $ | 34 |
Interest cost |  |  | 25,086 |  |  | 24,047 |  |  | 23,854 |  |  |  | 520 |  |  | 578 |  |  | 622 |
Expected return on plan assets |  |  | (45,059 | ) |  | (47,626 | ) |  | (44,710 | ) |  |  | — |  |  | — |  |  | — |
Amortization of net (gain) loss/prior service cost |  |  | 4,404 |  |  | 5,687 |  |  | 7,643 |  |  |  | (1,123 | ) |  | (799 | ) |  | (843 | )
Net periodic benefit |  |  | (9,508 | ) |  | (10,185 | ) |  | (5,297 | ) |  |  | (579 | ) |  | (190 | ) |  | (187 | )
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) gain recognized during the year |  |  | (4,404 | ) |  | (5,687 | ) |  | (7,643 | ) |  |  | 1,123 |  |  | 799 |  |  | 843 |
Net actuarial loss (gain) |  |  | (17,274 | ) |  | (26,038 | ) |  | 13,449 |  |  |  | 43 |  |  | (2,371 | ) |  | 92 |
Total recognized in other comprehensive income |  |  | (21,678 | ) |  | (31,725 | ) |  | 5,806 |  |  |  | 1,166 |  |  | (1,572 | ) |  | 935 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (31,186 | ) | $ | (41,910 | ) | $ | 509 |  |  | $ | 587 |  | $ | (1,762 | ) | $ | 748 |
Discount rate for benefit obligations |  |  | 5.35 | % |  | 5.62 | % |  | 4.83 | % |  |  | 5.28 | % |  | 5.56 | % |  | 4.81 | %
Discount rate for net periodic benefit cost |  |  | 5.62 | % |  | 4.83 | % |  | 5.00 | % |  |  | 5.56 | % |  | 4.81 | % |  | 4.98 | %
Expected long-term return on plan assets |  |  | 6.25 | % |  | 6.50 | % |  | 6.50 | % |  | n/a |  | n/a |  | n/a |
Rate of compensation increase |  | scaled * |  | scaled * |  | scaled * |  |  | n/a |  | n/a |  | n/a |
*Graded scale, declining from 7.25% at age 20 to 2.25% at age 65
Expected Plan Benefit Payments | The following table presents expected plan benefit payments over the ten years succeeding December 31, 2025:
($ in thousands) | Pension |  | Post-Retirement |  | Total |
2026 | $ | 30,922 |  | $ | 837 |  | $ | 31,759 |
2027 |  | 32,352 |  |  | 873 |  |  | 33,225 |
2028 |  | 33,579 |  |  | 885 |  |  | 34,464 |
2029 |  | 34,791 |  |  | 852 |  |  | 35,643 |
2030 |  | 36,008 |  |  | 817 |  |  | 36,825 |
2031-2035 |  | 190,109 |  |  | 3,772 |  |  | 193,881 |
. | $ | 357,761 |  | $ | 8,036 |  | $ | 365,797 |
Fair Values of Pension Plan Assets | For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2.
| December 31, 2025 |
Fair Value Measurements by Asset Category / Fund | Level 1 |  | Level 2 |  | Level 3 |  | Total |
($ in thousands) |  |  |  |  |  |  |  |
Cash and equivalents | $ | 5,732 |  | $ | — |  | $ | — |  | $ | 5,732 |
Total cash and cash equivalents |  | 5,732 |  |  | — |  |  | — |  |  | 5,732 |
Fixed income securities |  | 37,238 |  |  | 34,384 |  |  | — |  |  | 71,622 |
Exchange Traded Fund (ETF)-Fixed income |  | 4,834 |  |  | — |  |  | — |  |  | 4,834 |
Total fixed income |  | 42,072 |  |  | 34,384 |  |  | — |  |  | 76,456 |
Domestic and foreign stock |  | 50,646 |  |  | — |  |  | — |  |  | 50,646 |
Mutual funds-equity |  | 40,900 |  |  | — |  |  | — |  |  | 40,900 |
Total equity |  | 91,546 |  |  | — |  |  | — |  |  | 91,546 |
Total assets at fair value |  | 139,350 |  |  | 34,384 |  |  | — |  |  | 173,734 |
Collective investment trust fund - equity |  | — |  |  | — |  |  | — |  |  | 62,901 |
Common trust funds (fixed income) |  | — |  |  | — |  |  | — |  |  | 483,491 |
Common trust fund (real assets) |  | — |  |  | — |  |  | — |  |  | 66,875 |
Total | $ | 139,350 |  | $ | 34,384 |  | $ | — |  | $ | 787,001 |
| December 31, 2024 |
Fair Value Measurements by Asset Category / Fund | Level 1 |  | Level 2 |  | Level 3 |  | Total |
($ in thousands) |  |  |  |  |  |  |  |
Cash and equivalents | $ | 6,357 |  | $ | — |  | $ | — |  | $ | 6,357 |
Total cash and cash equivalents |  | 6,357 |  |  | — |  |  | — |  |  | 6,357 |
Fixed income securities |  | 26,476 |  |  | 37,726 |  |  | — |  |  | 64,202 |
Exchange Traded Fund (ETF)-Fixed income |  | 4,133 |  |  | — |  |  | — |  |  | 4,133 |
Total fixed income |  | 30,609 |  |  | 37,726 |  |  | — |  |  | 68,335 |
Domestic and foreign stock |  | 48,279 |  |  | — |  |  | — |  |  | 48,279 |
Mutual funds-equity |  | 38,812 |  |  | — |  |  | — |  |  | 38,812 |
Total equity |  | 87,091 |  |  | — |  |  | — |  |  | 87,091 |
Total assets at fair value |  | 124,057 |  |  | 37,726 |  |  | — |  |  | 161,783 |
Common trust funds (fixed income) |  | — |  |  | — |  |  | — |  |  | 514,562 |
Common trust fund (real assets) |  | — |  |  | — |  |  | — |  |  | 58,475 |
Total | $ | 124,057 |  | $ | 37,726 |  | $ | — |  | $ | 734,820 |
Percentage and Target Allocations | The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2025 and 2024.
| Plan Assets |  |  | Target Allocation
| at December 31, |  |  | at December 31,
| 2025 |  |  | 2024 |  |  | 2025 | 2024
Asset category: |  |  |  |  |  |  |  |
Cash and equivalents |  | 1 |  | % |  | 1 |  | % | 0 - 5% | 0 - 5%
Fixed income securities |  | 71 |  |  |  | 79 |  |  | 8-72% | 8-72%
Equity securities |  | 20 |  |  |  | 12 |  |  | 16-22% | 16-22%
Real assets |  | 8 |  |  |  | 8 |  |  | 4-10% | 4-10%
|  | 100 |  | % |  | 100 |  | % |  |

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