v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2025 and 2024 were as follows:
Pension PlansPost-Retirement
Medical Plan
(in millions)2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$489.8 $429.7 $15.6 $19.6 
Service cost53.2 53.4 0.7 0.9 
Interest cost25.0 20.3 0.8 0.9 
Benefit payments(32.5)(15.5)(2.7)(2.4)
Actuarial loss (gain)11.5 1.9 2.0 (3.4)
Projected benefit obligation at end of year$547.0 $489.8 $16.4 $15.6 
Change in plan assets:
Fair value of plan assets at beginning of year$394.7 $349.3 $— $— 
Actual return on plan assets59.8 25.9 — — 
Benefits paid(32.4)(15.5)(2.7)(2.4)
Employer contributions35.1 35.0 2.7 2.4 
Fair value of plan assets at end of year$457.2 $394.7 $— $— 
Reconciliation of funded status:
Fair value of plan assets at end of year$457.2 $394.7 $— $— 
Less projected benefit obligation at end of year547.0 489.8 16.4 15.6 
Funded status at end of year$(89.8)$(95.1)$(16.4)$(15.6)
Schedule of Expected Benefit Payments
Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31:
(in millions)Pension BenefitsPost-Retirement
Medical Plan
2026$41.3 $1.6 
202736.2 1.7 
202840.5 1.8 
202945.1 1.6 
203047.1 1.6 
Years 2031-2035296.9 7.8 
Schedule of Net Periodic Benefit Cost
The components of net periodic benefit cost for the years ended December 31, 2025, 2024 and 2023 were as follows: 
Pension BenefitsPost-Retirement
Medical Plan
(in millions)202520242023202520242023
Components of net periodic benefit cost:
Service cost$53.2 $53.4 $48.1 $0.7 $0.9 $0.5 
Interest cost25.0 20.3 17.7 0.8 0.9 0.7 
Expected return on plan assets(27.6)(24.4)(19.2)— — — 
Amortization of prior service cost and actuarial loss0.2 0.3 — 0.3 0.5 0.1 
Net periodic benefit cost$50.8 $49.6 $46.6 $1.8 $2.3 $1.3 
Schedule of Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss)
The pre-tax amounts recognized in other comprehensive loss (income) for the years ended December 31, 2025, 2024 and 2023 were as follows: 
Pension BenefitsPost-Retirement
Medical Plan
(in millions)202520242023202520242023
Prior service costs$— $— $— $— $— $6.1 
Net actuarial (gain) loss(20.7)0.4 9.5 2.0 (3.3)(0.2)
Amortization of losses and prior service cost(0.2)(0.3)(0.1)(0.3)(0.5)(0.1)
Total changes in other comprehensive (income) loss$(20.9)$0.1 $9.4 $1.7 $(3.8)$5.8 
Schedule of Pre-Tax Amounts in Accumulated Other Comprehensive Loss Not Yet Recognized as Components of Net Periodic Costs
The pre-tax amounts in accumulated other comprehensive (loss) income as of December 31, 2025 and 2024 that have not yet been recognized as components of net periodic costs were as follows: 
Pension BenefitsPost-Retirement
Medical Plan
(in millions)2025202420252024
Prior service costs$(0.2)$(0.3)$(6.5)$(7.6)
Net actuarial (loss) gain(3.7)(24.6)10.8 13.5 
Total$(3.9)$(24.9)$4.3 $5.9 
Schedule of Assumptions Used
The weighted average assumptions used to determine the benefit obligations as of December 31, 2025 and 2024 were as follows: 
 Qualified PlanSupplemental PlanPost-Retirement Medical Plan
202520242025202420252024
Discount rate - benefit obligations5.54 %5.63 %5.27 %5.54 %5.04 %5.39 %
Rate of compensation increase4.55 %4.55 %5.00 %5.00 %— — 
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2025, 2024 and 2023 were as follows:
Qualified PlanSupplemental PlanPost-Retirement Medical Plan
202520242023202520242023202520242023
Discount rates:
Effective rate for service cost5.65%5.00%5.22%5.57%4.94%5.24%5.62%5.00%5.27%
Effective rate for interest cost5.32%4.90%5.14%5.20%4.90%5.14%5.10%4.82%5.05%
Effective rate for interest on service cost5.39%4.89%5.14%5.31%4.84%5.12%5.50%4.93%5.21%
Cash balance interest credit rate 4.63%3.99%4.04%4.63%3.99%4.04%N/AN/AN/A
Expected long-term rate of return on plan assets6.90%6.80%6.75%N/AN/AN/AN/AN/AN/A
Rate of compensation increase4.55%4.55%4.27%5.00%4.50%4.50%N/AN/AN/A
Schedule of Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates as of December 31, 2025 and 2024 were as follows: 
 Post-Retirement
Medical Plan
20252024
Health care cost trend rate assumed for next year6.8 %5.9 %
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)4.0 %4.0 %
Year that the rate reaches the ultimate trend rate20502049
Schedule of Fair Value of Assets of the Company's Qualified Plan
The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2025 and 2024 by level of fair value hierarchy. Assets consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. 
 Fair Value Measurements Using
NAV as Practical Expedient
(in millions)20252024
Equities:
Domestic equities$140.4 $121.7 
Developed international equities58.8 46.6 
Global low volatility equities— 7.9 
Emerging market equities24.8 19.2 
Fixed-income211.8 178.6 
Real Estate19.4 18.7 
Cash and cash equivalents2.0 2.0 
Total$457.2 $394.7