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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Retirement Plan—The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. The Retirement Plan was frozen in 2004. The Retirement Plan’s funded status and amounts recognized in the Company’s consolidated financial statements for the Retirement Plan as of and for the years ended December 31, 2024 and 2023 are as follows (in thousands):
| 2024 |  | 2023
Change in benefit obligation: |  |  |
Projected benefit obligation—beginning of year | $ | 15,569 |  |  | $ | 17,240 |
Interest cost | 767 |  |  | 809 |
Benefits paid | (1,564) |  |  | (1,151) |
Actuarial gain | (523) |  |  | (1,329) |
Projected benefit obligation—end of year | $ | 14,249 |  |  | $ | 15,569 |
Change in plan assets: |  |  |
Fair value of plan assets—beginning of year | $ | 15,045 |  |  | $ | 15,661 |
Actual gain on plan assets | 2,112 |  |  | 449 |
Employer contributions | — |  |  | 86 |
Benefits paid | (1,564) |  |  | (1,151) |
Fair value of plan assets—end of year | $ | 15,593 |  |  | $ | 15,045 |
Funded status | $ | 1,344 |  |  | $ | (524) |
Amounts recognized in the consolidated balance sheet—asset (liability) | $ | 1,344 |  |  | $ | (524) |
Amounts recognized in accumulated other comprehensive loss—net actuarial loss | $ | (1,881) |  |  | $ | (3,799) |
The accumulated benefit obligation for the Retirement Plan was $14.2 million and $15.6 million at December 31, 2024 and 2023, respectively. The components of net periodic cost (benefit) and other amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Net periodic cost (benefit): |  |  |  |  |
Interest cost | $ | 767 |  |  | $ | 809 |  |  | $ | 544 |
Expected return on plan assets | (916) |  |  | (889) |  |  | (1,044) |
Amortization of net actuarial loss | 198 |  |  | 162 |  |  | 255 |
Net periodic cost (benefit) | 49 |  |  | 82 |  |  | (245) |
Adjustment to accumulated other comprehensive loss: |  |  |  |  |
Net actuarial (gain) loss | (1,720) |  |  | (889) |  |  | 1,929 |
Amortization of net actuarial loss | (198) |  |  | (162) |  |  | (255) |
Total adjustment to accumulated other comprehensive loss | (1,918) |  |  | (1,051) |  |  | 1,674 |
Total recognized in net periodic cost (benefit) and accumulated other comprehensive loss | $ | (1,869) |  |  | $ | (969) |  |  | $ | 1,429 |
The weighted-average assumptions used to determine benefit obligations as of December 31, 2024 and 2023 were as follows:
| 2024 |  | 2023
Discount rate | 5.10% |  | 5.40%
Rate of compensation increase | N/A |  | N/A
The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2024, 2023 and 2022, were as follows:
| 2024 |  | 2023 |  | 2022
Discount rate | 5.40% |  | 5.00% |  | 2.75%
Rate of compensation increase | N/A |  | N/A |  | N/A
Expected long-term return on plan assets | 6.20% |  | 6.21% |  | 5.32%
To develop the long-term rate of return on assets assumption, the Company considered the current level of expected return on risk-free investments (primarily U.S. government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested, and the expectations for future returns of each asset class. Plan Assets—The Company’s investment policy and strategy for the Retirement Plan is to ensure the appropriate level of diversification and risk. The asset allocation targets were approximately 25% in equity investments (Standard & Poor’s Large Cap Index Funds, Small Cap Equity, Mid Cap Equity, and International Equity) and approximately 75% in fixed-income investments (U.S. bond funds and domestic fixed income). In accordance with the policy, the Retirement Plan assets are monitored and the investments may be rebalanced quarterly. The Retirement Plan’s assets consist of pooled or collective investment funds that have more than one investor. The Retirement Plan estimates the fair value of its interest in such funds at a net asset value (“NAV”) per unit reported by the trustee. The NAV per unit is the result of accumulated values of the underlying investments held by the fund, which are valued daily. NAV is utilized by the Company to determine fair value of the plan assets as a practical expedient as of the consolidated balance sheet date. Plan assets for which fair value is measured using NAV shall not be categorized within the fair value hierarchy. The Retirement Plan’s assets may be redeemed at the NAV per unit with no restrictions. The Retirement Plan’s assets at fair value as of December 31, 2024 and 2023, are as follows (in thousands):
Asset Category | 2024 |  | 2023
Pooled and/or collective funds: |  |  |
Equity funds: |  |  |
Large cap | $ | 1,798 |  |  | $ | 2,785 |
Mid cap | 740 |  |  | 1,113 |
Small cap | 451 |  |  | 500 |
International | 682 |  |  | 838 |
Fixed-income funds—U.S. bonds and short term | 11,922 |  |  | 9,809 |
Total | $ | 15,593 |  |  | $ | 15,045 |
The Company’s funding policy is to contribute amounts sufficient to meet minimum requirements but not more than the maximum tax-deductible amount. The Company does not expect to have a minimum required contribution in 2025 and expects future benefit payments to be paid as follows (in thousands):
2025 | $ | 1,552 |
2026 | 2,112 |
2027 | 1,173 |
2028 | 1,784 |
2029 | 989 |
2030-2034 | 4,556 |
| $ | 12,166 |
Employee Savings Plan—The Company has an employee savings plan under Section 401(k) of the Internal Revenue Code, which is available to all eligible associates. Certain associate contributions may be supplemented by the Company. The Company’s contributions were $0.4 million, $0.4 million and $0.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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