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EMPLOYEE BENEFIT PLANS
 12 Months Ended
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):
 20242023
Change in benefit obligation:  
Projected benefit obligation—beginning of year$15,569 $17,240 
Interest cost767 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 assets2,112 449 
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):
 202420232022
Net periodic cost (benefit):  
Interest cost$767 $809 $544 
Expected return on plan assets(916)(889)(1,044)
Amortization of net actuarial loss198 162 255 
Net periodic cost (benefit)49 82 (245)
Adjustment to accumulated other comprehensive loss:   
Net actuarial (gain) loss(1,720)(889)1,929 
Amortization of net actuarial loss(198)(162)(255)
Total adjustment to accumulated other comprehensive loss(1,918)(1,051)1,674 
Total recognized in net periodic cost (benefit) and accumulated other comprehensive loss$(1,869)$(969)$1,429 
The weighted-average assumptions used to determine benefit obligations as of December 31, 2024 and 2023 were as follows:
 20242023
Discount rate5.10%5.40%
Rate of compensation increaseN/AN/A
The weighted-average assumptions used to determine net periodic expense for the years ended December 31, 2024, 2023 and 2022, were as follows:
 202420232022
Discount rate5.40%5.00%2.75%
Rate of compensation increaseN/AN/AN/A
Expected long-term return on plan assets6.20%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 Category20242023
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 
20262,112 
20271,173 
20281,784 
2029989 
2030-20344,556 
 $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.