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v3.25.3

Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2025
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 components of net periodic benefit for the three and nine months ended September 30, 2025 and 2024, are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net periodic benefit: |  |  |  |  |  |  |
Interest cost | $ | 171 |  |  | $ | 191 |  |  | $ | 507 |  |  | $ | 575 |
Expected return on plan assets | (198) |  |  | (229) |  |  | (601) |  |  | (687) |
Amortization of net actuarial loss | 19 |  |  | 14 |  |  | 44 |  |  | 41 |
Net periodic benefit | $ | (8) |  |  | $ | (24) |  |  | $ | (50) |  |  | $ | (71) |
Net periodic benefit does not include a service cost component as a result of the Retirement Plan being frozen. All other components of net periodic benefit are included in other income on the condensed consolidated statements of operations.

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