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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of Pension Plan's Actual and Target Asset Allocations
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2025 and 2024 by asset category:
Target
Pension plan assets2025% of Total2024% of TotalAllocation
Hedge portfolio:79.2 %77.6 %80 %
Fixed maturity securities:
Corporate bonds$153,149 63.3 %$147,336 61.1 %
Foreign bonds18,265 7.5 15,960 6.6 
Federal agency4,578 1.9 5,185 2.1 
U.S. Treasury bonds285 0.1 — — 
Private placement2,423 1.0 3,319 1.4 
Mortgage/asset backed securities724 0.3 732 0.3 
Money market funds1,480 0.6 546 0.2 
Pooled separate accounts:
Liquid assets separate account fund5,274 2.2 8,872 3.7 
Short-term income separate account fund5,584 2.3 5,169 2.1 
Return seeking portfolio:20.8 %22.4 %20 %
Pooled separate accounts:
U.S. property separate account fund— — 6,688 2.8 
LargeCap S&P 500 index33,397 13.8 31,968 13.3 
MidCap S&P 400 index6,699 2.8 6,227 2.6 
SmallCap S&P 600 index4,421 1.8 4,163 1.7 
International equity index5,705 2.4 5,017 2.1 
Total plan assets$241,984 100.0 %$241,182 100.0 %100.0 %
Summary of Categorization of the Pension Plan's Assets Measured at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2025 and 2024:
 Fair Value Measurements
DescriptionDecember 31, 2025Level 1Level 2Level 3
Fixed maturity securities
Corporate bonds$153,149 $— $153,149 $— 
Foreign bonds18,265 — 18,265 — 
Federal agency4,578 — 4,578 — 
U.S. Treasury bonds285 — 285 — 
Private placement2,423 — 2,423 — 
Mortgage/asset backed securities724 — 724 — 
Money market funds1,480 1,480 — — 
Pooled separate accounts:
Liquid assets separate account fund5,274 — 5,274 — 
Short-term income separate account fund5,584 5,584 — — 
LargeCap S&P 500 index33,397 33,397 — — 
MidCap S&P 400 index6,699 6,699 — — 
SmallCap S&P 600 index4,421 4,421 — — 
International equity index5,705 5,705 — — 
Total assets measured at fair value$241,984 $57,286 $184,698 $— 
Fair Value Measurements
DescriptionDecember 31, 2024Level 1Level 2Level 3
Fixed maturity securities
Corporate bonds$147,336 $— $147,336 $— 
Foreign bonds15,960 — 15,960 — 
Federal agency5,185 — 5,185 — 
Private placement3,319 — 3,319 — 
Mortgage/asset backed securities732 — 732 — 
Money market Funds546 546 — — 
Pooled separate accounts
Liquid assets separate account fund8,872 — 8,872 — 
Short-term income separate account fund5,169 5,169 — — 
U.S. property separate account fund6,688 — — 6,688 
LargeCap S&P 500 index31,968 31,968 — — 
MidCap S&P 400 index6,227 6,227 — — 
SmallCap S&P 600 index4,163 4,163 — — 
International equity index5,017 5,017 — — 
Total assets measured at fair value$241,182 $53,090 $181,404 $6,688 
Summary of Changes in Fair Value of Pension Plan's Level 3 Securities
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
U.S. property separate account fund
Balance at January 1, 2025$6,688 
Realized gains32 
Transfers out(6,720)
Balance at December 31, 2025$— 

U.S. property separate account fund
Balance at January 1, 2024$25,407 
Unrealized losses(564)
Expenses(54)
Transfers out(18,101)
Balance at December 31, 2024$6,688 
Summary of Assumptions Used to Determine Net Periodic Benefit Cost
The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Pension Benefits
Weighted-average assumptions as of December 3120252024
Discount rate5.46 %5.54 %
Interest crediting rate4.00 4.00 
Rate of compensation increase4.00 4.00 
The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Pension Benefits
January 1,202520242023
Discount rate5.54 %4.93 %5.15 %
Expected long-term rate of return on plan assets5.90 5.70 6.70 
Rate of compensation increase4.00 4.00 3.00 
Summary of Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
Pension Benefits
Years Ended December 31,20252024
Reconciliation of benefit obligation
Benefit obligation at beginning of year (2)
$180,324 $209,867 
Service cost3,340 3,287 
Interest cost9,586 9,913 
Actuarial loss (gain)2,708 (15,634)
Benefit payments(19,387)(9,350)
Settlement - lump sums paid— (17,759)
Benefit obligation at end of year (1)
$176,571 $180,324 
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of year (2)
$241,182 $263,893 
Actual return on plan assets20,189 4,398 
Benefit payments(19,387)(9,350)
Settlement - lump sums paid— (17,759)
Fair value of plan assets at end of year$241,984 $241,182 
Funded status at end of year$65,413 $60,858 
(1)For the pension plan, the benefit obligation is the projected benefit obligation.
(2)For end of year 2023 benefit obligation and fair value, an adjustment of 13 (thousand) was made reflecting an estimate provided to the current sole-custodian of the fund assets from a separate third-party managed custodian. The beginning of year 2024 balances were updated to reflect actual valuation as there is now only one custodian of fund assets.
Summary of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plan had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
Pension Benefits
Years Ended December 3120252024
Amounts recognized in AOCI
Unrecognized prior service cost$(14,328)$(17,224)
Unrecognized actuarial (gain) loss(9,164)(5,131)
Total amounts recognized in AOCI$(23,492)$(22,354)
Summary of Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension plan are as follows:
Pension Plan
Years Ended December 31,202520242023
Net periodic benefit cost
Service cost$3,340 $3,287 $3,817 
Interest cost9,586 9,913 10,106 
Expected return on plan assets(13,585)(14,541)(15,025)
Amortization of prior service cost(2,896)(2,896)(3,280)
Effect of partial curtailment— (506)(2,666)
Amortization of net loss— — 207 
Net periodic benefit cost$(3,555)$(4,743)$(6,841)
Summary of Projected Benefit Payments
The following table summarizes the expected benefits to be paid from our plan over the next 10 years:
202620272028202920302031-2035
Pension benefits$14,750 $13,260 $13,700 $13,930 $14,500 $74,030