Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements [Abstract]  
Schedule of Recurring and Nonrecurring Fair Value Measurements

The following table summarizes recurring fair value measurements by level at December 31, 2025 (in thousands):

 

                            Benefit Plan  
    Fair                       Percentage  
    Value     Level 1     Level 2     Level 3     Allocation  
Assets:                              
Derivative financial instruments   $ 525     $ 525     $
    $
         
Transferable tax credits    

7,500

                 

7,500

         
Defined benefit plan assets(1)                                        
(pooled separate accounts):                                        
Large U.S. Equity(2)     8,060      
      8,060      
      36 %
Small/Mid U.S. Equity(3)     3,574      
      3,574      
      16 %
International Equity(4)     3,479      
      3,479      
      16 %
Fixed Income(5)     6,988      
      6,988      
      32 %
    $ 30,126     $ 525     $ 22,101     $

7,500

         
                                         
Liabilities:                                        
                                         
Derivative financial instruments   $ 1,067     $ 1,067     $
    $
         

 

The following table summarizes recurring fair value measurements by level at December 31, 2024 (in thousands):

 

                            Benefit Plan  
    Fair                       Percentage  
    Value     Level 1     Level 2     Level 3     Allocation  
Assets:                              
Derivative financial instruments   $ 3,313     $ 3,313     $
    $
         
                                         
Defined benefit plan assets(1)                                        
(pooled separate accounts):                                        
Large U.S. Equity(2)     6,962      
      6,962      
      34 %
Small/Mid U.S. Equity(3)     3,636      
      3,636      
      18 %
International Equity(4)     2,762      
      2,762      
      14 %
Fixed Income(5)     6,807      
      6,807      
      34 %
    $ 23,480     $ 3,313     $ 20,167     $
         
                                         
Liabilities:                                        
                                         
Derivative financial instruments   $ 1,177     $ 1,177     $
    $
         

The following table summarizes nonrecurring fair value measurements by level at December 31, 2024 (in thousands):

 

    Fair                    
    Value     Level 1     Level 2     Level 3  
Assets:                        
Long-lived assets – Magic Valley   $ 19,397     $
    $
    $ 19,397  
(1) See Note 11 for accounting discussion.

 

(2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

 

(3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

 

(4) This category includes investments in funds comprised of equity securities of foreign companies, including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

 

(5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.