WERNER HAMBLIN INC

o so, we may also make matching credits and/or profit-sharing credits to participants’ New Excess Plan accounts as we so determine each year. Under both plans, each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until distributed to the participant. Under current federal tax law, we are not allowed a current income tax deduction for the compensation deferred by participants, but we are allowed a tax deduction when a distribution payment is made to a participant from either plan. The accumulated benefit obligation is included in other long-term liabilities in the consolidated balance sheets. We purchased life insurance policies to fund the future liability. The aggregate market value of the life insurance

between $ 10.0 million and $ 20.0 million. We maintain liability insurance coverage with insurance carriers in excess of the $ 15.0 million per claim. We are also responsible for administrative expenses for each occurrence involving bodily injury or property damage. Our self-insured retention (“SIR”) for workers’ compensation claims is $ 2.0 million per claim, with premium-based coverage (issued by insurance companies) for claims exceeding this amount. We also maintain a $ 25.1 million bond for the State of Nebraska and a $ 15.1 million bond for our workers’ compensation insurance carrier. Under these insurance arrangements, we maintained $ 4.3 million in letters of credit and $ 59.3 million in additional bonds as of December 31, 2025. Revenue Recognition: The consolidated statements of i