| Employee Benefit Plan, Schedule of Investments and Other Assets and Liabilities of The Master Trust and the Plan's Divided Interest in The Master Trust |
The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2025:
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Master Trust
Balances |
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Plan’s Divided
Interest in
Master Trust
Balances |
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Master Trust investments, at fair value: |
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Self-directed brokerage accounts |
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$ |
68,568,900 |
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$ |
36,593,685 |
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Company common stock |
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224,735,489 |
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171,527,658 |
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Collective trust funds |
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1,796,495,832 |
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|
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1,044,145,179 |
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Target date collective funds |
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858,158,743 |
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332,783,445 |
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Short-term investment funds |
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7,947,737 |
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|
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4,347,666 |
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Total Master Trust investments, at fair value |
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2,955,906,701 |
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1,589,397,633 |
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Master Trust investments, at contract value (a): |
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Synthetic guaranteed investment contracts |
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181,495,804 |
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|
89,283,475 |
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Total Master Trust investments |
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$ |
3,137,402,505 |
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$ |
1,678,681,108 |
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The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2024:
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Master Trust
Balances |
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Plan’s Divided
Interest in
Master Trust
Balances |
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Master Trust investments, at fair value: |
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Self-directed brokerage accounts |
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$ |
63,933,022 |
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$ |
36,346,094 |
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Company common stock |
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249,819,280 |
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190,097,587 |
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Collective trust funds |
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1,505,906,782 |
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897,771,423 |
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Target date collective funds |
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763,362,777 |
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302,042,924 |
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Short-term investment funds |
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10,243,503 |
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5,793,567 |
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Total Master Trust investments, at fair value |
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2,593,265,364 |
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1,432,051,595 |
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Master Trust investments, at contract value (a): |
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Synthetic guaranteed investment contracts |
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202,398,484 |
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101,176,584 |
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Total Master Trust investments |
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$ |
2,795,663,848 |
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$ |
1,533,228,179 |
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(a)The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the calculation of total net assets at fair value.
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| Employee Benefit Plan, Schedule of Fair Value Hierarchy, The Master Trust's Assets |
The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets carried at fair value:
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Net Asset
Value (NAV) |
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Total |
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Master Trust assets (b)(c): |
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Self-directed brokerage |
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$ |
68,568,900 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
68,568,900 |
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Company common stock |
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|
224,735,489 |
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— |
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— |
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— |
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|
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224,735,489 |
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Collective trust funds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,796,495,832 |
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|
|
1,796,495,832 |
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Target date collective funds |
|
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— |
|
|
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— |
|
|
|
— |
|
|
|
858,158,743 |
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|
|
858,158,743 |
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Short-term investment funds |
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— |
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|
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— |
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— |
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7,947,737 |
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|
7,947,737 |
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Total Master Trust assets |
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$ |
293,304,389 |
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$ |
— |
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$ |
— |
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$ |
2,662,602,312 |
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$ |
2,955,906,701 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Net Asset
Value (NAV) |
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Total |
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Master Trust assets (b)(c): |
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Self-directed brokerage |
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$ |
63,933,022 |
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$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
63,933,022 |
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Company common stock |
|
|
249,819,280 |
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— |
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— |
|
|
|
— |
|
|
|
249,819,280 |
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Collective trust funds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,505,906,782 |
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|
|
1,505,906,782 |
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Target date collective funds |
|
|
— |
|
|
|
— |
|
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|
— |
|
|
|
763,362,777 |
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|
763,362,777 |
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Short-term investment funds |
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— |
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— |
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— |
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|
10,243,503 |
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|
10,243,503 |
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Total Master Trust assets |
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$ |
313,752,302 |
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$ |
— |
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$ |
— |
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$ |
2,279,513,062 |
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$ |
2,593,265,364 |
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(b)The Plan determined that certain assets held in the Master Trust that do not have readily determinable fair values are measured at fair value using the NAV per share practical expedient and are not classified within the fair value hierarchy. (c)The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the fair value hierarchy.
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