v3.26.1
SAVINGS PLAN MASTER TRUST
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Master Trust [Line Items]  
SAVINGS PLAN MASTER TRUST SAVINGS PLAN MASTER TRUST
The Program’s investment assets are held in the Savings Plan Master Trust, a tax-exempt collective trust described in IRS Revenue Ruling 81-100. The Program’s share of the Savings Plan Master Trust’s net assets and investment activities is based upon the total of each individual participant’s share of the Savings Plan Master Trust. There were no transfers in or out of Level 3 during 2025 or 2024.

The major classes of investments of the Savings Plan Master Trust and the Program's interest in the Savings Plan Master Trust as of December 31, 2025 were as follows:
(Dollars in Thousands)Level 1Level 2Level 3Master Trust TotalProgram's Interest in Master Trust
Mutual Funds$645,028 $— $— $645,028 $582,257 
Bristol-Myers Squibb Company Stock488,202 — — 488,202 466,530 
Money Market Funds347,141 — — 347,141 339,128 
Self-Directed Brokerage Accounts563,112 36,546 — 599,658 586,978 
Total$2,043,483 $36,546 $— 2,080,029 1,974,893 
Investments Measured at Net Asset Value(a):
Common Collective Trusts10,525,923 10,319,987 
Net Assets, at Fair Value12,605,952 12,294,880 
Net Assets, at Contract Value (Note 6)295,677 290,421 
Total Net Assets$12,901,629 $12,585,301 

The major classes of investments of the Savings Plan Master Trust and the Program's interest in the Savings Plan Master Trust as of December 31, 2024 were as follows:
(Dollars in Thousands)Level 1Level 2Level 3Master Trust TotalProgram's Interest in Master Trust
Mutual Funds$617,761 $— $— $617,761 $559,639 
Bristol-Myers Squibb Company Stock554,933 — — 554,933 530,957 
Money Market Funds330,035 — — 330,035 321,825 
Self-Directed Brokerage Accounts460,217 37,755 — 497,972 488,094 
Total$1,962,946 $37,755 $— 2,000,701 1,900,515 
Investments Measured at Net Asset Value(a):
Common Collective Trusts9,317,512 9,125,332 
Net Assets, at Fair Value11,318,213 11,025,847 
Net Assets, at Contract Value (Note 6)359,134 351,955 
Total Net Assets$11,677,347 $11,377,802 

(a)    In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

Certain of the Program’s money market funds, mutual funds, self-directed brokerage accounts and CCTs include funds that are a party-in-interest to the Program, which are further described in "Note 8 - Exempt Party-In-Interest Transactions."
The total net investment income of the Savings Plan Master Trust for the year ended December 31, 2025 was as follows:
(Dollars in Thousands)
Net investment income
Interest income$40,821 
Dividend income39,835 
Net appreciation in fair value of investments1,825,628 
Total net investment income$1,906,284 
Program's share of net investment income in the Savings Plan Master Trust$1,862,792