v3.26.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP 310  
EBP, Master Trust [Line Items]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Accounting Standards Codification 820, Fair Value Measurement ("ASC 820"), clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements.
The valuation techniques under ASC 820 are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical instruments in active markets. Level 1 investments of the DC Master Trust primarily include common stock, registered investment company funds, and money market funds, based on pricing, frequency of trading, and other market considerations.
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 2 investments of the DC Master Trust primarily include fixed income securities, based on model-derived valuations calculated by the fund managers.
Level 3 — Significant inputs to the valuation model are unobservable. There were no Level 3 financial instruments in the Plan or DC Master Trust as of December 31, 2025 and 2024.
The following tables set forth by level the fair value hierarchy of the investments held by the DC Master Trust and the Plan as of December 31, 2025 and 2024 ($ in thousands):
As of December 31, 2025
Level 1Level 2Level 3NAV (a)Total
DC Master Trust
Short-term investment funds$— $— $— $21,639 $21,639 
HII common stock274,356 — — — 274,356 
Collective trust funds— — — 5,820,851 5,820,851 
Schwab Personal Choice Retirement Fund448,209 3,028 — — 451,237 
Total assets in the DC Master Trust$722,565 $3,028 $— $5,842,490 $6,568,083 
Other Plan Investments
Short-term investment fund$— $— $— $793 $793 
Total Other Plan Investments$— $— $— $793 $793 
As of December 31, 2024
Level 1Level 2Level 3NAV (a)Total
DC Master Trust
Short-term investment funds$— $— $— $21,658 $21,658 
HII common stock181,010 — — — 181,010 
Collective trust funds— — — 5,040,576 5,040,576 
Schwab Personal Choice Retirement Fund399,055 2,591 — — 401,646 
Total assets in the DC Master Trust$580,065 $2,591 $— $5,062,234 $5,644,890 
Other Plan Investments
Short-term investment fund$— $— $— $664 $664 
Total Other Plan Investments$— $— $— $664 $664 
(a) Investments in collective trust funds are measured at fair value using NAV, as a practical expedient, and therefore have not been classified in the fair value hierarchy.