v3.26.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP, NGSP  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS
4. FAIR VALUE MEASUREMENTS
Certain investments that are measured at fair value using NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy tables. The total fair value of these investments is included in the tables below to permit reconciliation of the fair value hierarchy to amounts presented in the investments footnote (Note 3). These investments have no unfunded commitments, redemption notice periods greater than seven days or other redemption restrictions. As of December 31, 2025 and 2024, there were no investments expected to be sold at a value materially different than NAV.
The table below sets forth the fair value of the investments by level, measured on a recurring basis and held by the DC Master Trust as of December 31, 2025:
2025
$ in thousandsLevel 1Level 2Total
DC Master Trust at fair value
Cash equivalents and short-term investment fund$— $78,177 $78,177 
U.S. equities4,048,009 — 4,048,009 
Collateral held under securities lending agreements— 200,064 200,064 
Common/collective trust funds valued using NAV as a practical expedient32,627,651 
Total DC Master Trust at fair value$4,048,009 $278,241 $36,953,901 
The table below sets forth the fair value of the short-term investment fund, by level, measured on a recurring basis, and held by the Plan as of December 31, 2025:
2025
$ in thousandsLevel 1Level 2Total
State Street Bank and Trust Company short-term investment fund$— $85 $85 
The table below sets forth the fair value of the investments by level, measured on a recurring basis and held by the DC Master Trust as of December 31, 2024:
2024
$ in thousandsLevel 1Level 2Total
DC Master Trust at fair value
Cash equivalents and short-term investment fund$18 $93,041 $93,059 
U.S. equities3,594,037 — 3,594,037 
Collateral held under securities lending agreements— 693,505 693,505 
Common/collective trust funds valued using NAV as a practical expedient28,679,632 
Total DC Master Trust at fair value$3,594,055 $786,546 $33,060,233 
The table below sets forth the fair value of the short-term investment fund, by level, measured on a recurring basis, and held by the Plan as of December 31, 2024:
2024
$ in thousandsLevel 1Level 2Total
State Street Bank and Trust Company short-term investment fund$— $2,109 $2,109