| RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31st but are not yet paid as of that date. The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2025 and 2024 to the Form 5500: | | | | | | | | | | | | | 2025 | | 2024 | | Net assets available for benefits per the financial statements | $ | 3,489,897,500 | | | $ | 3,449,667,918 | | | Amounts allocated to withdrawing participants | (5,288,379) | | | (962,718) | | | Loan balances considered deemed distributions | (189,874) | | | (224,607) | | | Adjustment from contract value to fair value for fully benefit-responsive investment contracts held in Master Trust | (19,228,483) | | | (38,176,474) | | | Net assets available for benefits per the Form 5500 | $ | 3,465,190,764 | | | $ | 3,410,304,119 | |
The following is a reconciliation of notes receivable from participants per the financial statements at December 31, 2025 and 2024 to notes receivable from participants per the Form 5500: | | | | | | | | | | | | | 2025 | | 2024 | | Notes receivable from participants per the financial statements | $ | 41,531,662 | | | $ | 46,352,576 | | | Loan balances considered deemed distributions | (189,874) | | | (224,607) | | | Notes receivable from participants per the Form 5500 | $ | 41,341,788 | | | $ | 46,127,969 | |
The following is a reconciliation of total additions (reductions) per the financial statements to total income per the Form 5500 for the year ended December 31, 2025: | | | | | | | 2025 | | Total additions per the financial statements | $ | 681,474,789 | | | 2025 adjustment from contract value to fair value for fully benefit-responsive investment contracts held in Master Trust | (19,228,483) | | | 2024 adjustment from contract value to fair value for fully benefit-responsive investment contracts held in Master Trust | 38,176,474 | | | Total income per the Form 5500 | $ | 700,422,780 | |
The following is a reconciliation of total deductions per the financial statements to total expenses per the Form 5500 for the year ended December 31, 2025: | | | | | | | 2025 | | Total deductions per the financial statements | $ | 641,245,207 | | | Amounts allocated to withdrawing participants at December 31, 2025 | 5,288,379 | | | Amounts allocated to withdrawing participants at December 31, 2024 | (962,718) | | | Current year cumulative deemed distributions | 189,874 | | | Prior year cumulative deemed distributions | (224,607) | | | Total expenses per the Form 5500 | $ | 645,536,135 | |
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