v3.26.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP 610255  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Accounting Standards Codification 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth by level, within the fair value hierarchy, the Plan’s and the Master Trust’s assets and liabilities at fair value as of December 31, 2025:
Investments at Fair Value as of December 31, 2025
Level 1Level 2Level 3Total
Plan’s investments, excluding interest in Master Trust:
Participant-directed brokerage account$122,660,701 $— $— $122,660,701 
Common stocks31,302,320 — — 31,302,320 
Total Plan’s investments, at fair value$153,963,021 $— $— $153,963,021 
Master Trust’s investments:
Common stocks$177,004,219 $— $— $177,004,219 
Preferred stocks911,625 — — 911,625 
Fixed income securities
Government bonds— 25,137 — 25,137 
Total Master Trust investment assets177,915,844 25,137 — 177,940,981 
Master Trust investments measured at net asset value1:
Common collective trusts2,593,515,672 
Total Master Trust assets, at fair value$177,915,844 $25,137 $— $2,771,456,653 
1.In accordance with "Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share or its Equivalent," certain investments reported at fair value using the net asset value practical expedient have been excluded from the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan investments/master trust investments at fair value.
The following table sets forth by level, within the fair value hierarchy, the Plan’s and the Master Trust’s assets and liabilities at fair value as of December 31, 2024:
Investments at Fair Value as of December 31, 2024
Level 1Level 2Level 3Total
Plan’s investments, excluding interest in Master Trust:
Participant-directed brokerage account$106,865,384 $— $— $106,865,384 
Company common stock37,881,971 — — 37,881,971 
Total Plan’s investments, at fair value$144,747,355 $— $— $144,747,355 
Master Trust’s investments:
Common stocks$627,105,706 $— $— $627,105,706 
Preferred stocks701,559 — — 701,559 
Fixed income securities
Government bonds— 18,117 — 18,117 
Exchange traded funds1,592,379 — — 1,592,379 
Total Master Trust investment assets629,399,644 18,117 — 629,417,761 
Master Trust investments measured at net asset value1:
Common collective trusts2,073,503,654 
Total Master Trust assets, at fair value$629,399,644 $18,117 $— $2,702,921,415 
1.In accordance with "Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share or its Equivalent," certain investments reported at fair value using the net asset value practical expedient have been excluded from the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total master trust investments at fair value.
The following summarizes CCTs solely held by the Master Trust as of December 31, 2025 and by the Plan and the Master Trust as of December 31, 2024. CCTs are measured at fair value based on net asset value per share as of December 31, 2025 and 2024. Redemption for common collective trusts is permitted daily and there are no unfunded commitments.
Fair ValueRedemption Notice Period
December 31, 2025December 31, 2024
Connor, Clark & Lunn Collective Investment Trust - Q International Equity CIF Class M74,127,151 52,322,728 N/A - no required redemption notice period
Frontier Small Cap Growth Fund30,708,037 — By 1:00PM CT on valuation date
Loomis Sayles Core Plus Fixed Income Fund Class B35,575,275 — By 1:00PM CT on valuation date
Loomis Sayles Core Plus Fixed Income Fund— 36,411,643 By 4:00PM ET on valuation date
MFS Heritage Trust Company Collective Investment Trust International Growth Fund Class 755,973,587 40,040,172 N/A - no required redemption notice period
Northern Trust Collective Aggregate Bond Index Fund - Tier H335,754,052 293,849,494 By 9:30AM CT on valuation date
Northern Trust Collective All Country World Ex-US Investment Market Index Fund - Lending277,760,856 262,638,073 By 9:30AM CT one business day prior to valuation date
Northern Trust Collective Extended Equity Market Index Fund274,893,216 — By 9:30AM CT on valuation date
Northern Trust Collective Government Short Term Investment Fund14,184,727 25,858,195 By 2:00PM CT on valuation date
Northern Trust Collective Russell 2000 Index Fund - Non-Lending— 135,811,638 By 9:30AM CT on valuation date
Northern Trust Collective S&P 400® Index Fund - Non-Lending
— 169,546,082 By 9:30AM CT on valuation date
Northern Trust Collective S&P 500® Index Fund - Non-Lending
— 16,252,970 By 9:30AM CT on valuation date
Northern Trust Collective S&P 500® Index Fund - Lending
1,254,700,884 951,044,249 By 9:30AM CT on valuation date
Northern Trust Collective Tips Index Funds - Lending Tier J16,772,178 17,555,081 By 9:30AM CT on valuation date
Northern Trust Collective U.S. Real Estate Index Fund - Non-Lending28,745,865 28,250,527 By 9:30AM CT on valuation date
Premier Advisor II - River Road Small Mid Cap Value II Fund Class C51,728,285 — By 1:00PM CT on valuation date
Wellington CIF II Core Bond Plus S435,383,536 36,447,160 By 4:00PM ET on valuation date
Wellington Tr Co Natl Assn Multiple SMID Cap Research Equity Fund66,825,782 — By 1:00PM CT on valuation date
William Blair Small Mid Cap Growth Collective Investment Fund Class 529,904,850 — By 1:00PM CT on valuation date
Wilmington Trust Collective Investment Trust RBC Emerging Markets Equity10,477,391 7,475,642 N/A - no required redemption notice period
$2,593,515,672 $2,073,503,654