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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
FASB ASC 820, Fair Value Measurement, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include:
•quoted prices for similar assets or liabilities in active markets;
•quoted prices for identical or similar assets or liabilities in inactive markets;
•inputs other than quoted prices that are observable for the asset or liability;
•inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.

Money market fund: Valued at market price, which is equivalent to $1 per unit.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission (“SEC”). These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Common stock: Valued at closing price reported on the active market on which the individual securities are traded.

Self-directed brokerage account: Valued at the closing price reported on the active market on which the individual securities are traded.

Common/collective trust: A fund that is composed primarily of fully benefit-responsive investment contracts that is valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the funds less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

The preceding methods described may produce a fair value calculation that 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 tables summarize financial assets measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, as of December 31, 2025 and 2024, respectively:
Assets Measured at Fair Value on a Recurring Basis at December 31, 2025
Level 1Total
Money market fund$1,667,814 $1,667,814 
Mutual funds142,541,848 142,541,848 
Common stock4,125,772 4,125,772 
Self-directed brokerage account4,901,114 4,901,114 
Total assets in the fair value hierarchy$153,236,548 153,236,548 
Investments measured at NAV1,920,783 
Total investments at fair value$155,157,331 
Assets Measured at Fair Value on a Recurring Basis at December 31, 2024
Level 1Total
Money market fund$1,916,826 $1,916,826 
Mutual funds120,806,330 120,806,330 
Common stock4,915,044 4,915,044 
Self-directed brokerage account4,105,258 4,105,258 
Total assets in the fair value hierarchy$131,743,458 131,743,458 
Investments measured at NAV2,176,345 
Total investments at fair value$133,919,803 

The Plan did not hold any Level 2 or Level 3 investments as of December 31, 2025 and 2024.

Fair Value of Investments in Entities that Use NAV

The following tables summarize investments measured at fair value based on NAV per share at December 31, 2025 and 2024, respectively.

December 31, 2025Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Common
Collective Trust - Galliard
Retirement Income Fund 45(1)
$1,920,783 N/ADaily or monthly
None or 5 days
December 31, 2024Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Common
Collective Trust - Galliard
Retirement Income Fund 45(1)
$2,176,345 N/ADaily or monthly
None or 5 days
(1) Galliard Retirement Income Fund is an open-end fund incorporated in the United States that will be invested in the Galliard Managed Income Fund. This fund seeks to provide safety of principal, adequate liquidity and competitive yield with low return volatility.