| Schedule of Fair Value Hierarchy of Plan's Investments and Investments Measured at Fair Value Based on NAV |
The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2025 and 2024. The Plan has no assets classified within Level 3 of the valuation hierarchy. Additionally, there were no transfers in or out of Level 3 investments during 2025 or 2024.
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Assets at Fair Value as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Total |
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Cash and cash equivalents (money market funds) |
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$ |
— |
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|
$ |
5,563,956 |
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|
$ |
5,563,956 |
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Collective investment trusts |
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|
— |
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|
|
25,036,897 |
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|
|
25,036,897 |
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Mutual funds |
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|
83,259,657 |
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|
|
— |
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83,259,657 |
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Common stock |
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|
23,462,659 |
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|
— |
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|
23,462,659 |
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Total investments in the fair value hierarchy |
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$ |
106,722,316 |
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|
$ |
30,600,853 |
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|
|
137,323,169 |
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Investments measured at net asset value (a) |
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|
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|
|
7,673,691 |
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Total investments at fair value |
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$ |
144,996,860 |
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Assets at Fair Value as of December 31, 2024 |
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Level 1 |
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Level 2 |
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Total |
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Cash and cash equivalents (money market funds) |
|
$ |
— |
|
|
$ |
3,857,778 |
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$ |
3,857,778 |
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Collective investment trusts |
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|
— |
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22,361,982 |
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|
22,361,982 |
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Mutual funds |
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|
77,939,599 |
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|
|
— |
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|
|
77,939,599 |
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Common stock |
|
|
23,283,443 |
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|
|
— |
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|
|
23,283,443 |
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Total investments in the fair value hierarchy |
|
$ |
101,223,042 |
|
|
$ |
26,219,760 |
|
|
|
127,442,802 |
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Investments measured at net asset value (a) |
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|
|
|
|
|
|
|
7,956,278 |
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Total investments at fair value |
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|
|
|
|
|
$ |
135,399,080 |
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(a)In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits. The following table summarizes investments measured at fair value based on NAV as a practical expedient as of December 31, 2025 and 2024.
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Fair Values as of December 31, 2025 |
Fund |
|
Fair Value |
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|
Unfunded
Commitments |
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Redemption
Frequency |
|
Redemption
Notice
Period |
Putnam Stable Value Fund Class 20 |
|
$ |
7,673,691 |
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N/A |
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Daily |
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Daily |
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Total |
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$ |
7,673,691 |
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Fair Values as of December 31, 2024 |
Fund |
|
Fair Value |
|
|
Unfunded
Commitments |
|
Redemption
Frequency |
|
Redemption
Notice
Period |
Putnam Stable Value Fund Class 20 |
|
$ |
7,956,278 |
|
|
N/A |
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Daily |
|
Daily |
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Total |
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$ |
7,956,278 |
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