| Reconciliation of Financial Statements to Form 5500 |
Reconciliation of Financial Statements to Form 5500 Amounts allocated to withdrawing participants are recorded as benefits paid on Form 5500 for benefit claims processed and approved for payment prior to December 31st but not yet paid as of that date. Deemed distributions, representing withdrawing participants with outstanding loan balances for which no post-default payment activity has occurred, are not reported on Form 5500 in net assets available for plan benefits. Additionally, investments in the T. Rowe Price Stable Value Fund representing fully benefit-responsive investment contracts are reported on Form 5500 at fair value, whereas the net assets available for plan benefits in the financial statements report such investments at contract value. | | | | | | | | | | | | | | | | The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500: | | | December 31, | (THOUSANDS OF DOLLARS) | | 2025 | | 2024 | | Net assets available for plan benefits per the financial statements | | $ | 24,197,074 | | | $ | 22,067,627 | | | Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value | | (42,289) | | | (85,505) | | | Amounts allocated to withdrawing participants | | (2,970) | | | (5,360) | | | Deemed distributions | | (3,465) | | | (3,682) | | | Net assets available for plan benefits per Form 5500 | | $ | 24,148,350 | | | $ | 21,973,080 | |
| | | | | | | | | | | The following is a reconciliation of benefits paid, including rollovers, to participants per the financial statements to the Form 5500: | | (THOUSANDS OF DOLLARS) | | Year Ended December 31, 2025 | | | Benefits paid to participants, including rollovers, per the financial statements | | $ | 2,551,092 | | | Amounts allocated to withdrawing participants and deemed distributions at end of year | | 6,435 | | | Amounts allocated to withdrawing participants and deemed distributions at beginning of year | | (9,042) | | | | Benefits paid to participants, including rollovers, per Form 5500 | | $ | 2,548,485 | | |
| | | | | | | | | | The following is a reconciliation of net appreciation in investments per the financial statements to the Form 5500: | | (THOUSANDS OF DOLLARS) | | Year Ended December 31, 2025 | | Net appreciation in investments per the financial statements | | $ | 3,274,729 | | | Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value at end of year | | (42,289) | | | Adjustment of T. Rowe Price Stable Value Fund from contract value to fair value at beginning of year | | 85,505 | | | Net appreciation in investments per Form 5500 | | $ | 3,317,945 | | |
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