v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Investment, Fair Value and NAV [Line Items]  
EBP, Investment, Fair Value and NAV
Assets at Fair Value as of December 31, 2025
Level 1Level 2Level 3Total
Common stock$886,114,575 $– $– $886,114,575 
Money market fund24,377,191 – – 24,377,191 
Mutual funds271,366,122 – – 271,366,122 
1,181,857,888 – – 1,181,857,888 
Investments measured at net asset
 value as a practical expedient (a)— – – 8,464,205,151 
$1,181,857,888 $– $– $9,646,063,039 
Assets at Fair Value as of December 31, 2024
Level 1Level 2Level 3Total
Common stock$765,949,371 $– $– $765,949,371 
Money market fund15,180,388 – – 15,180,388 
Mutual funds211,202,196 – – 211,202,196 
992,331,955 – – 992,331,955 
Investments measured at net asset
 value as a practical expedient (a)— – – 7,467,602,411 
$992,331,955 $– $– $8,459,934,366 
(a) Certain investments that were measured at net asset value per share (or its equivalent) as a practical expedient 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 Statements of Net Assets Available for Benefits.
The following summarizes investments measured at fair value based on NAV per share as a practical expedient as of December 31, 2025 and 2024, respectively.

December 31, 2025Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption Notice Period
State Street Investment Management Funds$5,304,110,337 n/aDaily
8:30am EST on T+1 for participant-directed redemptions. In accordance with the relevant Declaration of Trust for the Commingled Funds, SSIM requests emailed notice 15 days in advance of Trade Date for all plan-directed contributions or redemptions that are of significant size, as determined by SSIM in its sole discretion.
Vanguard Target Retirement Trust Select 2,404,859,784 n/aDaily subject to frequent trading provisions
12 months
BlackRock Russell 2500 Alpha Tilts – Fund F397,921,908 n/aDailyT-2 by 11:30AM ET
MetWest Total Return Bond Fund (CIT) Class C100,890,239 n/aDaily
If a plan’s redemption is for more than 20% of their assets in the fund then the notice period is 5 business days.Advance notice is not required for redemptions that are less than 20% of their assets
BlackRock Government Short Term Investment Fund256,422,883 n/aDaily
There are no restrictions for participants to trade commingled trust funds. Consistent with DC industry standards, the collective funds offer daily liquidity with same-day notification. Regarding plan-level liquidity, we offer daily liquidity but, as a courtesy, we request advance notice prior to large Plan-level redemptions. More specifically, the standard for DC participant directed activity is to receive orders on T+1 (the business day following trade date), providing the unit value of T (trade date), with settlement on T+1. These orders are typically received via the plan’s intermediaries (e.g., recordkeeper, trustee, etc.). BlackRock Trust Company maintains trading agreements with these intermediaries that establishes T+1 notification deadlines and proper internal controls and procedures. In the event of Plan (non-participant) directed activity, into or out of the commingled trust funds, BlackRock requests the Plan trustee to provide thirty (30) days advance notification in order to allow for coordination of order placement, trading, and specification of settlement dates.
Total December 31, 2025$8,464,205,151 
December 31, 2024Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
State Street Global Advisors Funds$4,639,674,999 n/aDaily
8:30am EST on T+1 for participant-directed redemptions. In accordance with the relevant Declaration of Trust for the Commingled Funds, SSGA requests emailed notice 15 days in advance of Trade Date for all plan-directed contributions or redemptions that are of significant size, as determined by SSGA in its sole discretion.
Vanguard Target Retirement Trust Select 2,138,206,463 n/aDaily subject to frequent trading provisions
12 months
BlackRock Russell 2500 Alpha Tilts – Fund F383,570,698 n/aDailyT-2 by 11:30AM ET
MetWest Total Return Bond Fund (CIT) Class C79,567,717 n/aDaily
If a plan’s redemption is for more than 20% of their assets in the fund then the notice period is 5 business days.Advance notice is not required for redemptions that are less than 20% of their assets
BlackRock Government Short Term Investment Fund226,582,534 n/aDaily
There are no restrictions for participants to trade commingled trust funds. Consistent with DC industry standards, the collective funds offer daily liquidity with same-day notification. Regarding plan-level liquidity, we offer daily liquidity but, as a courtesy, we request advance notice prior to large Plan-level redemptions. More specifically, the standard for DC participant directed activity is to receive orders on T+1 (the business day following trade date), providing the unit value of T (trade date), with settlement on T+1. These orders are typically received via the plan’s intermediaries (e.g., recordkeeper, trustee, etc.). BlackRock Trust Company maintains trading agreements with these intermediaries that establishes T+1 notification deadlines and proper internal controls and procedures. In the event of Plan (non-participant) directed activity, into or out of the commingled trust funds, BlackRock requests the Plan trustee to provide thirty (30) days advance notification in order to allow for coordination of order placement, trading, and specification of settlement dates.
Total December 31, 2024$7,467,602,411 
*State Street Global Advisor Funds includes 4 funds (for 2025, see individual funds as listed in attached Schedule H, line 4i – Schedule of Assets Held – Common Collective Trust Section).

***Vanguard Target Retirement Trust Select includes 12 funds (for 2025, see individual funds as listed in attached Schedule H, line 4i – Schedule of Assets Held – Common Collective Trust Section).