| EBP, Investment, Fair Value and NAV |
The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | Description (Thousands) |
| Total |
| Level 1 |
| Level 2 | | Money market funds |
| $ | 77,166 | | | $ | 77,166 | | | $ | — | | | Corporate debt instruments |
| 145,940 | | — | | 145,940 | | Common stocks |
| 3,427,888 | | 3,427,888 | | — | | Common/Collective trusts |
| 2,420,759 | | — | | 2,420,759 | | U.S. Government and agency obligations |
| 423,470 | | — | | 423,470 | | Mutual funds |
| 212,084 | | 212,084 | | — | | Self-directed brokerage accounts |
| 265,767 | | 265,767 | | — | | Other investments |
| 147,272 | | — | | 147,272 | | Total assets in the fair value hierarchy | | $ | 7,120,346 | | | $ | 3,982,905 | | | $ | 3,137,441 | | | Common/collective trusts measured at net asset value (“NAV”) |
| 2,372,859 | | | | | | Total investments, at fair value |
| $ | 9,493,205 | | | | | |
The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | Description (Thousands) |
| Total |
| Level 1 |
| Level 2 | | Money market funds |
| $ | 45,210 | |
| $ | 45,210 | | | $ | — | | | Corporate debt instruments |
| 133,447 | |
| — | | 133,447 | | Common stocks |
| 3,058,448 | |
| 3,058,448 | | — | | Common/Collective trusts |
| 1,344,724 | |
| — | | 1,344,724 | | U.S. Government and agency obligations |
| 311,175 | |
| — | | 311,175 | | Mutual funds |
| 76,274 | |
| 76,274 | | — | | Self-directed brokerage accounts |
| 215,114 | |
| 215,114 | | — | | Other investments |
| 154,433 | |
| — | | 154,433 | | Total assets in the fair value hierarchy | | $ | 5,338,825 | | | $ | 3,395,046 | | | $ | 1,943,779 | | | Common/collective trusts measured at NAV |
| 2,798,345 | | | | | | Total investments, at fair value |
| $ | 8,137,170 | | | | | |
The following tables summarize investments measured at fair value based on NAV per share/unit as of December 31, 2025 and 2024, respectively: | | | | | | | | | | | | | | | | Fair Value as of December 31, 2025 (Thousands) | Fair Value as of December 31, 2024 (Thousands) | Redemption Frequency | Redemption Notice Period | Common/collective trusts(a) | $2,372,859 | $2,798,345 | As needed | Up to 5 business days(b) |
a.Common/collective trusts are invested to gain exposure to broad public indices, including U.S., international developed and emerging market equity securities and fixed income securities. b.Fund trustees have the discretion to impose a longer notice period for the redemption of all or substantially all of the Plan’s investment in the funds.
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