| Schedule of Investments in the Master Trust Carried at Fair Value |
The following tables provide the investments in the Master Trust carried at fair value measured on a recurring basis as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (thousands of dollars) | Level 1 | | Level 2 | | Level 3 | | Not Subject to Leveling (2) | | Total (1) | | Short-term investments | $ | — | | | $ | 117,634 | | | $ | — | | | $ | — | | | $ | 117,634 | | | Mutual funds and exchange traded funds | 1,752,355 | | | — | | | — | | | — | | | 1,752,355 | | | Separate accounts: | | | | | | | | | | | Short-term investments | — | | | 116,413 | | | — | | | — | | | 116,413 | | | Common and preferred stock | 31,844,027 | | | — | | | — | | | — | | | 31,844,027 | | | Interest in real estate investment trusts | 681,422 | | | — | | | — | | | — | | | 681,422 | | | | | | | | | | | | | Other securities | 32,159 | | | — | | | — | | | — | | | 32,159 | | | RTX common stock | 10,433,470 | | | — | | | — | | | — | | | 10,433,470 | | | Commingled index funds | — | | | — | | | — | | | 10,655,745 | | | 10,655,745 | | | Total | $ | 44,743,433 | | | $ | 234,047 | | | $ | — | | | $ | 10,655,745 | | | $ | 55,633,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (thousands of dollars) | Level 1 | | Level 2 | | Level 3 | | Not Subject to Leveling (2) | | Total (1) | | Short-term investments | $ | — | | | $ | 120,021 | | | $ | — | | | $ | — | | | $ | 120,021 | | | Mutual funds and exchange traded funds | 1,472,704 | | | — | | | — | | | — | | | 1,472,704 | | | Separate accounts: | | | | | | | | | | | Short-term investments | — | | | 168,362 | | | — | | | — | | | 168,362 | | | Common and preferred stock | 27,919,563 | | | — | | | — | | | — | | | 27,919,563 | | | Interest in real estate investment trusts | 676,798 | | | — | | | — | | | — | | | 676,798 | | | | | | | | | | | | | Other securities | 44,981 | | | — | | | — | | | — | | | 44,981 | | | RTX common stock | 6,855,443 | | | — | | | — | | | — | | | 6,855,443 | | | Commingled index funds | — | | | — | | | — | | | 9,381,092 | | | 9,381,092 | | | Total | $ | 36,969,489 | | | $ | 288,383 | | | $ | — | | | $ | 9,381,092 | | | $ | 46,638,964 | |
(1) The tables above exclude $80 million and $14 million of net receivables due to the Master Trust for the Plan years ended December 31, 2025 and 2024, respectively. (2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) 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 amounts presented for the total investments in the Master Trust, at fair value.
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