v3.26.1
FAIR VALUE OF INVESTMENTS IN THE MASTER TRUST
 12 Months Ended
Dec. 31, 2025
EBP 017  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE OF INVESTMENTS IN THE MASTER TRUST FAIR VALUE OF INVESTMENTS IN THE MASTER TRUST
The Fair Value Measurements and Disclosure Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. This hierarchy prioritizes the inputs into three broad levels:
Level 1 – quoted prices in active markets for identical assets or liabilities;
Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly;
Level 3 – unobservable inputs based on our own assumptions used to measure assets and liabilities 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 1Level 2Level 3
Not Subject to Leveling (2)
Total (1)
Short-term investments$— $117,634 $— $— $117,634 
Mutual funds and exchange traded funds1,752,355 — — — 1,752,355 
Separate accounts:
Short-term investments— 116,413 — — 116,413 
Common and preferred stock31,844,027 — — — 31,844,027 
Interest in real estate investment trusts681,422 — — — 681,422 
Other securities32,159 — — — 32,159 
RTX common stock10,433,470 — — — 10,433,470 
Commingled index funds— — — 10,655,745 10,655,745 
Total$44,743,433 $234,047 $— $10,655,745 $55,633,225 
 December 31, 2024
(thousands of dollars)Level 1Level 2Level 3
Not Subject to Leveling (2)
Total (1)
Short-term investments$— $120,021 $— $— $120,021 
Mutual funds and exchange traded funds1,472,704 — — — 1,472,704 
Separate accounts:
Short-term investments— 168,362 — — 168,362 
Common and preferred stock27,919,563 — — — 27,919,563 
Interest in real estate investment trusts676,798 — — — 676,798 
Other securities44,981 — — — 44,981 
RTX common stock6,855,443 — — — 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.