| Schedule of investments measured at fair value |
The following table presents information about our investments measured at fair value on a recurring basis at December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | | Self-managed accounts*: | | | | | | | | | | Common stock | | $ | 816,248 | | | $ | — | | | $ | — | | | $ | 816,248 | | | Mutual funds | | 66,504 | | | — | | | — | | | 66,504 | | | Interest-bearing cash | | 100,170 | | | — | | | — | | | 100,170 | | | U.S. government securities | | 5,225 | | | — | | | — | | | 5,225 | | Corporate debt securities | | — | | | 13,747 | | | — | | | 13,747 | | | Interest-bearing cash | | 36,111 | | | — | | | — | | | 36,111 | | | Common and collective trusts: | | | | | | | | | | Equity funds | | — | | | 7,580,787 | | | — | | | 7,580,787 | | | Fixed-income funds | | — | | | 1,246,667 | | | — | | | 1,246,667 | | | Lifestyle funds | | — | | | 3,432,403 | | | — | | | 3,432,403 | | | Multi-asset funds | | — | | | 77,761 | | | — | | | 77,761 | | | U.S. government securities | | — | | | 321,912 | | | — | | | 321,912 | | | UPS stock fund | | 1,097,612 | | | — | | | — | | | 1,097,612 | | | Total investments — at fair value | | $ | 2,121,870 | | | $ | 12,673,277 | | | $ | — | | | $ | 14,795,147 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | | Self-managed accounts*: | | | | | | | | | | Common stock | | $ | 683,669 | | | $ | — | | | $ | — | | | $ | 683,669 | | | Mutual funds | | 57,655 | | | — | | | — | | | 57,655 | | | Interest-bearing cash | | 90,094 | | | — | | | — | | | 90,094 | | | U.S government securities | | 7,226 | | | — | | | — | | | 7,226 | | | Corporate debt securities | | — | | | 16,823 | | | — | | | 16,823 | | | Interest-bearing cash | | 23,229 | | | — | | | — | | | 23,229 | | | Common and collective trusts: | | | | | | | | | | Equity funds | | — | | | 6,630,548 | | | — | | | 6,630,548 | | | Fixed-income funds | | — | | | 1,120,109 | | | — | | | 1,120,109 | | | Lifestyle funds | | — | | | 2,837,792 | | | — | | | 2,837,792 | | | Multi-asset funds | | — | | | 73,093 | | | — | | | 73,093 | | | U.S. government securities | | — | | | 337,093 | | | — | | | 337,093 | | | UPS Stock Fund | | 1,449,946 | | | | | — | | | 1,449,946 | | | Total investments - at fair value | | $ | 2,311,819 | | | $ | 11,015,458 | | | $ | — | | | $ | 13,327,277 | |
* The investments within the self-managed accounts include a variety of categories of common stock, mutual funds, bonds and cash.
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