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Rowe Price Trust Company | Retirement 2040 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2045 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2050 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2055 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2060 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2065 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement 2070 Trust Class F mdu:EBP004Member 2025-12-31 0000067716 T. Rowe Price Trust Company | Retirement Balanced Trust Class F mdu:EBP004Member 2025-12-31 0000067716 New York Life Insurance Company | New York Life Insurance Contract mdu:EBP004Member 2025-12-31 iso4217:USD pure shares false false 0000067716 0000067716 0.50 0.25 11-K 11-K MDU RESOURCES GROUP, INC. MDU RESOURCES GROUP, INC. 812364867 721516818 38674784 37523693 851039651 759040511 7306832 7660570 54230 711835 8009015 7422609 759636 633622 0 116825 16129713 16545461 11119 0 867180483 775585972 2779277 7728318 111260086 121767681 627842 19340888 24324815 3257564 46923267 169318790 77127460 595024 77722484 91596306 -1795 91594511 775585972 867180483 Description of the Plan<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following description of the MDU Resources Group, Inc. 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. As noted below in the following information, the Company completed the separation and distribution of Everus Construction Group, Inc. (Everus) from the Plan in 2024.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">General</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan was initially adopted by the Board of Directors of MDU Resources Group, Inc. (the Company) on August 4, 1983, to be effective January 1, 1984, as a defined contribution plan. On May 25, 2006, the Plan designated the portion of the Plan invested in MDU Resources Group, Inc. common stock as an Employee Stock Ownership Plan (ESOP).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Company and any of its affiliates that participate in the Plan are the Employers (the Employers). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Board of Directors of the Company may, at any time, amend or modify the Plan. The Company has delegated to the Employee Benefits Committee (the Committee) of the Company the authority to amend or modify the Plan; however, certain amendments identified in the Plan document are subject to approval by the Board of Directors of the Company.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Although it has not expressed any intent to do so, the Board of Directors of the Company has the right under the Plan to discontinue its contributions, at any time, and to terminate the Plan subject to the provisions of ERISA. The Board of Directors or governing entities of any Employer may, at any time, terminate participation in the Plan with respect to such Employer. In the event of a Plan termination, participants would become 100 percent vested in their employer contributions.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Committee is the Plan Administrator. The Committee consists of the Chief Financial Officer and Chief Human Resources Officer of the Company and other individuals appointed by the Chief Executive Officer of the Company who are employed by the Company or a subsidiary of the Company. The recordkeeper of the Plan is Principal Financial Group (the Recordkeeper). The trustee of the Plan is Principal Trust Company (the Trustee).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:117%">Plan Transfers</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">On October 2, 2024, the Company's Board of Directors approved the separation and the distribution of all the outstanding shares</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">of Everus to the Company's stockholders. On October 31, 2024, the participants of the Plan holding Company common stock</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In June 2025, a participant account with assets of $1,800 was transferred from the Plan to the Everus 401(k) Plan. Due to the Plan amendment for the Everus separation, part-time employees were eligible for the Company retirement contribution. The retirement contribution for this participant account had to be funded into the Plan before transferring to the Everus 401(k) Plan. </span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Eligibility</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">As amended and effective January 1, 2024, in general, all employees of the Company who are at least 18 years of age are eligible to participate in the Plan upon hire, excluding leased employees, independent contractors and employees who are eligible to participate in a multiemployer plan to which the Company contributes or are covered by a collectively bargained unit that has not bargained for the Plan for such employees. </span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Deferral Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan allows a participant to contribute, by payroll deduction, any whole percentage not to exceed 75 percent of the participant's eligible compensation for each pay period up to a maximum pre-tax and/or Roth deferral contribution of $23,500 for the 2025 Plan year. The Plan provides an automatic deferral election feature and an automatic deferral escalation feature, which increases an automatically enrolled participant's deferral percentage by one percent annually until the participant's deferral percentage reaches 15 percent, unless the participant opts out or changes their deferral election. Additionally, the Plan allows a participant who is eligible to make deferral contributions and will have attained age 50 before the close of the Plan year to make elective catch-up deferrals. The maximum catch-up deferral for 2025 was $7,500.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Employer Matching Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Each Employer may elect to provide matching contributions on behalf of participants employed by such Employer, equal to a percentage of such participant’s pre-tax and Roth deferral contributions up to a specified percent of the participant’s annual eligible compensation as provided under the Plan or as adopted by the Employer and approved by the Committee. All matching contributions are made in cash to the participant’s matching contribution account and invested as directed by the participant.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Profit Sharing/Retirement Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Employer, in its sole discretion and subject to the Committee's approval, may make either profit sharing or retirement contributions, or both, to the Plan on behalf of certain eligible participants employed by that Employer. Participants may choose to invest profit sharing/retirement contributions allocated to their individual accounts in any or all of the available investment options. Profit sharing/retirement contributions totaling $11.6 million were credited to participant accounts for the year ended December 31, 2025, of which $7.3 million was accrued at year end but not paid until February 2026.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:117%">Rollover Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan accepts rollover contributions from eligible retirement plans, including after-tax employee contributions and designated Roth accounts.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Participant Accounts</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Employers remit all authorized contributions made by the participants to the Trustee to be held in trust and invested for the respective accounts of the participants, pursuant to the terms of a trust agreement effective April 1, 2020, as amended. Individual accounts are maintained for each participant of the Plan. Each participant’s account is credited with pre-tax deferral contributions, Roth deferral contributions, employer matching contributions, profit sharing/retirement contributions, and rollover contributions, as applicable, and allocated investment earnings. Participant accounts are also charged withdrawals (see Distributions to Participants section below), allocated investment losses and per-participant administrative expenses that are not paid by Company.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Options</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">An election is made by each participant to allocate contributions in one percent increments to be invested in any of the investment options available. Participants may change investments and transfer amounts between funds.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">If a participant does not specify how contributions to their account are to be invested, they will automatically be invested in the applicable T. Rowe Price Retirement Fund most closely aligned with the year the participant turns age 60.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Contributions to the MDU Resources Common Stock are used by the Trustee to purchase shares of MDU Resources Group, Inc. common stock directly on the open market.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">As a result of the October 31, 2024, separation of Everus from the Company, Plan participants received one share of Everus</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">record date for the distribution. Participants had until October 31, 2025, to transfer their balance of Everus common stock to</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">another investment option in the Company's plan or take an in-kind distribution, if eligible. There was no balance of Everus common stock in the Plan as of December 31, 2025.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Vesting</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">A participant’s interest in their pre-tax and Roth deferral accounts, matching contribution account, rollover account and ESOP account is at all times fully vested and nonforfeitable. Generally, a participant’s interest in a profit sharing/retirement contribution account is 100 percent vested after completing three years of service. Participants are 100 percent vested in the dividends paid on the MDU Resources Common Stock regardless of years of service. Participant accounts are valued on a daily basis.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Distributions to Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The amount credited to participant accounts shall become payable to the participant or the participant’s beneficiary/beneficiaries, as applicable, upon death, retirement, disability or other termination of employment with the Employers. The distribution of such amounts will be in accordance with the Plan, based on the method of payment elected by the participant or designated beneficiary/beneficiaries. Generally, the Plan allows for a single-sum distribution or flexible installments over a period of time, not to exceed nine years.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Distributions with respect to investment options other than the MDU Resources Common Stock are in the form of cash. Distributions with respect to the MDU Resources Common Stock may be in the form of cash or in the form of MDU Resources Group, Inc. common stock. Distributions of fractional shares are in the form of cash. Any MDU Resources Group, Inc. common stock included in a direct transfer to an individual retirement account or other qualified plan will be electronically transferred to the individual retirement account or to the qualified plan’s custodian. As of December 31, 2025 and 2024, there were approximately $97,000 and $68,000, respectively, of distributions requested prior to year end but not paid until after year end.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">A participant may make in-service withdrawals (hardship or age 59 1/2) under certain conditions. Distributions from a participant’s rollover account may be elected at any time.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Notes Receivable from Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">A participant may be eligible to obtain a loan from the Plan. The minimum amount a participant can borrow is $1,000 and the maximum amount available for a loan is the lesser of $50,000 or one-half of the participant’s vested account balance, subject to certain limitations. Loans must be repaid over specified periods generally through payroll deduction and bear interest at a commercially reasonable rate in effect at the time the loan is made, as established by the Committee. As of December 31, 2025, participant loans had maturities through 2040 at interest rates ranging from 4.25 percent to 9.50 percent.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Forfeited Accounts</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Forfeited non-vested accounts are used in the following order, in accordance with the terms of the Plan: (i) to reinstate reemployed participant accounts, (ii) if any forfeitures remain after application of (i), to reduce employer contributions to the Plan, and (iii) if any forfeitures remain after application of (ii), to reduce administrative expenses incurred by the Plan. Forfeited non-vested accounts totaled approximately $1,000 and $39,000 at December 31, 2025 and 2024, respectively. Approximately $141,000 in forfeitures were used to reduce employer contributions for the year ended December 31, 2025.</span></div> -1800 P18Y 0.75 0.01 0.15 11600000 7300000 0.01 1 P3Y 1 P9Y 97000 68000 1000 50000 0.0425 0.095 1000 39000 141000 Summary of Significant Accounting Policies<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Basis of Accounting</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP).</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Valuation and Income Recognition</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan's investments are stated at fair value, except for the fully benefit-responsive investment contract, the New York Life Insurance Investment Contract, which is stated at contract value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Contract value is the amount Plan participants would receive if they were to initiate permitted transactions under the terms of the Plan (see Note 3). For more information on fair value measurements, see Note 4.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Notes Receivable from Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Delinquent notes receivable from participants are recorded as distributions based on the terms of the Plan document.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Distributions to Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Distributions to Plan participants are recorded when paid.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Employee contributions are recorded when withheld through payroll reductions. Employer contributions are recorded when determined to be earned.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Administrative Expenses</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Administrative expenses of the Plan related to Trustee, recordkeeping and audit fees are paid primarily by the participants. Certain administrative expenses of the Plan, such as legal fees, are paid by the Company and are not reported in the Plan's financial statements. Administrative expenses of the Plan were approximately $595,000 for the year ended December 31, 2025, including the MDU Resources Common Stock commissions, loan fees and terminated participant account fees that were paid by participants through the Plan.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Fees or commissions associated with each of the investment options other than the MDU Resources Common Stock are paid by participants as an offset to investment earnings and were approximately $2.2 million for the year ended December 31, 2025, which was net of revenue-sharing adjustments for fee levelization of $83,000 that were credited back directly to the participants' accounts. </span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Investments, in general, are subject to various risks, including credit, interest rate and overall market volatility risks. Market risks include changes in economic indicators, such as consumer spending, tariffs, inflation data, interest rate changes, political developments and threats of terrorism, among other things. Due to the level of risk associated with certain investment securities, it is likely that changes in values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Concentration of Investments</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following presents investments that represent 10 percent or more of the Plan’s net assets available for benefits at December 31. A significant decline in the fair value of these investments would significantly affect the net assets available for benefits.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:462.00pt"><tr><td style="width:1.0pt"></td><td style="width:220.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:45.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:45.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:29pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Percent of net assets</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Percent of net assets</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fidelity 500 Index Fund***</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">126,720,830</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">**</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">**</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">MDU Resources Common Stock*</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">105,308,075</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">87,182,528 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">T Rowe Price Large-Cap Growth Fund</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">104,311,674</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,015,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Vanguard Institutional Index Fund***</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100,144,746 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*    Indicates a party-in-interest investment.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">**    Investment did not represent 10 percent or more of the Plan's net assets available for benefits.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*** Due to change in the Plan's investment allocation, the Fidelity 500 Index Fund replaced the Vanguard Institutional Index Fund.</span></div> <div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Basis of Accounting</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP).</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Valuation and Income Recognition</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan's investments are stated at fair value, except for the fully benefit-responsive investment contract, the New York Life Insurance Investment Contract, which is stated at contract value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Contract value is the amount Plan participants would receive if they were to initiate permitted transactions under the terms of the Plan (see Note 3). For more information on fair value measurements, see Note 4.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Notes Receivable from Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Delinquent notes receivable from participants are recorded as distributions based on the terms of the Plan document.</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Distributions to Participants</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Distributions to Plan participants are recorded when paid.</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Contributions</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Employee contributions are recorded when withheld through payroll reductions. Employer contributions are recorded when determined to be earned.</span></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Administrative Expenses</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Administrative expenses of the Plan related to Trustee, recordkeeping and audit fees are paid primarily by the participants. Certain administrative expenses of the Plan, such as legal fees, are paid by the Company and are not reported in the Plan's financial statements. Administrative expenses of the Plan were approximately $595,000 for the year ended December 31, 2025, including the MDU Resources Common Stock commissions, loan fees and terminated participant account fees that were paid by participants through the Plan.</span></div>Fees or commissions associated with each of the investment options other than the MDU Resources Common Stock are paid by participants as an offset to investment earnings and were approximately $2.2 million for the year ended December 31, 2025, which was net of revenue-sharing adjustments for fee levelization of $83,000 that were credited back directly to the participants' accounts. 595000 2200000 83000 <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Investments, in general, are subject to various risks, including credit, interest rate and overall market volatility risks. Market risks include changes in economic indicators, such as consumer spending, tariffs, inflation data, interest rate changes, political developments and threats of terrorism, among other things. Due to the level of risk associated with certain investment securities, it is likely that changes in values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.</span></div> <div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following presents investments that represent 10 percent or more of the Plan’s net assets available for benefits at December 31. A significant decline in the fair value of these investments would significantly affect the net assets available for benefits.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:462.00pt"><tr><td style="width:1.0pt"></td><td style="width:220.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:45.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:45.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:29pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">Percent of net assets</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Amount</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Percent of net assets</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fidelity 500 Index Fund***</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">126,720,830</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">**</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">**</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">MDU Resources Common Stock*</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">105,308,075</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">87,182,528 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">T Rowe Price Large-Cap Growth Fund</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">104,311,674</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">84,015,967 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">11 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Vanguard Institutional Index Fund***</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">%</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">100,144,746 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">13 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*    Indicates a party-in-interest investment.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">**    Investment did not represent 10 percent or more of the Plan's net assets available for benefits.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*** Due to change in the Plan's investment allocation, the Fidelity 500 Index Fund replaced the Vanguard Institutional Index Fund.</span></div> 126720830 0.15 105308075 0.12 87182528 0.11 104311674 0.12 84015967 0.11 100144746 0.13 Investment Contract with Insurance Company<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan has a fully benefit-responsive investment contract with New York Life Insurance Company (NYL Insurance). NYL Insurance maintains the contributions in a pooled separate account, which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. This investment contract meets the fully benefit-responsive investment contract criteria and therefore, is reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under the contract, plus interest and dividends credited, less participant withdrawals and administrative expenses. As of December 31, 2025 and 2024, the contract value of the fully benefit-responsive contract with NYL Insurance was approximately $38.7 million and $37.5 million, respectively. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The contract has certain restrictions that impact the ability to collect the full contract value. For example, withdrawals due to events initiated by the Company including, but not limited to, total or partial termination of the Plan, group lay-offs or early retirement incentives, may result in a penalty if these withdrawals exceed limitations defined in the contract. The Company believes that the occurrence of events that would cause the plan to transact at less than contract value is not probable. NYL Insurance may not terminate the contract at any amount less than contract value.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">NYL Insurance is contractually obligated to pay the principal and any interest and dividends that have been credited to the Plan. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than zero percent. Such interest rates are reviewed not less frequently than quarterly nor more frequently than daily for resetting.</span></div> 38700000 37500000 Fair Value Measurements<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board Accounting Standards Codification (ASC) establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. There are three levels of inputs that may be used to measure fair value:</span></div><div style="margin-top:11pt;padding-left:36pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date;</span></div><div style="margin-top:11pt;padding-left:36pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; or</span></div><div style="margin-top:11pt;padding-left:36pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Level 3 - unobservable inputs for the asset or liability.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The estimated fair values of the Plan's assets measured on a recurring basis are determined using the market approach and are corroborated using third-party market data. There have been no changes in the methodologies used at December 31, 2025.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Collective trust funds: Investments in the collective trust funds are valued at fair value reported by the fund managers based on the underlying investments within each fund, less liabilities, and are expressed in units representing the net asset value as a practical expedient of each fund. Due to the nature of these funds, there are no unfunded commitments or redemption restrictions. The practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of a collective trust fund, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidation will be carried out in an orderly business manner.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the valuation methods are considered appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan's assets measured at fair value were as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:488.25pt"><tr><td style="width:1.0pt"></td><td style="width:168.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair Value Measurements</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">at December 31, 2025, Using</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:54pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Quoted Prices in Active Markets for Identical Assets <br/>(Level 1)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Other Observable Inputs <br/>(Level 2)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Unobservable Inputs <br/>(Level 3)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Balance at December 31, 2025</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Mutual funds</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">469,690,584 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">469,690,584 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Common stock</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">105,308,075 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">105,308,075 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets in the fair value hierarchy</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Collective trust fund investments measured at net asset value (a)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">237,366,208 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets measured at fair value</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">812,364,867 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:38pt"><td colspan="15" style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(a) In accordance with ASC 820 - </span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Fair Value</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">, certain investments that were measured at net asset value as a practical expedient per share (or its equivalent) 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.</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:488.25pt"><tr><td style="width:1.0pt"></td><td style="width:168.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair Value Measurements</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">at December 31, 2024, Using</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:54pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Quoted Prices in Active Markets for Identical Assets <br/>(Level 1)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Other Observable Inputs <br/>(Level 2)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Unobservable Inputs <br/>(Level 3)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Balance at December 31, 2024</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Mutual funds</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">370,544,068 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">370,544,068 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Common stock</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">157,873,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">157,873,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets in the fair value hierarchy</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Collective trust fund investments measured at net asset value (a)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">193,099,438 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets measured at fair value</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">721,516,818 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:38pt"><td colspan="15" style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(a) In accordance with ASC 820 - </span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Fair Value</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">, certain investments that were measured at net asset value as a practical expedient per share (or its equivalent) 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.</span></div></td></tr></table></div> <div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan's assets measured at fair value were as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:488.25pt"><tr><td style="width:1.0pt"></td><td style="width:168.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair Value Measurements</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">at December 31, 2025, Using</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:54pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Quoted Prices in Active Markets for Identical Assets <br/>(Level 1)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Other Observable Inputs <br/>(Level 2)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Unobservable Inputs <br/>(Level 3)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Balance at December 31, 2025</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Mutual funds</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">469,690,584 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">469,690,584 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Common stock</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">105,308,075 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">105,308,075 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets in the fair value hierarchy</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Collective trust fund investments measured at net asset value (a)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">237,366,208 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets measured at fair value</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">574,998,659 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">812,364,867 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:38pt"><td colspan="15" style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(a) In accordance with ASC 820 - </span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Fair Value</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">, certain investments that were measured at net asset value as a practical expedient per share (or its equivalent) 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.</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:488.25pt"><tr><td style="width:1.0pt"></td><td style="width:168.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:84.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Fair Value Measurements</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">at December 31, 2024, Using</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:54pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Quoted Prices in Active Markets for Identical Assets <br/>(Level 1)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Other Observable Inputs <br/>(Level 2)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Significant Unobservable Inputs <br/>(Level 3)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Balance at December 31, 2024</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Assets:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Mutual funds</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">370,544,068 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">370,544,068 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Common stock</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">157,873,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">157,873,312 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets in the fair value hierarchy</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:24pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Collective trust fund investments measured at net asset value (a)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">193,099,438 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total assets measured at fair value</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">528,417,380 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">721,516,818 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:38pt"><td colspan="15" style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:13.5pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(a) In accordance with ASC 820 - </span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Fair Value</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8pt;font-weight:400;line-height:100%">, certain investments that were measured at net asset value as a practical expedient per share (or its equivalent) 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.</span></div></td></tr></table></div> 469690584 0 0 469690584 105308075 0 0 105308075 574998659 0 0 574998659 237366208 574998659 0 0 812364867 370544068 0 0 370544068 157873312 0 0 157873312 528417380 0 0 528417380 193099438 528417380 0 0 721516818 Federal Income Taxes<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated June 6, 2017, that the Plan and related trust are designed for qualification as exempt from federal income taxes in accordance with applicable sections of the Code. Although the Plan has been amended since the determination letter application was filed, the Company believes that the Plan is currently designed and is being operated in compliance with the applicable requirements of the Code, and the Plan continues to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">GAAP requires Plan management to evaluate tax positions taken by the Plan. The effects of an uncertain tax position are recognized in the financial statements when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken and no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions.</span></div> Related-Party and Exempt Party-In-Interest Transactions<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">At December 31, 2025 and 2024, the Plan held 5.4 million and 4.8 million shares, respectively, of common stock of MDU Resources Group, Inc., the Plan sponsor. These shares qualify as exempt party-in-interest transactions and are allowable under ERISA. The fair value of these shares totaled approximately $105.3 million and $87.2 million at December 31, 2025 and 2024, respectively. Shares of the plan sponsor were bought and sold in the open market at quoted fair value at the date of purchase and sale.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">At December 31, 2024, the Plan held 1.1 million shares of common stock of Everus, which was spun off from the Company in</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">October 2024, with a fair value of $70.7 million. These shares qualified as exempt party-in-interest transactions and were</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">allowable under ERISA. The shares were received as a dividend upon completion of the spinoff on October 31, 2024, and all</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">subsequent sale transactions occurred in the open market at quoted fair value at the date of sale; however, the ability to</span></div><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:120%">repurchase any additional shares was not allowed. Participants were required to sell any common stock of Everus within one year following the spinoff date, with proceeds reinvested as directed by the participant, or if eligible, taken as an in-kind distribution. Any shares that were not sold by October 31, 2025, were aggregated and sold over one or more trading days, with participants receiving an average stock sale price and proceeds reinvested based on the participant's current investment allocation for deposits.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">Principal Diversified Real Asset Fund is a mutual fund managed by Principal. Principal is the trustee and recordkeeper, as defined by the Plan, and therefore transactions for this fund qualify as exempt party-in interest transactions. Fees paid for investment management services, net of revenue-sharing adjustments for fee levelization, were included as a reduction of the return earned on the fund.</span></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan allows participants to borrow from their fund accounts and, therefore, these transactions qualify as exempt party-in-interest transactions, which are secured by the vested balances in the participants' accounts. Notes receivable from participants were approximately $8.0 million and $7.4 million as of December 31, 2025 and 2024, respectively.</span></div> 5400000 4800000 105300000 87200000 1100000 70700000 8000000.0 7400000 Reconciliation of the Financial Statements to the Form 5500<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:390.00pt"><tr><td style="width:1.0pt"></td><td style="width:238.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">December 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net assets available for benefits per the financial statements</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">867,180,483</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">775,585,972 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Deemed distributions of participant loans *</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(34,838)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(34,836)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net assets available for benefits per the Form 5500</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">867,145,645</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">775,551,136 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">*Includes defaulted loans considered to be deemed distributions.</span></td></tr></table></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following is a reconciliation of the changes in net assets available for benefits per the financial statements to the Form 5500 for the year ended December 31, 2025:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:369.75pt"><tr><td style="width:1.0pt"></td><td style="width:298.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:67.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net increase in net assets available for benefits per the financial statements</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">91,594,511</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Change in deemed distributions of participant loans including defaulted loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(2)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total net gain per the Form 5500</span></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">91,594,509</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:390.00pt"><tr><td style="width:1.0pt"></td><td style="width:238.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">December 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net assets available for benefits per the financial statements</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">867,180,483</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">775,585,972 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Deemed distributions of participant loans *</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(34,838)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">(34,836)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net assets available for benefits per the Form 5500</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">867,145,645</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">775,551,136 </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">*Includes defaulted loans considered to be deemed distributions.</span></td></tr></table></div><div style="margin-top:11pt"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The following is a reconciliation of the changes in net assets available for benefits per the financial statements to the Form 5500 for the year ended December 31, 2025:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:369.75pt"><tr><td style="width:1.0pt"></td><td style="width:298.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:67.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Net increase in net assets available for benefits per the financial statements</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">91,594,511</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Change in deemed distributions of participant loans including defaulted loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">(2)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%">Total net gain per the Form 5500</span></div></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:700;line-height:100%">91,594,509</span><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:8.5pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 867180483 775585972 34838 34836 867145645 775551136 91594511 -2 91594509 Subsequent Events<div><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:9pt;font-weight:400;line-height:117%">The Plan has evaluated the impact of events occurring after December 31, 2025, up to the date of issuance of these financial statements on June 18, 2026, that would require recognition or disclosure in the financial statements.</span></div> <div style="text-align:center"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:700;line-height:120%">MDU Resources Group, Inc.</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:700;line-height:120%">401(k) Retirement Plan</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Employer Identification Number (30-1133956) - Plan Number (004)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Helvetica',sans-serif;font-size:11pt;font-weight:700;line-height:120%">December 31, 2025</span></div> 30-1133956 004 105308075 24575460 3848612 31170554 47820169 40382249 13400617 25120782 126720830 1653256 104311674 50686381 26493838 10389388 994152 458338 7670719 14641928 27439527 34636729 26624122 35830511 19908063 21672794 6375698 2318796 30951 1880654 38674784 851039651 0.0425 0.0950 7974177 859013828 34838