| Fair Value Measurements |
Note 4—Fair Value Measurements GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below:
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Level 1: |
Fair value measured with unadjusted quoted prices from an active market for identical assets or liabilities. |
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Level 2: |
Fair value measured either with: (1) adjusted quoted prices from an active market for similar assets or liabilities; or (2) other valuation inputs that are directly or indirectly observable. |
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Level 3: |
Fair value measured with unobservable inputs that are significant to the measurement. |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables set forth by level, within the fair value hierarchy, the Plan’s investment assets at fair value:
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Thousands of Dollars |
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Assets at Fair Value as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual Funds |
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$ |
472,047 |
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— |
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— |
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472,047 |
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Common Stock |
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1,257,760 |
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— |
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— |
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1,257,760 |
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Short Term Investment Fund |
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8,045 |
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— |
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— |
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8,045 |
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Total |
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$ |
1,737,852 |
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— |
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— |
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1,737,852 |
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Goldman Sachs Core Plus Fixed Income CCT measured at
Net Asset Value (NAV) practical expedient |
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43,130 |
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JPMCB Large Cap Growth Fund; Class CF-E CCT
measured at NAV practical expedient |
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509,253 |
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Vanguard Trusts measured at NAV practical expedient |
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5,457,576 |
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Total Investments at Fair Value |
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$ |
7,747,811 |
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Thousands of Dollars |
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Assets at Fair Value as of December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual Funds |
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$ |
922,326 |
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— |
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— |
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922,326 |
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Common Stock |
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1,204,394 |
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— |
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— |
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1,204,394 |
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Short Term Investment Fund |
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26,835 |
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— |
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— |
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26,835 |
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Total |
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$ |
2,153,555 |
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— |
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— |
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2,153,555 |
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Goldman Sachs Core Plus Fixed Income CCT measured at
NAV practical expedient |
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28,032 |
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Vanguard Trusts measured at NAV practical expedient |
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4,755,078 |
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Total Investments at Fair Value |
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$ |
6,936,665 |
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