v3.26.1
Employee Benefit Plan, Master Trust
 12 Months Ended
Dec. 31, 2025
EBP  
EBP, Master Trust [Line Items]  
EBP, Master Trust MASTER TRUST:
The following table presents the net assets of the Master Trust (in thousands):
December 31, 2025
December 31, 2024
Master Trust
Plan’s Interest in Master Trust
Master Trust
Plan’s Interest in Master Trust
Investments at contract value:
Synthetic investment contracts(1)
$222,528 $207,329 $227,557 $211,726 
Investments at fair value:
Collective trusts3,824,977 3,513,457 3,490,832 3,210,948 
Registered investment companies79,980 77,975 86,313 83,627 
Common stocks59,302 53,997 85,870 78,505 
Short-term investments3,917 3,610 7,198 6,657 
Total investments at fair value3,968,176 3,649,039 3,670,213 3,379,737 
Total investments4,190,704 3,856,368 3,897,770 3,591,463 
Receivables:
Pending trades and other6 5 71 66 
Total assets4,190,710 3,856,373 3,897,841 3,591,529 
Liabilities:
Pending trades and other(1,302)(1,213)(1,933)(1,798)
Total liabilities$(1,302)$(1,213)$(1,933)$(1,798)
Net assets$4,189,408 $3,855,160 $3,895,908 $3,589,731 
 (1) As of December 31, 2025, the Master Trust synthetic investments include settlement proceeds of $10,244,054 and settlement earnings of $224,172. Refer to Note 2, Investment Valuation and Income Recognition.
The following is a summary of the investment income/(loss) and other additions to the Master Trust for the year ended December 31, 2025 (in thousands):
Interest and dividends
$15,261 
Net appreciation/(depreciation) in fair value of investments
540,401 
Other additions (Note 2)10,468 
Investment income/(loss) and other additions
$566,130 
Plan’s interest therein
$523,666