v3.26.1
Master Trust Financial Information (Tables) - EBP 004
 12 Months Ended
Dec. 31, 2025
EBP, Master Trust [Line Items]  
Schedule of Master Trust Net Assets
The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s interest in the Master Trust.

December 31, 2025December 31, 2024
Plan’s interest in the Master TrustPlan’s interest
in the Master Trust
Master TrustMaster Trust
Investments, at fair value:
Common and preferred stock$2,657,267,606 $844,169,215 $2,170,706,402 $602,327,762 
Self-directed accounts160,452,693 160,452,693 144,172,700 144,172,700 
Collective trust funds7,813,633,928 7,028,587,624 6,989,085,150 6,298,243,054 
U.S. Treasury205,602,323 — 205,843,512 — 
U.S. government securities41,166,176 — 40,300,147 — 
Corporate bonds2,530,265,931 — 2,465,935,344 — 
Venture capital and partnership interests3,007,454 — 4,078,669 — 
State and political subdivisions61,211,649 — 65,250,937 — 
Sovereign debt/sovereign guaranteed25,658,479 — 21,045,947 — 
Supranational514,778 — 197,690 — 
Exchange-traded funds8,523,631 — 7,376,917 — 
Funds of funds2,481,568,894 2,481,207,472 2,342,196,258 2,341,873,006 
Hedge fund of funds222,861,128 — 233,631,668 — 
Interest-bearing cash6,753,768 — 3,832,068 — 
Derivative instruments(282,225)— (252,316)— 
Investment contracts with insurance companies77,358,417 — 82,959,748 — 
Total investments, at fair value16,295,564,630 10,514,417,004 14,776,360,841 9,386,616,522 
Plus:
Fully benefit-responsive investment contracts, at contract value
303,642,736 303,361,975 326,101,726 325,864,635 
Notes receivable from participants49,881,146 49,881,146 54,236,189 54,236,189 
Cash139,127 139,127 216,936 216,936 
Pending investment sales and other receivables204,386,874 163,863,462 (a)217,087,639 173,682,793 (a)
Assets held as collateral under securities lending501,778,785 38,384,474 390,872,379 12,159,191 
Minus:
Pending investment purchases and other liabilities16,338,824 9,164,871 19,430,699 8,762,503 
Payable upon return of securities loaned501,778,785 38,384,474 390,872,379 12,159,191 
Net assets available for plan benefits$16,837,275,689 $11,022,497,843 $15,354,572,632 $9,931,854,572 
(a)    Includes employer contribution receivable of $160,228,298 at December 31, 2025 and $169,945,400 at December 31, 2024, related to the annual matching and basic company contributions.


The following table presents the net investment income of the Master Trust.

Net investment income of the Master Trust
Year ended December 31,
20252024
Net investment income:
Net appreciation in fair value of investments
$2,203,624,755 $1,472,440,335 
Interest147,291,305 147,579,436 
Dividends47,578,687 43,720,429 
Total net investment income
$2,398,494,747 $1,663,740,200 
EBP, Reconciliation of Financial Statement to Form 5500
The following is a reconciliation of net assets available for plan benefits of the Master Trust at December 31, 2025 and December 31, 2024, to the Master Trust’s Form 5500.

Reconciliation of net assets available for plan benefits of the Master TrustDecember 31,
20252024
Net assets available for plan benefits of the Master Trust$16,837,275,689 $15,354,572,632 
Adjustment from contract value to fair value for fully benefit-responsive investment contracts(12,153,182)(22,705,442)
Net assets available for plan benefits per the Master Trust’s Form 5500$16,825,122,507 $15,331,867,190 


The following is a reconciliation of the change in net assets available for plan benefits of the Master Trust for the years ended December 31, 2025 and December 31, 2024, to the Master Trust’s Form 5500.

Reconciliation of change in net assets available for plan benefits of the Master TrustYear ended December 31,
20252024
Net change in net assets available for plan benefits of the Master Trust
$1,482,703,057 $930,397,980 
Adjustment from contract value to fair value for fully benefit-responsive investment contracts - prior year22,705,442 25,852,313 
Adjustment from contract value to fair value for fully benefit-responsive investment contracts - current year(12,153,182)(22,705,442)
Net change in net assets available for plan benefits per the Master Trust’s Form 5500$1,493,255,317 $933,544,851 
The following is a reconciliation of net assets available for plan benefits per the financial statements at December 31, 2025 and December 31, 2024, to Form 5500.

Reconciliation of net assets available for plan benefitsDecember 31,
20252024
Net assets available for plan benefits per the financial statements$11,022,497,843 $9,931,854,572 
Benefit claims payable(3,680,152)(3,178,527)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts(12,142,244)(22,689,548)
Net assets available for plan benefits per Form 5500$11,006,675,447 $9,905,986,497 


The following is a reconciliation of benefits paid to participants per the financial statements for the years ended December 31, 2025 and December 31, 2024, to Form 5500.

Reconciliation of benefits paid to participantsYear ended December 31,
20252024
Benefits paid to participants per the financial statements$1,069,656,802 $926,353,132 
Less: Benefit claims payable – prior year3,178,527 2,587,636 
Add: Benefit claims payable – current year3,680,152 3,178,527 
Benefits paid to participants per Form 5500$1,070,158,427 $926,944,023 
Guaranteed Investment Contracts
The investment contracts held by the Master Trust generally consist of the following guaranteed investment contracts (“GICs”).

GICs at contract valueDecember 31,
20252024
Synthetic GICs$266,934,605 $288,540,011 
Traditional GICs36,708,131 37,561,715 
Total GICs, at contract value$303,642,736 $326,101,726