| EBP, Investment, Fair Value and NAV |
The following tables present the fair value of the financial instruments of the Master Trust by level within the fair value hierarchy as of December 31, 2025 and December 31, 2024.
| | | | | | | | | | | | | | | Master Trust investment assets measured at fair value on a recurring basis as of December 31, 2025 | | Level 1 | Level 2 | Level 3 | Total
carrying value | | Common and preferred stock | $ | 2,657,267,606 | | $ | — | | $ | — | | $ | 2,657,267,606 | | | Self-directed accounts | 160,452,693 | | — | | — | | 160,452,693 | | | | | | | | Collective trust funds | — | | 7,813,633,928 | | — | | 7,813,633,928 | | | U.S. Treasury | 202,209,347 | | 3,392,976 | | — | | 205,602,323 | | | U.S. government securities | — | | 41,166,176 | | — | | 41,166,176 | | | Corporate bonds | — | | 2,530,265,931 | | — | | 2,530,265,931 | | | State and political subdivisions | — | | 61,211,649 | | — | | 61,211,649 | | | Sovereign debt/sovereign guaranteed | — | | 25,658,479 | | — | | 25,658,479 | | | Supranational | — | | 514,778 | | — | | 514,778 | | | | | | | | Exchange-traded funds | 8,523,631 | | — | | — | | 8,523,631 | | Funds of funds (a) | — | | 2,481,568,894 | | — | | 2,481,568,894 | | | Interest-bearing cash | — | | 6,753,768 | | — | | 6,753,768 | | | Derivative instruments | (282,225) | | — | | — | | (282,225) | | | Investment contracts with insurance companies | — | | — | | 77,358,417 | | 77,358,417 | | Total Master Trust investments in the fair value hierarchy | $ | 3,028,171,052 | | $ | 12,964,166,579 | | $ | 77,358,417 | | $ | 16,069,696,048 | | | Other assets measured at NAV: | | | | | | Hedge fund of funds | | | | 222,861,128 | | | Venture capital and partnership interests | | | | 3,007,454 | | | Total Master Trust investments at fair value | | | | $ | 16,295,564,630 | |
(a) Underlying funds include investments in common and preferred stock, fixed income securities and mutual funds.
| | | | | | | | | | | | | | | Master Trust investment assets measured at fair value on a recurring basis as of December 31, 2024 | | Level 1 | Level 2 | Level 3 | Total
carrying value | | Common and preferred stock | $ | 2,170,706,402 | | $ | — | | $ | — | | $ | 2,170,706,402 | | | Self-directed accounts | 144,172,700 | | — | | — | | 144,172,700 | | | | | | | | Collective trust funds | — | | 6,989,085,150 | | — | | 6,989,085,150 | | | U.S. Treasury | 205,843,512 | | — | | — | | 205,843,512 | | | U.S. government securities | — | | 40,300,147 | | — | | 40,300,147 | | | Corporate bonds | — | | 2,465,935,344 | | — | | 2,465,935,344 | | | State and political subdivisions | — | | 65,250,937 | | — | | 65,250,937 | | | Sovereign debt/sovereign guaranteed | 899,735 | | 20,146,212 | | — | | 21,045,947 | | | Supranational | — | | 197,690 | | — | | 197,690 | | | | | | | | Exchange-traded funds | 7,376,917 | | — | | — | | 7,376,917 | | Funds of funds (a) | — | | 2,342,196,258 | | — | | 2,342,196,258 | | | Interest-bearing cash | — | | 3,832,068 | | — | | 3,832,068 | | | Derivative instruments | (252,316) | | — | | — | | (252,316) | | | Investment contracts with insurance companies | — | | — | | 82,959,748 | | 82,959,748 | | Total Master Trust investments in the fair value hierarchy | $ | 2,528,746,950 | | $ | 11,926,943,806 | | $ | 82,959,748 | | $ | 14,538,650,504 | | | Other assets measured at NAV: | | | | | | Hedge fund of funds | | | | 233,631,668 | | | Venture capital and partnership interests | | | | 4,078,669 | | | Total Master Trust investments at fair value | | | | $ | 14,776,360,841 | |
(a) Underlying funds include investments in common and preferred stock, fixed income securities and mutual funds. The tables below present a roll forward of the Master Trust investments classified in Level 3 of the valuation hierarchy for the years ended December 31, 2025 and December 31, 2024.
| | | | | | | | | Master Trust fair value measurements using significant unobservable inputs for the year ended December 31, 2025 | | Investment contracts with insurance companies | | Fair value at December 31, 2024 | | $ | 82,959,748 | | | Total losses included in changes in net assets | | (5,601,331) | | Fair value at December 31, 2025 | | $ | 77,358,417 | | | Change in unrealized loss for the period included in changes in net assets for assets held at the end of the reporting period | | $ | (5,601,331) | |
| | | | | | | | | Master Trust fair value measurements using significant unobservable inputs for the year ended December 31, 2024 | | Investment contracts with insurance companies | | Fair value at December 31, 2023 | | $ | 91,548,840 | | | Total losses included in changes in net assets | | (8,589,092) | | Fair value at December 31, 2024 | | $ | 82,959,748 | | | Change in unrealized loss for the period included in changes in net assets for assets held at the end of the reporting period | | $ | (8,589,092) | |
| | | | | | | | | | | | | | | | | | | | | Master Trust investments valued using NAV as of December 31, 2025 | | Fair value | Unfunded commitments | Redemption
frequency | Redemption
notice period | | Hedge fund of funds | | $ | 222,861,128 | | | $ | — | | Monthly | 30 days | Venture capital and partnership interests | | 3,007,454 | | | — | | N/A | N/A | | Total | | $ | 225,868,582 | | | $ | — | | | |
N/A – Not applicable.
| | | | | | | | | | | | | | | | | | | | | Master Trust investments valued using NAV as of December 31, 2024 | | Fair value | Unfunded commitments | Redemption
frequency | Redemption
notice period | | Hedge fund of funds | | $ | 233,631,668 | | | $ | — | | Monthly | 30-45 days | Venture capital and partnership interests | | 4,078,669 | | | — | | N/A | N/A | | Total | | $ | 237,710,337 | | | $ | — | | | |
N/A – Not applicable. The following tables present the estimated fair value and carrying value of financial instruments of the Master Trust not measured at fair value.
| | | | | | | | | | | | | | | | | | | Summary of Master Trust financial instruments | December 31, 2025 | | | | Estimated
fair value | Carrying
value | | Level 1 | Level 2 | Level 3 | | Assets: | | | | | | | Cash | $ | 139,127 | | $ | — | | $ | — | | $ | 139,127 | | $ | 139,127 | | Fully benefit-responsive investment contracts | — | | 291,489,554 | | — | | 291,489,554 | | 303,642,736 | | Pending investment sales and other receivables | — | | 204,386,874 | | — | | 204,386,874 | | 204,386,874 | | Assets held as collateral under securities lending | — | | 501,778,785 | | — | | 501,778,785 | | 501,778,785 | | | Total | $ | 139,127 | | $ | 997,655,213 | | $ | — | | $ | 997,794,340 | | $ | 1,009,947,522 | | | Liabilities: | | | | | | Pending investment purchases and other liabilities | $ | — | | $ | 16,338,824 | | $ | — | | $ | 16,338,824 | | $ | 16,338,824 | | | Payable upon return of securities loaned | — | | 501,778,785 | | — | | 501,778,785 | | 501,778,785 | | | Total | $ | — | | $ | 518,117,609 | | $ | — | | $ | 518,117,609 | | $ | 518,117,609 | |
| | | | | | | | | | | | | | | | | | | Summary of Master Trust financial instruments | December 31, 2024 | | | | Estimated
fair value | Carrying
value | | Level 1 | Level 2 | Level 3 | | Assets: | | | | | | Cash | $ | 216,936 | | $ | — | | $ | — | | $ | 216,936 | | $ | 216,936 | | Fully benefit-responsive investment contracts | — | | 303,396,284 | | — | | 303,396,284 | | 326,101,726 | | Pending investment sales and other receivables | — | | 217,087,639 | | — | | 217,087,639 | | 217,087,639 | | Assets held as collateral under securities lending | — | | 390,872,379 | | — | | 390,872,379 | | 390,872,379 | | | Total | $ | 216,936 | | $ | 911,356,302 | | $ | — | | $ | 911,573,238 | | $ | 934,278,680 | | | Liabilities: | | | | | | Pending investment purchases and other liabilities | $ | — | | $ | 19,430,699 | | $ | — | | $ | 19,430,699 | | $ | 19,430,699 | | | Payable upon return of securities loaned | — | | 390,872,379 | | — | | 390,872,379 | | 390,872,379 | | | Total | $ | — | | $ | 410,303,078 | | $ | — | | $ | 410,303,078 | | $ | 410,303,078 | |
|