The following is a reconciliation of benefits paid to Plan participants per the financial statements for the year ended December 31, 2025, to Form 5500: | | | | | | | | | | | December 31
2025 | | | | | (Thousands of dollars) | | Benefits paid to participants per the financial statements | | $ | 474,969 | | | Add: Benefit payments requested by participants at December 31, 2025 | | 141 | | | Less: Benefit payments requested by participants at December 31, 2024 | | (14) | | | Benefits paid to participants for Form 5500 | | $ | 475,096 | |
The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2025 and 2024 to Form 5500: | | | | | | | | | | | | | | | | | December 31 | | | 2025 | | 2024 | | | (Thousands of dollars) | | Net assets available for benefits per the financial statements | | $ | 5,533,371 | | | $ | 4,986,768 | | | Less: Deemed distributions from outstanding participant loans with no repayment | | (1,181) | | | (1,162) | | | Less: Benefit payments requested by participants | | (141) | | | (14) | | | Net assets available for benefits per Form 5500 | | $ | 5,532,049 | | | $ | 4,985,592 | |
The following is a reconciliation of expenses per the financial statements for the year ended December 31, 2025 to Form 5500: | | | | | | | | | | | December 31
2025 | | | | | (Thousands of dollars) | | Total deductions per the financial statements | | $ | 476,489 | | | Add: Deemed distribution on outstanding participant loans at December 31, 2025 | | 1,181 | | | Less: Deemed distribution on outstanding participant loans at December 31, 2024 | | (1,162) | | | Add: Benefit payments requested by participants at December 31, 2025 | | 141 | | | Less: Benefit payments requested by participants at December 31, 2024 | | (14) | | | Total expense per Form 5500 | | $ | 476,635 | |
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