v3.26.1
Employee Benefit Plan, Fair Value and NAV
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
EBP, Investment, Fair Value and NAV Fair Value Measurements
The fair value accounting guidance requires that assets and liabilities carried at fair value, excluding assets measured at the net asset value per share (or its equivalent) practical expedient, be classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.
The following tables present information about the Plan's investments measured at fair value on a recurring basis:
(In thousands)
December 31, 2025
Level 1Level 2Level 3Not
subject to leveling (1)
Mutual funds$294,494 $294,494 $— $— $— 
Common collective trusts11,049,701 — — — 11,049,701 
Other investments1,383 — — — 1,383 
Common stock209,325 209,325 — — — 
Total investments at fair value$11,554,903 $503,819 $— $— $11,051,084 
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(In thousands)
December 31, 2024
Level 1Level 2Level 3Not
subject to leveling (1)
Mutual funds$319,296 $319,296 $— $— $— 
Common collective trusts9,612,682 — — — 9,612,682 
Other investments2,695 — — — 2,695 
Common stock210,353 210,353 — — — 
Total investments at fair value$10,145,026 $529,649 $— $— $9,615,377 
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table presents information about the Plan's investments measured at the net asset value per share (or its equivalent) practical expedient:
Fair value as of December 31,Redemption
(In thousands)20252024Notice Period (b)
Asset Category (a)
Asset allocation funds$7,855,056 $6,904,581 1 day notice for participant withdrawals
0-30 days for Plan withdrawals
Equity funds2,577,504 2,154,351 0-1 day notice for participant withdrawals
0-30 days for Plan withdrawals
Fixed income funds278,473 217,512 1 day notice for participant withdrawals
0-30 days for Plan withdrawals
Guaranteed investment contract fund338,668 336,238 1 day notice for participant withdrawals
12 months for Plan withdrawals
Stable value investment funds1,383 2,695 1 day notice for participant withdrawals
12 months or over a multiple-year in tranches for Plan withdrawals
$11,051,084 $9,615,377 
(a) There were no unfunded commitments at December 31, 2025 and 2024.
(b) Redemption frequency is daily for all asset categories.