v3.26.1
Investments And Fair Value
 12 Months Ended
Dec. 31, 2025
EBP 001 [Member]  
EBP, Investment, Fair Value and NAV [Line Items]  
Investments And Fair Value
NOTE 3 — INVESTMENTS AND FAIR VALUE
 
The Plan’s fair value hierarchy for those assets that are measured at fair value on a recurring basis as of December 31,
2025
and 2024 are summarized as follows:
 
    
Fair Value Measurements
         
    
Quoted
                       
    
Prices in
                       
    
Active
     
Significant
                
    
Markets for
     
Other
     
Significant
         
    
Identical
     
Observable
     
Unobservable
         
    
Assets
     
Inputs
     
Inputs
         
    
(Level 1)
     
(Level 2)
     
(Level 3)
     
Total
  
2025
                            
Assets:
            
Investments at fair value:
            
Registered investment companies
    $ 442,383,629      $
-
0
-
      $
-0-
      $ 442,383,629  
Common and collective trusts
      4,586,307,483       
-
0
-
       
-0-
        4,586,307,483  
Common stock – Bank of Montreal
      176,981,909       
-0-
       
-0-
        176,981,909  
  
 
 
     
 
 
     
 
 
     
 
 
  
           
Total Investments at Fair Value
   
$
5,205,673,021
 
   
$
-
0
-
 
   
$
-0-
 
   
$
5,205,673,021
 
  
 
 
     
 
 
     
 
 
     
 
 
  
2024
                            
Assets:
            
Investments at fair value:
            
Registered investment companies
    $ 290,552,712      $
-0-
      $
-0-
      $ 290,552,712  
Common stock – Bank of Montreal
      137,890,385       
-0-
       
-0-
        137,890,385  
Cash and cash equivalents
      10,194,059       
-0-
       
-0-
        10,194,059  
  
 
 
     
 
 
     
 
 
     
 
 
  
           
Total Assets in the Fair Value Hierarchy
   
$
438,637,156
 
   
$
-0-
 
   
$
-0-
 
   
438,637,156
 
  
 
 
     
 
 
     
 
 
     
           
Investments measured at NAV:
            
Common and collective trusts
               4,163,299,428  
           
Total Investments at Fair Value
            
$
4,601,936,584
 
           
 
 
  
During 2025, the Plan’s management re-evaluated the fair value hierarchy classification of the investments in common and collective trusts. The Plan’s management determined the investment structure has a readily determinable fair value, and classified the investments as such in the disclosure. The 2024 comparative data has not been modified, and these positions remained recorded as NAV as a practical expedient. The Plan’s management determined that this is not material to the 2024 financial statements, and it does not affect net assets available for benefits as of December 31, 2024, or the change in net assets available for benefits for the year then ended.
There were no transfers in investments between Levels 1 and 2 for the years ended December 31, 2025 and 2024.
The Plan’s investments in common and collective trusts, which invest in equities and fixed income securities, may be redeemed at any time without any restrictions. There are no unfunded commitments to acquire additional units of these accounts as of December 31, 2025 and 2024.