v3.26.1
Employee Benefit Plan, Fair Value and NAV
 12 Months Ended
Dec. 31, 2025
EBP 06-0383750-100 [Member]  
EBP, Investment, Fair Value and NAV [Line Items]  
EBP, Investment, Fair Value and NAV
Note 4. Fair Value Measurements
The Plan estimates of fair value are based on Accounting Standards Codification ("ASC") 820, Fair Value Measurement, which provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires that observable inputs be used in valuations when available.
The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Plan’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the level of the input that is least observable to the measurement in its entirety. The three levels of the hierarchy are as follows:
•Level 1 - Fair values based on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Plan has the ability to access at the measurement date.
•Level 2 - Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.
•Level 3 - Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Plan’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.
Asset Valuation Techniques - Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. There were no changes in the methodologies used during 2025 or 2024.
Short-term Investments - Valued at quoted prices.
Mutual Funds - Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Equity Securities - Valued at the closing price reported on the active market on which the individual securities are traded.
Collective Investment Trusts - Valued at the NAV of units of a collective trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Member transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trusts, the investment advisor reserves the right to temporarily delay withdrawal from the trusts in order to ensure that securities liquidations will be carried out in an orderly business manner. As of December 31, 2025 and 2024 there were no unfunded commitments or redemption restrictions on collective investment trusts.
The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis at December 31, 2025 and 2024.
Investment Assets at Fair Value December 31, 2025
Active Markets for Identical Assets (Level 1)Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Invested Assets
Short Term Investments$6,948 $— $— $6,948 
Mutual Funds1,090,884 — — 1,090,884 
Equity Securities747,155 — — 747,155 
Total Investments at fair value $1,844,987 $— $— $1,844,987 
Investments at net asset value:
Collective investment trusts5,647,742 
Total investments$7,492,729 
Investment Assets at Fair Value December 31, 2024
Active Markets for Identical Assets (Level 1)Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Invested Assets
Short Term Investments$6,607 $— $— $6,607 
Mutual Funds961,794 — — 961,794 
Equity Securities712,470 — — 712,470 
Total Investments at fair value $1,680,871 $— $— $1,680,871 
Investments at net asset value:
Collective investment trusts4,849,388 
Total investments$6,530,259 
The Plan Sponsor's Investment and Savings Plan Investment Committee, which oversees the Plan’s menu of investments, works with an unaffiliated investment consultant to monitor the performance of Plan investments, periodically reviews the Plan’s menu of investments and, when appropriate, makes changes.
The valuation methods described in Note 2 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.