Fair Value of Financial Instruments (excluding PSSVSA) (Tables) - EBP 003
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value of Financial Instruments (excluding PSSVSA) |
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| Summary of assets measured at fair value on a recurring basis |
| | | | | | | | | | | | | | | As of December 31, 2025 | | | Assets | | Fair Value Hierarchy Level | | | Measured | | | | | | | | | | | | at Fair | | | | | | | | | | | | Value | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | | | | Deferred income annuity | | $ | 3,830,269 | | $ | — | | $ | — | | $ | 3,830,269 | Guaranteed interest accounts | | | 62,819,168 | | | — | | | — | | | 62,819,168 | Separate accounts | | | 2,982,173,730 | | | — | | | 2,982,173,730 | | | — | Principal Financial Group, Inc. ESOP | | | 125,133,789 | | | 125,133,789 | | | — | | | — | Collective investment trusts | | | 1,600,255,736 | | | — | | | 1,600,255,736 | | | — | Self-directed brokerage account | | | 67,825,072 | | | 67,825,072 | | | — | | | — | Total invested assets, excluding Plan interest in Principal Select Stable Value Separate Account | | $ | 4,842,037,764 | | $ | 192,958,861 | | $ | 4,582,429,466 | | $ | 66,649,437 |
| | | | | | | | | | | | | | | As of December 31, 2024 | | | Assets | | Fair Value Hierarchy Level | | | Measured | | | | | | | | | | | | at Fair | | | | | | | | | | | | Value | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | | | | Deferred income annuity | | $ | 2,800,424 | | $ | — | | $ | — | | $ | 2,800,424 | Guaranteed interest accounts | | | 64,219,605 | | | — | | | — | | | 64,219,605 | Separate accounts | | | 2,830,930,689 | | | — | | | 2,830,930,689 | | | — | Principal Financial Group, Inc. ESOP | | | 119,680,272 | | | 119,680,272 | | | — | | | — | Collective investment trusts | | | 1,325,060,496 | | | — | | | 1,325,060,496 | | | — | Self-directed brokerage account | | | 43,711,717 | | | 43,711,717 | | | — | | | — | Total invested assets, excluding Plan interest in Master Trust Investment Account | | $ | 4,386,403,203 | | $ | 163,391,989 | | $ | 4,155,991,185 | | $ | 67,020,029 |
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| Schedule of reconciliation for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
| | | | | | | | | | | | | | | | | | | | | | | | For the year ended December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | | | | | | | Unrealized Gains | | | Beginning | | | | | | | | | | | | | | | | | (Losses) Included | | | Asset | | | | | | | | | | | | | | | | | in Changes in Net | | | Balance | | | | | | | | | | | | | | Ending Asset | | Assets Available | | | as of | | | | | | | | | | | Transfers | | Balance as of | | for Benefits | | | January 1, | | | | | | | | | | | In (Out) of | | December 31, | | Relating to | | | 2025 | | Interest* | | Purchases** | | Sales** | | Level 3 | | 2025 | | Positions Still Held | Assets | | | | | | | | | | | | | | | | | | | | | | Deferred income annuity | | $ | 2,800,424 | | $ | (143,216) | | $ | 1,212,855 | | $ | (39,794) | | $ | — | | $ | 3,830,269 | | $ | (143,216) | Guaranteed interest accounts | | | 64,219,605 | | | 3,144,774 | | | 12,241,124 | | | (16,786,335) | | | — | | | 62,819,168 | | | 312,365 | Total | | $ | 67,020,029 | | $ | 3,001,558 | | $ | 13,453,979 | | $ | (16,826,129) | | $ | — | | $ | 66,649,437 | | $ | 169,149 |
| | | | | | | | | | | | | | | | | | | | | | | | For the year ended December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | Changes in | | | | | | | | | | | | | | | | | | | | | Unrealized Gains | | | Beginning | | | | | | | | | | | | | | | | | (Losses) Included | | | Asset | | | | | | | | | | | | | | Ending Asset | | in Changes in Net | | | Balance | | | | | | | | | | | | | | Balance | | Assets Available | | | as of | | | | | | | | | | | Transfers | | as of | | for Benefits | | | January 1, | | | | | | | | | | | In (Out) of | | December 31, | | Relating to | | | 2024 | | Interest* | | Purchases** | | Sales** | | Level 3 | | 2024 | | Positions Still Held | Assets | | | | | | | | | | | | | | | | | | | | | | Deferred income annuity | | $ | 2,721,643 | | $ | 6,093 | | $ | 769,569 | | $ | (696,881) | | $ | — | | $ | 2,800,424 | | $ | 6,093 | Guaranteed interest accounts | | | 53,961,857 | | | 2,991,690 | | | 26,749,870 | | | (19,483,812) | | | — | | | 64,219,605 | | | 290,787 | Total | | $ | 56,683,500 | | $ | 2,997,783 | | $ | 27,519,439 | | $ | (20,180,693) | | $ | — | | $ | 67,020,029 | | $ | 296,880 |
* | Includes interest and unrealized gains or losses. |
** | Includes contributions, transfers from affiliated and unaffiliated plans, transfers to other investments via participant election, benefits paid to participants, and administrative expenses. |
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| Summary of quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3 |
| | | | | | | | | | | | | | | As of December 31, 2025 | | | | Asset | | | | | | | | | | | | measured at | | Valuation | | Unobservable | | Input/range | | Weighted | | | | fair value | | technique | | input description | | of inputs | | average | | Assets | | | | | | | | | | | | | Deferred income annuity | | $ | 3,830,269 | | Discounted cash flow | | Long duration interest rate | | 2.01% - 5.54% | | 3.96 | % | | | | | | | | Mortality rate | | See note (1) | | | | | | | | | | | | | | | | | Guaranteed interest accounts | | | 62,819,168 | | See note (2) | | Interest rate on account | | 0.75% - 5.79% | | 4.57 | % | | | | | | | | Applicable interest rate | | 3.98% - 4.34% | | 4.04 | % | | | | | | | | Maturity date | | 12/31/2025 - 12/31/2031 | | | |
| | | | | | | | | | | | | | | As of December 31, 2024 | | | | Asset | | | | | | | | | | | | measured at | | Valuation | | Unobservable | | Input/range | | Weighted | | | | fair value | | technique | | input description | | of inputs | | average | | Assets | | | | | | | | | | | | | Deferred income annuity | | $ | 2,800,424 | | Discounted cash flow | | Long duration interest rate | | 2.01% - 5.36% | | 3.77 | % | | | | | | | | Mortality rate | | See note (1) | | | | Guaranteed interest accounts | | | 64,219,605 | | See note (2) | | Interest rate on account | | 0.75% - 5.78% | | 4.70 | % | | | | | | | | Applicable interest rate | | 4.65% - 4.93% | | 4.71 | % | | | | | | | | Maturity date | | 12/31/2024 - 12/31/2030 | | | |
| (1) | This input is based on an industry mortality table and a range does not provide a meaningful presentation. |
| (2) | If the applicable interest rate is equal to or less than the interest rate on the account, the fair market value is equal to the contract value. If the applicable interest rate is greater than the interest rate on the account, the fair market value is the contract value reduced by a percentage. This percentage is equal to the difference between the applicable interest rate and the interest rate on the account, multiplied by the number of years (including fractional parts of a year) until the maturity date. |
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