v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
EBP, Investment, Fair Value and NAV
The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2025 and 2024:
NOTE 3 - Fair Value Measurements (Continued)

Investments at Fair Value (in thousands) as of December 31, 2025
Level 1Level 2Level 3Total
Common stocks$4,739,578 $— $— $4,739,578 
Registered investment companies— — — — 
Fidelity BrokerageLink689,002 — — 689,002 
Other collective investment funds— 15,811,760 — 15,811,760 
Separate account (Dodge & Cox):
   Preferred stock— 4,705 — 4,705 
   Corporate bonds— 200,527 — 200,527 
   Mortgage backed securities— 282,332 — 282,332 
   Government securities— 104,105 — 104,105 
   Asset backed securities— 51,575 — 51,575 
   Cash equivalents— 7,934 — 7,934 
   Unsettled sales & purchases— 17,252 — 17,252 
Chevron Stable Value Separate Account (Putnam):
   Cash equivalents— 2,181 — 2,181 
   Unsettled sales & purchases— (471)— (471)
Total investments in the fair value hierarchy$5,428,580 $16,481,900 $— $21,910,480 
Total investments at fair value$21,910,480 
NOTE 3 - Fair Value Measurements (Continued)

Investments at Fair Value (in thousands) as of December 31, 2024
Level 1Level 2Level 3Total
Common stocks$4,807,816 $— $— $4,807,816 
Registered investment companies216 — — 216 
Fidelity BrokerageLink583,833 — — 583,833 
Other collective investment funds— 14,018,594 — 14,018,594 
Separate account (Dodge & Cox):
   Preferred stock— 4,671 — 4,671 
   Corporate bonds— 180,702 — 180,702 
   Mortgage backed securities— 271,247 — 271,247 
   Government securities— 111,532 — 111,532 
   Asset backed securities— 42,844 — 42,844 
   Cash equivalents— 9,596 — 9,596 
   Unsettled sales & purchases— 9,255 — 9,255 
Chevron Stable Value Separate Account (Putnam):
   Cash equivalents— 3,104 — 3,104 
   Unsettled sales & purchases— 41 — 41 
Total investments in the fair value hierarchy$5,391,865 $14,651,586 $— $20,043,451 
Investments at NAV (a)
684 
Total investments at fair value$20,044,135 
(a) In accordance with Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
NOTE 3 - Fair Value Measurements (Continued)
The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2024. Redemption restrictions are reported above in Note 1, Stable Value Fund Equity Wash; the redemption notice period is applicable only to the Plan.

December 31, 2024 Fair Value
(in thousands)
Unfunded CommitmentsRedemption FrequencyRedemption Notice Period
Stable value collective investment funds:
Associated Benefits Corporation$130 N/ADaily12 months
Associated Benefits Corporation$554 N/ADaily12 months
$684