v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
EBP 004  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements
Note 6 - Fair Value Measurements
As stated in Note 2, the Plan’s investments are stated at fair value. U.S. GAAP requires that a fair value measurement be based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that ranks the inputs used to measure fair value by their reliability. The three levels of the fair value hierarchy are as follows:
Level 1 -    quoted prices (unadjusted) in active markets for identical assets or liabilities that a company has the ability to access at the measurement date.
Level 2 -    inputs other than quoted prices included within Level 1 that are observable for similar assets or liabilities, either directly or indirectly.
Level 3 -    unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The Plan provides for investments in various investment securities including Company Common Stock. The assets held by the Plan, excluding temporary cash investments, are generally traded in active exchange markets; their estimated fair values were determined at December 31, 2025 and 2024 using published market closing prices. Shares of mutual funds are valued at NAV per unit at Plan year-end. However, as these mutual funds are actively traded and have readily determinable fair values, they are classified as Level 1 investments within the fair value hierarchy. Common Collective Trusts are also valued at NAV per unit at Plan year-end, which is used as a practical expedient. The common collective trust funds consist of multiple offerings that primarily have exposure to equities and fixed income securities.
The following table presents information about the Plan’s assets measured at fair value.
December 31,
20252024
Assets values:
Level 1 - Quoted prices in active markets for identical financial assets
Mutual Funds$183,346,603 $159,419,465 
Company Common Stock60,325,197 55,344,754 
Temporary cash investments6,449 5,781 
Total Level 1 assets243,678,249 214,770,000 
Assets measured in NAV:
Common Collective Trusts439,884,250 375,942,929 
Total assets at fair value$683,562,499 $590,712,929 
No assets fell within Level 2 and Level 3 of the fair value hierarchy.
The following table sets forth a summary of the Plan’s investments for which the fair value has been estimated using the NAV of the investments.

December 31,Unfunded Commitment and Other Redemption RestrictionsRedemption FrequencyRedemption Notice Period
20252024
Fidelity Contrafund Pool Class A$143,657,806 $128,083,767 NoneDaily1-day
Fidelity Freedom 2010 Commingled Pool Class D3,035,018 1,246,650 NoneDaily1-day
Fidelity Freedom 2015 Commingled Pool Class D4,574,356 4,002,932 NoneDaily1-day
Fidelity Freedom 2020 Commingled Pool Class D14,432,866 13,320,326 NoneDaily1-day
Fidelity Freedom 2025 Commingled Pool Class D22,124,940 25,416,164 NoneDaily1-day
Fidelity Freedom 2030 Commingled Pool Class D37,062,094 33,161,952 NoneDaily1-day
Fidelity Freedom 2035 Commingled Pool Class D27,356,002 21,411,336 NoneDaily1-day
Fidelity Freedom 2040 Commingled Pool Class D38,257,480 30,480,439 NoneDaily1-day
Fidelity Freedom 2045 Commingled Pool Class D32,163,082 24,075,501 NoneDaily1-day
Fidelity Freedom 2050 Commingled Pool Class D26,830,501 19,768,419 NoneDaily1-day
Fidelity Freedom 2055 Commingled Pool Class D20,094,378 14,439,162 NoneDaily1-day
Fidelity Freedom 2060 Commingled Pool Class D11,476,100 7,800,310 NoneDaily1-day
Fidelity Freedom 2065 Commingled Pool Class D5,068,131 2,728,504 NoneDaily1-day
Fidelity Freedom Retirement Commingled Pool Class D3,225,182 3,370,539 NoneDaily1-day
FIAM Core Plus Commingled Pool Class F23,197,709 19,011,401 NoneDaily1-day
T. Rowe Price Stable Value Common Trust Fund A27,328,605 27,625,527 NoneDaily1-day
$439,884,250 $375,942,929