The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value was established by this guidance. The three levels in the hierarchy are as follows:

Level 1 — Quoted prices are available in active markets for identical assets as of the reporting date. The types of assets included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as listed mutual funds and money market funds.

Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, as is the case with preferred stock and debt securities within the self-directed brokerage accounts. The collective trusts are not actively traded on an exchange.

Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets included in Level 3 are those with inputs requiring significant management judgment or estimation.

Transfers between Levels — For the year ended December 31, 2025 there was no transfers between levels.

The following table presents, for each of these hierarchy levels, the Plan’s assets that are measured at fair value on a recurring basis:


	Dec. 31, 2025
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	924,369,589	$	—	$	—	$	924,369,589
Collective Trusts	—		2,124,026,193		—		2,124,026,193
Self-Directed Brokerage Accounts	99,773,917		3,850,994		—		103,624,911
Money Market Funds	118,063,480		—		—		118,063,480
Plan's Interest in Master Trust (Note 4):
Xcel Energy Stock Fund	201,355,369		—		—		201,355,369
Total	$	1,343,562,355	$	2,127,877,187	$	—	$	3,471,439,542


	Dec. 31, 2024
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	924,389,663	$	—	$	—	$	924,389,663
Collective Trusts	—		1,709,512,309		—		1,709,512,309
Self-Directed Brokerage Accounts	82,838,551		7,013,482		—		89,852,033
Money Market Funds	114,657,558		—		—		114,657,558
Plan's Interest in Master Trust (Note 4):
Xcel Energy Stock Fund	200,742,972		—		—		200,742,972
Total	$	1,322,628,744	$	1,716,525,791	$	—	$	3,039,154,535