Employee Benefit Plan, Fully-Benefit Responsive Investment |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| EBP 31-1537655-010 | |
| EBP, Fully Benefit-Responsive Investment Contract [Line Items] | |
| EBP, Fully Benefit-Responsive Investment Contract | Stable Value Fund At December 31, 2025 and 2024, the Plan held Synthetic Investment Contracts (“SICs”) of $302,506,574 and $376,130,444, respectively, recorded at contract value. Of the remaining assets of $3,868,779 and $5,007,464 held by the Fund at December 31, 2025 and 2024, respectively, substantially all assets are invested in cash equivalents and stated at amortized cost, which approximates fair value. Ordinarily, participants may direct the withdrawal or transfer of all or a portion of their investment in the Fund at contract value. Wrap contracts use a crediting rate formula to convert market value changes in the underlying assets into income distributions to minimize the difference between the market value and contract value of the underlying assets over time. Using the crediting rate formula, an estimated future market value is calculated by compounding the current market value at the current yield to maturity for a period equal to the duration of the wrapped assets. The crediting rate may be affected by many factors, including purchases and redemptions by participants, but the precise impact depends on whether the market value of the underlying assets is higher or lower than the contract value of those assets. Crediting rates are typically reset, if needed, on a monthly basis. The wrap contracts provide a guarantee that the crediting rate will not fall below 0%. A wrap issuer may terminate a wrap contract at any time subject to the provisions of the contract agreement. In addition, wrap contracts limit the ability of the Fund to transact at contract value upon the occurrence of certain events (including, but not limited to, the complete or partial termination of the Plan, group layoffs, early retirement programs, or the Plan’s failure to qualify under Section 401(a) or Section 401(k) of the Code). However, the Plan Administrator believes the occurrence of these types of events is not probable at this time.
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