| RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of notes receivable from participants, benefit claims payable, and net assets available for benefits per the financial statements to the Plan’s Form 5500 Annual Return/Report of Employee Benefit Plan (Form 5500) (in thousands): | | | | | | | | | | | | | | | | | | | Notes
Receivable
from
Participants | | Benefit
Claims
Payable | | Net Assets
Available for
Benefits | | December 31, 2025 | | | | | | | Per the financial statements | $ | 51,108 | | | $ | — | | | $ | 3,922,754 | | | Deemed distributions of participant loans | (595) | | | — | | | (595) | | | Amounts allocated to withdrawing participants | — | | | (1,108) | | | (1,108) | | | Per the Form 5500 | $ | 50,513 | | | $ | (1,108) | | | $ | 3,921,051 | | | | | | | | | December 31, 2024 | | | | | | | Per the financial statements | $ | 48,925 | | | $ | — | | | $ | 3,387,870 | | | Deemed distributions of participant loans | (556) | | | — | | | (556) | | | Amounts allocated to withdrawing participants | — | | | (1,362) | | | (1,362) | | | Per the Form 5500 | $ | 48,369 | | | $ | (1,362) | | | $ | 3,385,952 | |
The following is a reconciliation of investment income per the financial statements to the Form 5500 (in thousands): | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | Investment income per the financial statements | $ | 663,001 | | | $ | 427,398 | | Interest income on notes receivable from participants per the financial statements | 3,918 | | | 3,362 | | | Investment income per the Form 5500 | $ | 666,919 | | | $ | 430,760 | |
The following is a reconciliation of benefit payments per the financial statements to the Form 5500 (in thousands): | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | Benefit payments per the financial statements | $ | 336,999 | | | $ | 337,091 | | | Amounts allocated to withdrawing participants: | | | | | End of year | 1,108 | | | 1,362 | | | Beginning of year | (1,362) | | | (1,093) | | | Terminated deemed distributions of participant loans | (20) | | | (92) | | | Benefit payments per the Form 5500 | $ | 336,725 | | | $ | 337,268 | |
The following is a reconciliation of deemed distributions of participant loans per the financial statements to the Form 5500 (in thousands): | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | Deemed distributions of participant loans per the financial statements | $ | — | | | $ | — | | | Deemed distributions of participant loans | 59 | | | 7 | | | Deemed distributions of participant loans per the Form 5500 | $ | 59 | | | $ | 7 | |
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