| Summary of Master Trust Measured at Fair Value |
A summary of the Corporation master trust (“Master Trust”) assets (Note 4) measured at fair value on a recurring basis set forth by level within the fair value hierarchy is presented in the following tables:
| | | | | | | | | | | | | | | | Quoted Prices | | | | | in Active | Significant | | | | Markets for | Other | Significant | | | Identical | Observable | Unobservable | | | Assets | Inputs | Inputs | | | As of December 31, 2025 | (Level 1) | (Level 2) | (Level 3) | Total | | Investments at fair value: | | | | | | | | | | | Common stock | $ | 584,308,768 | | - | | - | | $ | 584,308,768 | | | Mutual funds | 378,042,751 | | - | | - | | 378,042,751 | | | | | | | | | | | | | | | | | | Total investments in the fair value hierarchy | $ | 962,351,519 | | - | | - | | $ | 962,351,519 | | | Investments measured at net asset value:* | | | | | | Common/collective trusts | | | | 3,923,794,692 | | | Total investments at net asset value | | | | 3,923,794,692 | | | Total investments at fair value | | | | $ | 4,886,146,211 | |
| | | | | | | | | | | | | | | | Quoted Prices | | | | | in Active | Significant | | | | Markets for | Other | Significant | | | Identical | Observable | Unobservable | | | Assets | Inputs | Inputs | | | As of December 31, 2024 | (Level 1) | (Level 2) | (Level 3) | Total | | Investments at fair value: | | | | | | | | | | | Common stock | $ | 629,712,621 | | - | | - | | $ | 629,712,621 | | | | | | | | Mutual funds | 338,282,336 | | - | | - | | 338,282,336 | | | Total investments in the fair value hierarchy | $ | 967,994,957 | | - | | - | | $ | 967,994,957 | | | Investments measured at net asset value:* | | | | | | Common/collective trusts | | | | 3,463,633,998 | | | Total investments at net asset value | | | | 3,463,633,998 | | | Total investments at fair value | | | | $ | 4,431,628,955 | |
| | | | | | | * | In accordance with Subtopic 820-10, 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 these tables are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits. |
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