v3.26.1
Derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Derivative [Line Items]  
Schedule of derivative instruments
The following table summarizes the notional amount of derivative contracts outstanding for which the Plan is a counterparty as of December 31, 2025 and 2024.
 
Notional amounts(a)
December 31,20252024
Interest rate contracts 
Swaps$402,884,288 $493,036,699 
Futures and forwards261,087,695 271,702,538 
Written options61,515,093 58,079,538 
Purchased options939,560 33,228,400 
Total interest rate contracts726,426,636 856,047,175 
Credit derivatives76,900,000 92,700,000 
Foreign exchange contracts
Spot, futures and forwards35,767,455 38,579,179 
Total foreign exchange contracts35,767,455 38,579,179 
Equity contracts
Futures and forwards9,367,500 27,222,580 
Total equity contracts9,367,500 27,222,580 
Total derivative notional amounts$848,461,591 $1,014,548,934 
(a)Represents the sum of gross long and gross short third-party notional derivative contracts.
The following table summarizes the gross fair values of derivative receivables and payables (irrespective of any legally enforceable master netting agreements) by contract type for which the Plan is a counterparty as of December 31, 2025 and 2024, respectively.
 
Gross derivative receivables(a)
Gross derivative payables
December 31,2025202420252024
Contract type
Interest rate$186,527 $37,039 $384,421 $468,510 
Credit 122,416 4,983 2,308 9,839 
Foreign exchange159,374 744,879 252,581 44,153 
Gross fair value of derivative receivables and payables$468,317 $786,901 $639,310 $522,502 
(a) Derivative receivables are recorded on the Statement of Net Assets Available for Benefits in the Investments at fair value line.
The following table presents derivatives gains/(losses) by contract type for which the Plan is counterparty for the years ended December 31, 2025 and 2024. All amounts are recorded in net appreciation/(depreciation) in fair value of investments in the Statements of Changes in Net Assets Available for Benefits.
 Derivatives gains/(losses)
Year ended December 31,
20252024
Contract type
Interest rate$6,088,320 $9,461,323 
Credit8,071 (14,545)
Foreign exchange(1,789,123)3,103,131 
Equity1,278,260 1,131,534 
Total$5,585,528 $13,681,443 
Protection sold – credit derivatives ratings(a)/maturity profile
Risk rating of reference entityTotal
notional amount
December 31,<1 year1–5 years>5 years
Fair value of receivables(b)
Fair value of payables(b)
Net Fair value
2025Investment-grade$1,400,000 $69,900,000 400,000 $71,700,000 $122,416 — $122,416 
Noninvestment-grade— 5,200,000 — 5,200,000 — (2,308)(2,308)
Total$1,400,000 $75,100,000 $400,000 $76,900,000 $122,416 $(2,308)$120,108 
2024Investment-grade$800,000 $89,200,000 400,000 $90,400,000 $4,983 (9,839)$(4,856)
Noninvestment-grade— 2,300,000 — 2,300,000 — — — 
Total$800,000 $91,500,000 $400,000 $92,700,000 $4,983 $(9,839)$(4,856)
(a)The ratings scale is primarily based on external credit ratings as defined by S&P and Moody’s Investor Services.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements and cash collateral received and posted by the Plan.