v3.26.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurement Fair Value Measurement
ASC 820 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described as follows:
Level 1    Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2    Inputs to the valuation methodology include:
•quoted prices for similar assets or liabilities in active markets;
•quoted prices for identical or similar assets or liabilities in inactive markets;
•inputs other than quoted prices that are observable for the assets or liability;
•inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3    Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in methodologies used at December 31, 2025 and 2024.
Common Stocks and Rights/Warrants
Valued at the closing price reported on the active market on which the individual securities are traded.
Corporate Bonds/Other Fixed Income Funds
Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
Registered Investment Company Funds (Mutual Funds)
Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Common/Collective Funds
Valued at the NAV of units of a bank collective trust. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.
U.S. Government Securities
Valued using the pricing models maximizing the use of observable inputs for similar securities.
Short-Term Investments
Short-Term investments, including commercial paper having 60 days or less to maturity are recorded at amortized cost, which approximates fair value.
The following sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2025 and 2024:
Assets at Fair Value as of December 31, 2025
 Level 1 Level 2Total
Common stock271,095,936 — 271,095,936 
Registered Investment Co Funds2,561,045 — 2,561,045 
Short-Term Investments— 557,626,935 557,626,935 
Self-directed brokerage acct:
Common Stock630,347,100 — 630,347,100 
Registered investment co.2,122,583,774 — 2,122,583,774 
Money market273,026,195 — 273,026,195 
Rights/warrants98,064 — 98,064 
Corporate bonds/other— 10,779,070 10,779,070 
Short-Term investments— 35,598,358 35,598,358 
US Government securities— 27,013,205 27,013,205 
3,299,712,114 631,017,568 3,930,729,682 
Investments measured at net asset value:
Common/collective funds8,422,252,047 
Total assets at fair value12,352,981,729 
Assets at Fair Value as of December 31, 2024
 Level 1 Level 2Total
Common stock283,354,047 — 283,354,047 
Registered Investment Co Funds5,776,318 — 5,776,318 
Short-Term Investments— 546,068,377 546,068,377 
Self-directed brokerage acct:
Common Stock530,491,268 — 530,491,268 
Registered investment co.1,831,295,606 — 1,831,295,606 
Money market259,487,778 — 259,487,778 
Rights/warrants152,636 — 152,636 
Corporate bonds/other— 9,837,515 9,837,515 
Short-Term investments— 46,209,422 46,209,422 
US Government securities— 24,934,442 24,934,442 
2,910,557,652 627,049,756 3,537,607,408 
Investments measured at net asset value:
Common/collective funds7,883,697,168 
Total assets at fair value11,421,304,575 
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.