v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Retirement Savings Plan  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs such as quoted prices for underlying assets and liabilities and for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs other than quoted market prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The Plan’s analysis considers, among other items, any restrictions contained in the terms and conditions, nature of the investments and underlying assets, and unit valuation methodology.
The following items are measured at fair value on a recurring basis subject to the disclosure requirements of accounting standards pertaining to the fair value measurements at December 31, 2025 (in thousands):
Fair Value Measurements at
December 31, 2025
Total(Level 1)(Level 2)(Level 3)
Investments
Registered Investment Companies$2,258,639 $2,258,639 $— $— 
Common Stock582,677 582,677 — — 
Self Directed Brokerage Window390,391 390,391 — — 
Total Assets in the Fair Value Hierarchy3,231,707 3,231,707 — — 
Common Collective Trusts, Net Asset Value*13,633,116 — — — 
Pooled Separate Account, Net Asset Value*675,100 — — — 
Total Investments at Fair Value$17,539,923 $3,231,707 $— $— 

Fair Value Measurements at
December 31, 2024
Total(Level 1)(Level 2)(Level 3)
Investments
Registered Investment Companies$2,199,187 $2,199,187 $— $— 
Common Stock594,778 594,778 
Self Directed Brokerage Window257,931 257,931 — — 
Total Assets in the Fair Value Hierarchy3,051,896 3,051,896 — — 
Common Collective Trusts, Net Asset Value*12,553,235 — — — 
Total Investments at Fair Value$15,605,131 $3,051,896 $— $— 


* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. For the Plan this would include the common collective trust investments and pooled separate account, which may invest in underlying collective investment trusts. The Vanguard and Capital Group EuroPacific Growth common collective trust investments are redeemed on a daily basis and do not have any redemption restrictions. The Capital Group EuroPacific Growth separate account will initiate termination disbursements no later than 90 days after the date all information necessary to make the disbursement is received, or 90 days after all outstanding expenses are paid. The Harbor Capital common collective trust requires a five day notice period to be received by the Trustee for redemptions, less than or equal to twenty percent of the Trust's investment in the fund. For redemptions greater than twenty percent of the Trust's investment in the fund, a 15-day notice period is required. The FIAM Small Cap Core Class common collective trust requires a 15-day notice period. The Wellington CIF II Core Bond Plus Trust is redeemed daily and does not have any redemption restrictions. Additionally, there are no unfunded commitments.