v3.26.1
SUMMARY OF ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2025
EBP 003  
EBP, Accounting Policy [Line Items]  
SUMMARY OF ACCOUNTING POLICIES SUMMARY OF ACCOUNTING POLICIES
 
Basis of Accounting – The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), using the accrual method of accounting.
 
Use of Estimates – The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
 
Investment Valuation and Income Recognition – The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
 
Purchases and sales of securities are recorded on the trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The net appreciation in fair value of investments consists of both the realized gains or losses and unrealized appreciation and depreciation of those investments.
 
Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. It is reasonably possible, given the level of risk associated with investment securities, that changes in the near term could materially affect participants’ account balances and the amounts reported in the financial statements.

At December 31, 2025 and 2024, approximately 10% and 11%, respectively, of the Plan’s net assets were invested in the Fidelity 500 Index Fund.

Notes Receivable from Participants – Notes receivable from participants are measured at amortized cost, which represents unpaid principal balance plus accrued unpaid interest.
 
Payment of Benefits – Benefits are recorded when paid.