| EBP, Investment, Fair Value and NAV |
Fair Value Measurements as of December 31, 2025 (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Active Markets
for Identical
Assets
(Level 1) | | Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Common stock of International Paper Company | | $ | 152,139 | | | $ | — | | | $ | — | | | $ | 152,139 | | | Equities | | 763,571 | | | 2,285,965 | | | — | | | 3,049,536 | | | Fixed income | | — | | | 883,415 | | | 1,731 | | | 885,146 | | | Derivatives | | — | | | — | | | 899 | | | 899 | | | Cash and cash equivalents | | 26,938 | | | — | | | — | | | 26,938 | | | Securities lending collateral | | | | | | | | | | Interest bearing cash | | 9,735 | | | — | | | — | | | 9,735 | | | Non-cash | | — | | | 3,370 | | | — | | | 3,370 | | | Self-directed brokerage accounts | | 153,118 | | | 3,513 | | | — | | | 156,631 | | | Total assets in fair value hierarchy | | $ | 1,105,501 | | | $ | 3,176,263 | | | $ | 2,630 | | | $ | 4,284,394 | | | Investments measured at net asset value (a) | | — | | | — | | | — | | | 31,717 | | | Total investments at fair value | | $ | 1,105,501 | | | $ | 3,176,263 | | | $ | 2,630 | | | $ | 4,316,111 | |
(a) In accordance with Subtopic 820-10, Fair Value Measurements and Disclosures, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurements as of December 31, 2024 (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Active Markets
for Identical
Assets
(Level 1) | | Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Common stock of International Paper Company | | $ | 222,814 | | | $ | — | | | $ | — | | | $ | 222,814 | | | Equities | | 919,596 | | | 2,201,014 | | | — | | | 3,120,610 | | | Fixed income | | — | | | 748,475 | | | 2,260 | | | 750,735 | | | Derivatives | | — | | | — | | | 1,590 | | | 1,590 | | | Cash and cash equivalents | | 49,572 | | | — | | | — | | | 49,572 | | | Securities lending collateral | | | | | | | | | | Interest bearing cash | | 17,710 | | | — | | | — | | | 17,710 | | | Non-cash | | — | | | 3,632 | | | — | | | 3,632 | | | Self-directed brokerage accounts | | 141,732 | | | 3,517 | | | — | | | 145,249 | | | Total assets in fair value hierarchy | | $ | 1,351,424 | | | $ | 2,956,638 | | | $ | 3,850 | | | $ | 4,311,912 | | | Investments measured at net asset value (a) | | — | | | — | | | — | | | 30,638 | | | Total investments at fair value | | $ | 1,351,424 | | | $ | 2,956,638 | | | $ | 3,850 | | | $ | 4,342,550 | |
(a) In accordance with Subtopic 820-10, Fair Value Measurements and Disclosures, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The following table summarizes Master Trust investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2025 and 2024, respectively (in thousands). There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Master Trust. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 Fair value | | Unfunded commitments | | Redemption frequency | | Redemption notice period | | Real estate funds | | $ | 31,717 | | | N/A | | Quarterly | | 30 days |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 Fair value | | Unfunded commitments | | Redemption frequency | | Redemption notice period | | Real estate funds | | $ | 30,638 | | | N/A | | Quarterly | | 30 days |
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