The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets at fair value as of December 31, 2025 and December 31, 2024:


	Assets at Fair Value as of December 31, 2025
	Level 1		Level 2	Level 3	Total
Common collective trusts	$	5,547,791,181	—	—	$	5,547,791,181
Cash equivalents	21,041,877		—	—	21,041,877
Mutual funds	234,860,058		—	—	234,860,058
Company common stock	228,264,940		—	—	228,264,940
Total investments at fair value	$	6,031,958,056	—	—	$	6,031,958,056


	Assets at Fair Value as of December 31, 2024
	Level 1		Level 2	Level 3	Total
Common collective trusts	$	4,863,355,623	—	—	$	4,863,355,623
Cash equivalents	14,576,829		—	—	14,576,829
Mutual funds	201,558,912		—	—	201,558,912
Company common stock	309,098,578		—	—	309,098,578
Total investments at fair value	$	5,388,589,942	—	—	$	5,388,589,942

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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+ Details