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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
EBP 001  
Employee Benefit Plan, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements

4. Fair Value Measurements

 

The following is a description of the valuation methodologies used for assets measured at fair value.

 

Mutual funds:

Valued at the net asset value of shares held by the Plan at year end. Mutual funds held by the Plan are open-ended mutual funds that are registered with the SEC. These funds are required to publish their daily net asset value and transact at that price and therefore are deemed to be actively traded.

Common stock of Plan Sponsor:

Valued at the year-end closing price reported on the active market on which the security is traded.

Collective Investment Trusts:

Valued at net asset value as a practical expedient to estimate fair value at year end.

 

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although 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.

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024 and 2023.

 

 

 

Assets at Fair Value as of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

$

97,002,628

 

 

$

-

 

 

$

-

 

 

$

97,002,628

 

Common stock of Plan Sponsor

 

 

5,203,906

 

 

 

-

 

 

 

-

 

 

 

5,203,906

 

Total assets in the fair value hierarchy

 

 

102,206,534

 

 

 

-

 

 

 

-

 

 

 

102,206,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments measured at net asset value

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,894,309

 

Total investments, at fair value

 

$

102,206,534

 

 

$

-

 

 

$

-

 

 

$

107,100,843

 

 

 

 

 

Assets at Fair Value as of December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

$

87,568,889

 

 

$

-

 

 

$

-

 

 

$

87,568,889

 

Common stock of Plan Sponsor

 

 

8,513,372

 

 

 

-

 

 

 

-

 

 

 

8,513,372

 

Total assets in the fair value hierarchy

 

 

96,082,261

 

 

 

-

 

 

 

-

 

 

 

96,082,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment measured at net asset value

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,966,139

 

Total investments, at fair value

 

$

96,082,261

 

 

$

-

 

 

$

-

 

 

$

101,048,400

 

 

 

The following tables summarize investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

 

 

 

 

 

 

 

 

Redemption

 

 

 

 

 

 

 

 

 

Frequency (If

 

 

December 31,

 

 

 

 

Unfunded

 

Currently

 

Redemption

2024

 

Fair Value

 

 

Commitments

 

Eligible)

 

Notice Period

Collective trust funds

 

$

4,894,309

 

 

n/a

 

Daily

 

12 months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption

 

 

 

 

 

 

 

 

 

Frequency (If

 

 

December 31,

 

 

 

 

Unfunded

 

Currently

 

Redemption

2023

 

Fair Value

 

 

Commitments

 

Eligible)

 

Notice Period

Collective trust fund

 

$

4,966,139

 

 

n/a

 

Daily

 

12 months