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Fair Value Measurement (Table)
 12 Months Ended
Dec. 31, 2024
EBP 001  
Employee Benefit Plan, Investment, Fair Value and NAV [Line Items]  
Schedule of Investments Measured at Fair Value on a Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2024:

 

 

Fair Value Measurements as of December 31, 2024

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair value as of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

$

92,026,798

 

 

$

—

 

 

$

—

 

 

$

92,026,798

 

Company Stock

 

 

5,891,240

 

 

 

—

 

 

 

—

 

 

 

5,891,240

 

Investments at net asset
   value (a)

 

 

 

 

 

 

 

 

 

 

 

219,496,471

 

Total investments

 

$

97,918,038

 

 

$

—

 

 

$

—

 

 

$

317,414,509

 
(a)
In accordance with Subtopic 820-10, certain investments that are measured at net asset value per share (or equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2023:

 

 

Fair Value Measurements as of December 31, 2023

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Fair value as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

$

128,801,659

 

 

$

—

 

 

$

—

 

 

$

128,801,659

 

Company Stock

 

 

11,198,957

 

 

 

—

 

 

 

—

 

 

 

11,198,957

 

Investments at net asset
   value (a)

 

 

 

 

 

 

 

 

 

 

 

148,819,659

 

Total investments

 

$

140,000,616

 

 

$

—

 

 

$

—

 

 

$

288,820,275

 
(a)
In accordance with Subtopic 820-10, certain investments that are measured at net asset value per share (or equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

The following table sets forth additional disclosures of the Plan’s investments whose fair value is estimated using net asset value per share as of December 31, 2024:

 

 

Fair Value Estimated Using Net Asset Value

 

Per Share as of December 31, 2024

Investment

Fair Value

 

Unfunded Commitment

 

Redemption Frequency

Other Redemption Restrictions

Redemption Notice Period

 

 

 

 

 

 

 

 

Pooled Separate accounts (a)

$

129,371,994

 

 

—

 

Daily

Online or telephone notice

1 day

Managed Income Portfolio II (b)

$

34,396,638

 

 

—

 

Daily

Online or telephone notice

1 day

Victory Integrity Small/Mid-Cap Value Collective Fund (c)

$

12,562,710

 

 

—

 

Daily

Online or telephone notice

1 day

Western Asset Core Bond R3 (d)

$

11,641,617

 

 

—

 

Daily

Online or telephone notice

1 day

MFS International Equity Fund Class 3A (e)

$

10,372,583

 

 

—

 

Daily

Online or telephone notice

1 day

Conestoga Small/Mid-Cap Growth CIF Class A (f)

$

21,150,929

 

 

—

 

Daily

Online or telephone notice

1 day

 

 

 

 

 

 

 

 

 

(a)
The objective of the Pooled Separate Accounts is to seek high total return until the target retirement date. Additionally, the accounts seek high current income and capital appreciation.
(b)
The objective of the Managed Income Portfolio II is to preserve the principal investment while earning a level of interest income that is consistent with principal preservation.
(c)
The objective of the Victory Integrity Small/Mid-Cap Value Collective Fund is to provide high total return through capital appreciation.

 

(d)
The objective of the Western Asset Core Bond R3 is to maximize total return and add value through duration and curve positioning, sector allocation, and security selection, while approximating the risk of the Bloomberg US Aggregate USD Unhedged Index.
(e)
The objective of the MFS International Equity Fund Class 3A is to outperform the MSCI EAFE Index over full market cycles.
(f)
The objective of the Conestoga Small/Mid-Cap Growth CIF Class A is to generate long-term investment returns.

The following table sets forth additional disclosures of the Plan’s investments whose fair value is estimated using net asset value per share as of December 31, 2023:

 

 

Fair Value Estimated Using Net Asset Value

 

Per Share as of December 31, 2023

Investment

Fair Value

 

Unfunded Commitment

 

Redemption Frequency

Other Redemption Restrictions

Redemption Notice Period

 

 

 

 

 

 

 

 

Pooled Separate accounts (a)

$

113,292,226

 

 

—

 

Daily

Written or telephone notice

1 day

Managed Income Portfolio II (b)

$

35,527,433

 

 

—

 

Daily

Written or telephone notice

1 day

 

(a)
The objective of the Pooled Separate Accounts is to seek high total return until the target retirement date. Additionally, the accounts seek high current income and capital appreciation.
(b)
The objective of the Managed Income Portfolio II is to preserve the principal investment while earning a level of interest income that is consistent with principal preservation.