v3.26.1
Differences Between Financial Statements and Form 5500
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]  
Differences Between Financial Statements and Form 5500
7.
DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500

The following is a reconciliation of the net assets available for benefits per the financial statements to the Plan’s Form 5500:

 

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Net assets available for benefits per the financial statements

 

$

35,054,224

 

 

$

31,066,612

 

Adjustment from contract value to fair value of certain Galliard Stable Value Fund assets

 

 

(15,902

)

 

 

(49,536

)

Amounts allocated to withdrawing participants and other

 

 

(882

)

 

 

(2,152

)

Net assets available for benefits per the Form 5500

 

$

35,037,440

 

 

$

31,014,924

 

 

The following is a reconciliation of the changes in net assets available for benefits per the financial statements to the Plan’s Form 5500:

 

(in thousands)

 

 

 

December 31,
2025

 

Net increase in net assets available for benefits per the financial statements

 

 

 

$

3,987,612

 

Net change in fair value adjustment of certain Galliard Stable Value Fund assets

 

 

 

 

33,634

 

Net change in amounts allocated to withdrawing participants and other

 

 

 

 

1,270

 

Net income per the Form 5500

 

 

 

$

4,022,516

 

 

The fair value adjustment for certain Galliard Fund assets represented the differences between contract values of certain fully benefit-responsive contracts within the Galliard Fund as included in the statements of changes in net assets available for benefits for the year ended December 31, 2025, and the fair values of these contracts as reported in the Form 5500. Amounts

allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2025 but were not yet paid.