Self-Insurance

12 Months Ended

Dec. 31, 2023

Self Insurance Reserves [Abstract]

Self-Insurance

12. Self-Insurance

The Company obtains various insurance coverages, including general and professional liability and workers' compensation programs, from commercial carriers at stated amounts as defined in the applicable policy. The Company's current general and professional liability policies provide for deductibles for each claim and contain various exclusions from coverage. The Company uses its wholly-owned captive insurance company for the purpose of insuring certain portions of its risk retention under its general and professional liability insurance programs. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts, for claims that exceed the funding level of the Company’s wholly-owned captive insurance company, and for claims or portions of claims that are not covered by such policies and/or exceed the policy limits. Losses related to self-insured amounts are accrued based on the Company's estimate of expected losses for known claims and projected claims incurred but not yet reported.

As of December 31, 2023 and 2022, the Company accrued reserves of $122.6 million and $135.9 million, respectively, under the Company's insurance programs, of which $67.8 million and $70.2 million is classified as other liabilities as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company accrued $4.3 million and $9.9 million, respectively, of estimated amounts receivable from the insurance companies under these insurance programs.

The Company has secured self-insured retention risk under its primary workers' compensation programs with restricted cash deposits and other deposits of $8.3 million and $14.5 million and letters of credit of $57.2 million and $62.1 million as of December 31, 2023 and 2022, respectively. Additionally, the Company’s wholly-owned captive insurance company had restricted cash and other deposits of $10.3 million and $6.0 million as of December 31, 2023 and 2022, respectively.