Defined-Contribution Savings Plan

12 Months Ended

Dec. 31, 2020

Defined-Contribution Savings Plan

Defined-Contribution Savings Plan

15. Defined-Contribution Savings Plan

The Company sponsors an employee retirement plan (the “401(k) Plan”) that provides certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company provides matching contributions on a discretionary basis. During the years ended December 31, 2020, 2019 and 2018, the Company recognized expense of $1.0 million, $2.1 million and $1.8 million, respectively, for matching contributions to the 401(k) Plan. During 2020, as part of a cost mitigation plan due to COVID-19, the Company suspended the matching contributions to the 401(k) Plan in the final three quarters of the year.