Accrued Payroll and Benefit Costs

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Accrued Payroll and Benefit Costs

Accrued Payroll and Benefit Costs

Accrued payroll and benefit costs consisted of the following (in thousands):

	September 30, 2020		December 31, 2019
Employee deferred compensation plans	$	465,299	$	421,198
Payroll and benefits	314,299		280,918
Payroll taxes	26,273		21,831
Workers’ compensation	21,877		19,655
Accrued payroll and benefit costs	$	827,748	$	743,602

The Company, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, deferred paying $68.3 million of applicable payroll taxes as of September 30, 2020, which is included in other liabilities in the unaudited Condensed Consolidated Statements of Financial Position.

The Company provides various qualified defined contribution 401(k) plans covering eligible employees. The plans offer a savings feature with the Company matching employee contributions. Assets of these plans are held by an independent trustee for the sole benefit of participating employees. Nonqualified plans are provided for employees not eligible for the qualified plans. These plans include provisions for salary deferrals and Company matching and discretionary contributions. The asset value of the nonqualified plans was $445.7 million and $398.4 million as of September 30, 2020, and December 31, 2019, respectively, and are included in other current assets in the unaudited Condensed Consolidated Statements of Financial Position. The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans.

The liability value for the nonqualified plans was $465.3 million and $421.2 million as of September 30, 2020, and December 31, 2019, respectively, and is included in accrued payroll and benefit costs in the unaudited Condensed Consolidated Statements of Financial Position. Deferred compensation plan and other benefits related to the Company’s executive chairman were $88.6 million and $91.8 million as of September 30, 2020, and December 31, 2019, respectively, and are included in the liability value for the nonqualified plans.

The following table presents the Company’s compensation expense related to its qualified defined contribution plans and nonqualified plans (in thousands):

	Three Months Ended  September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Contribution expense	$	9,753	$	6,943	$	28,111	$	19,362
Deferred compensation expense related to changes in the fair value of trust assets	26,095		1,450		34,630		34,628
	$	35,848	$	8,393	$	62,741	$	53,990

The Company has statutory defined contribution plans and defined benefit plans outside the U.S., which are not material.