Employee Deferred Compensation Plan Obligations

12 Months Ended

Dec. 31, 2021

Deferred Compensation Plans [Abstract]

Employee Deferred Compensation Plan Obligations

Note I—Employee Deferred Compensation Plan Obligations

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 this plan 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 $495.0 million and $406.6 million as of December 31, 2021 and December 31, 2020, respectively. The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans.

The liability value for the nonqualified plans was $535.3 million and $435.1 million as of December 31, 2021 and December 31, 2020, respectively.

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

	Year Ended December 31,
	2021		2020		2019
Contribution expense	$	47,119	$	42,092	$	26,122
Increase in employee deferred compensation expense related to changes in the fair value of trust assets	61,078		75,188		54,917
	$	108,197	$	117,280	$	81,039

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