Employee Deferred Compensation Plans

12 Months Ended

Dec. 31, 2023

Deferred Compensation Plans [Abstract]

Employee Deferred Compensation Plans

Note J—Employee Deferred Compensation Plans

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 benefit of participating employees. Nonqualified plans are provided for employees on a discretionary basis, including those not eligible for the qualified plans. These plans include provisions for salary deferrals and discretionary contributions. The asset value of the nonqualified plans was $571.0 million and $432.7 million as of December 31, 2023, and December 31, 2022, 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 $572.9 million and $474.1 million as of December 31, 2023, and December 31, 2022, 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,
	2023		2022		2021
Contribution expense	$	42,428	$	50,406	$	47,119
Increase (decrease) in employee deferred compensation expense related to changes in the fair value of trust assets	88,020		(86,139)		61,078
	$	130,448	$	(35,733)	$	108,197

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