Employee Deferred Compensation Plan Obligations

6 Months Ended

Jun. 30, 2024

Deferred Compensation Plans [Abstract]

Employee Deferred Compensation Plan Obligations

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 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 $638.5 million and $571.0 million as of June 30, 2024 and December 31, 2023, 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 $628.0 million and $572.9 million as of June 30, 2024 and December 31, 2023, respectively.

Contribution expenses for the Company’s qualified and nonqualified defined contribution plans were $11.4 million and $24.8 million for the three and six months ended June 30, 2024, respectively, and $11.5 million and $22.8 million for the three and six months ended June 30, 2023, respectively.

The Company has statutory defined contribution plans and defined benefit plans outside the United States of America, which are not material.