Defined Contribution Savings Plan

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

DEFINED CONTRIBUTION SAVINGS PLAN

DEFINED CONTRIBUTION SAVINGS PLAN

As of December 31, 2022, 45,075 employees contributed to the Company’s defined contribution savings plan, voluntary to all eligible salaried employees. Participants are allowed to contribute, on a pretax or after-tax basis, up to the lesser of fifty percent of their annual compensation or the maximum dollar amount allowed under the Internal Revenue Code. The Company matches one hundred percent of all contributions up to six percent of eligible employee contributions. Such participant contributions may be invested in a variety of investment funds or a Company common stock fund and may be exchanged between investments as directed by the participant. Participants are permitted to diversify both future and prior Company matching contributions previously allocated to the Company common stock fund into a variety of investment funds.

The Company made contributions to the defined contribution savings plan on behalf of participating employees, representing amounts authorized by employees to be withheld from their earnings, of $240.1 million, $224.3 million and $196.5 million in 2022, 2021 and 2020, respectively. The Company’s matching contributions to the defined contribution savings plan charged to operations were $140.0 million, $133.7 million and $120.0 million for 2022, 2021 and 2020, respectively.

At December 31, 2022, there were 19,689,197 shares of the Company’s common stock being held by the defined contribution savings plan, representing 7.6% of the total number of voting shares outstanding. Shares of Company common stock credited to each member’s account under the defined contribution savings plan are voted by the trustee under instructions from each individual plan member. Shares for which no instructions are received are voted by the trustee in the same proportion as those for which instructions are received.