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Compensation Plans | 12 Months Ended
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Dec. 31, 2023
Compensation Related Costs [Abstract] |
Compensation Plans | Compensation Plans The Company and its subsidiaries have profit sharing plans in which substantially all employees participate. The plans provide for minimum annual contributions of 5% of eligible compensation; contributions above the minimum are discretionary and vary with each participating businesses's profitability. Employees become eligible to participate in the plan on the first day of the calendar quarter following the first full calendar quarter after the employee's date of hire provided the employee has completed 250 hours of service during the calendar quarter. The plans provide that 40% of the contributions vest immediately and that the remaining 60% vest at varying percentages based upon years of service. Profit sharing expense was $75 million, $62 million and $50 million in 2023, 2022 and 2021, respectively. The Company has a long-term incentive compensation plan ("LTIP") that provides for compensation to key executives based on the growth in the Company's book value per share over a five year period. The following table summarizes the outstanding LTIP awards as of December 31, 2023:
| Units Outstanding | Maximum Value | Inception to date earned through December 31, 2023 on outstanding units
2019 grant | 194,000 |  | $ | 19,400,000 |  | $ | 19,400,000 |
2020 grant | 205,500 |  | 20,550,000 |  | 20,071,041 |
2021 grant | 212,250 |  | 21,225,000 |  | 17,575,043 |
2022 grant | 233,250 |  | 23,325,000 |  | 12,238,628 |
2023 grant | 245,500 |  | 24,550,000 |  | 5,423,639 |
The following table summarizes the LTIP expense for each of the three years ended December 31, 2023:
(In thousands) | 2023 |  | 2022 |  | 2021
2016 grant | $ | — |  |  | $ | — |  |  | $ | (117) |
2017 grant | — |  |  | — |  |  | 6,012 |
2018 grant | (125) |  |  | 4,299 |  |  | 5,503 |
2019 grant | 3,366 |  |  | 6,904 |  |  | 5,309 |
2020 grant | 7,047 |  |  | 6,653 |  |  | 5,065 |
2021 grant | 6,561 |  |  | 6,574 |  |  | 4,906 |
2022 grant | 6,155 |  |  | 6,232 |  |  | — |
2023 grant | 5,424 |  |  | — |  |  | — |
Total | $ | 28,428 |  |  | $ | 30,662 |  |  | $ | 26,678 |

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482969/710-10-50-1 + Details
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