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Retirement and Other Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract] |
Retirement and Other Benefit Plans |
1 6. | Retirement and Other Benefit Plans
The Company’s principal retirement benefit plan is the ESOP, a stock bonus plan, established in 1975 to cover eligible employees of the Company and certain affiliated companies. Contributions of treasury stock to ESOP are made annually in amounts determined by the Company’s board of directors and are held in trust for the sole benefit of the participants. Shares allocated to a participant’s account are fully vested after six years of credited service, or in the event(s) of reaching age 65, death or disability while an active employee of the Company. As of December 31, 2018, all 78,172,809 outstanding shares of the Company’s common stock were held by the ESOP and recorded at their redemption value of $1.9 billion. As of December 31, 2019, the total shares of the Company’s common stock outstanding were 100,669,694, of which 78,896,806 were held by the ESOP. A participant’s interest in their ESOP account is redeemable upon certain events, including retirement, death, termination due to permanent disability, a severe financial hardship following termination of employment, certain conflicts of interest following termination of employment, or the exercise of diversification rights. Prior to the IPO, participants’ interests were redeemable in cash based on share prices established by the ESOP Trustee. Subsequent to the IPO and during the 180-day lock-up period, participants’ interests were redeemable in cash based on quoted prices of a share of the Company’s common stock on the NYSE. Subsequent to the 180-day lock-up period, distributions from the ESOP of participants’ interests are made in the Company’s common stock based on quoted prices of a share of the Company’s common stock on the NYSE. A participant will be able to sell such shares of common stock in the market, subject to any requirements of the federal securities laws. Prior to the end of the 180-day lock-up period. under the terms of the ESOP plan, for participants who held shares that were not readily tradeable, the Company was obligated to redeem eligible participants’ interests in their ESOP accounts for cash upon an employee’s election. At December 31, 2018, the Company presented all shares held by the ESOP as temporary equity on the consolidated balance sheet at redemption value as they included a cash redemption feature that was not solely within the Company’s control. At the conclusion of the 180-day lock-up period ESOP distributions are no longer made in cash and are now made in shares of the Company’s common stock. At December 31, 2019, shares held by the ESOP have been reclassified from temporary equity to permanent equity on the consolidated balance sheet. Total ESOP contribution expense was approximately $40.6 million, $45.2 million and $55.5 million for the years ended December 29, 2017, December 31, 2018 and December 31, 2019, respectively, and is recorded in “Direct costs of contracts” and “Indirect, general and administrative expense” in the consolidated statements of income (loss). At December 31, 2018 and December 31, 2019, 78,172,809 shares and 78,896,806 shares of the Company’s stock were held by the ESOP, respectively, which were recorded at redemption value of $1.9 billion at December 31, 2018 and within permanent equity post lock-up period at December 31, 2019. On April 3, 2019, the board of directors of the Company declared a cash dividend to the Company’s sole existing shareholder at that time, the ESOP, in the amount of $2.00 per share, or $52.1 million in the aggregate (the “IPO Dividend”). The IPO Dividend was paid on May 10, 2019. On April 15, 2019, the board of directors of the Company declared the Stock Dividend in a ratio of two shares of common stock for every one share of common stock then held by the Company’s shareholder. The record date of the Stock Dividend was May 7, 2019, the day immediately prior to the consummation of the Company’s IPO on May 8, 2019, and the payment date of the Stock Dividend was May 8, 2019. Purchasers of the Company’s common stock in the Company’s public offering were not entitled to receive any portion of the Stock Dividend. During the years ended December 29, 2017 and December 31, 2018, the Company did not declare any dividends. The Company also maintains a defined contribution plan (the “401(k) Plan”). Substantially all domestic employees are entitled to participate in the 401(k) Plan, subject to certain minimum requirements. The Company’s contributions to the 401(k) Plan for the years ended December 29, 2017, December 31, 2018 and December 31, 2019 amounted to $15.8 million, $17.1 million and $25.2 million, respectively. As part of an acquisition in 2014, the Company acquired a defined contribution pension plan, a defined benefit pension plan, and supplemental retirement plan. For the defined contribution pension plan, the Company contributes a base amount plus an additional amount based upon a predetermined formula. At December 31, 2018 and December 31, 2019, the defined benefit pension plan was in a net asset position of $1.7 million and $2.1 million, respectively, which is recorded in “Other noncurrent assets” on the consolidated balance sheet.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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