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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
11.Employee Benefit Plans

 

The Company sponsors a qualified defined-contribution 401(k) plan that covers substantially all of its employees. Under the terms of the 401(k) plan, the Company matches a certain portion of employee contributions to their individual 401(k) accounts using the “safe harbor” guidelines provided in the Internal Revenue Code. Expenses related to matching employee contributions to the 401(k) plan were $4.7 million, $4.1 million, and $4.0 million in 2023, 2022, and 2021, respectively.

 

Additionally, in 2023, 2022, and 2021 the Company provided discretionary supplemental contributions to the individual 401(k) accounts of substantially all employees. Each employee received a supplemental contribution to their account based on a uniform percentage of qualifying compensation established annually. The cost of these supplemental contributions totaled $6.9 million, $7.4 million, and $7.4 million in 2023, 2022, and 2021, respectively.