Employee Benefits

12 Months Ended

Dec. 31, 2023

Payment for Pension and Other Postretirement Benefits [Abstract]

Employee Benefits

Employee Benefits

The Company maintains a defined contribution 401(k) retirement plan, pursuant to which employees may elect to contribute up to 100% of their compensation on a tax deferred basis up to the maximum amount permitted by the Internal Revenue Code of 1986, as amended. The Company matches 100% of the first 3% of the participants’ deferral, and 50% on the next 2% of the participants’ deferral, up to a potential 4% Company match. The Company’s matching contributions to the 401(k) plan vest immediately. Under its 401(k) plan, the Company has recorded expense of $7.0 million, $6.0 million, and $3.4 million in 2023, 2022, and 2021, respectively.

The Company’s foreign subsidiaries have pension plans under local tax and labor laws and are obligated to make contributions to the plan. Contributions and other expenses related to this plan were $3.0 million, $2.4 million, and $1.7 million in 2023, 2022, and 2021, respectively.