Pension and Profit-Sharing Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Profit-Sharing Plans

Pension and Profit-Sharing Plans

We have a 401(k) plan for all qualifying domestic employees that permits participants to defer a portion of their pay pursuant to Section 401(k) of the Internal Revenue Code. We make matching contributions on behalf of each eligible participant in an amount equal to 100% of the first 3% and an additional 25% of the next 5%, for a maximum total of 4.25% of the employee's eligible compensation. We may make discretionary matching contributions. We may also make discretionary nonelective contributions in an amount to be determined by the Board of Directors for each plan year, provided the employee is employed at the end of the year and has worked at least 1,000 hours. Domestic employees of acquired businesses may participate in the 401(k) plan when they become eligible. We also maintain and contribute to various defined contribution and defined benefit pension arrangements for our international employees. We meet the minimum statutory funding requirements for our foreign plans. As of December 31, 2023 and 2022, the total unfunded portions of the benefit obligations were $11.8 million and $9.4 million, respectively.

Expenses related to our retirement programs were $25.9 million in 2023, $21.9 million in 2022 and $20.0 million in 2021.