Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Plans

Retirement Plans

Note 11. Retirement Plans

The company sponsors several 401(k) retirement savings and profit sharing plans (Plans) for eligible employees, which are considered “qualified plans” for federal income tax purposes. The company’s total expense for the Plans was $312.4 million, $466.9 million, and $382.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items. The resulting profit sharing expense under the Plan was $264.6 million, $421.6 million, and $359.8 million for the years ended December 31, 2023, 2022, and 2021, respectively; of which up to $211.6 million, $337.2 million, and $287.8 million, respectively, was directed by the company’s board of directors to be contributed to the Plans (subject to total Plan contribution limitations), with the remaining amounts each year paid directly in cash to the Plans’ participants.