Retirement Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The Company also has a nonqualified DCP, which was amended and restated effective September 22, 2020, under which certain officers and key colleagues may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are required to be in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock. The Company’s discretionary awards made prior to January 1, 2016 vest 20% on the date of grant and 20% on each of the four subsequent anniversary dates. The Company’s discretionary awards made on or after January 1, 2016 are 100% vested at the time of grant. No discretionary contributions were made to the DCP for both the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, phantom shares issuable by the DCP were 27,130,916 and 30,590,955, respectively.

Amounts in the DCP attributable to certain non‑colleague participants are settled in cash and are classified as liabilities which are marked to market at the end of each reporting period. The total liability related to the DCP for non‑colleague participants was $2,777 and $2,591 as of June 30, 2021 and December 31, 2020, respectively.