BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

BENEFIT PLANS

12. BENEFIT PLANS

The Company sponsors a profit sharing plan and a savings plan under Section 401(k) of the Internal Revenue Code, covering substantially all salaried employees over the age of 21 with at least 12 months of service. The Company contributed three percent of compensation for each employee regardless of the employees’ contributions for both the years ended December 31, 2023 and 2022. The Company contributed two percent of compensation for each employee regardless of the employees’ contributions for the year ended December 31, 2021. In addition, the Company partially matches employee contributions up

to three percent. Expense for the savings plan totaled $3.5 million for the year ended December 31, 2023, $3.7 million for the year ended December 31, 2022, and $2.9 million for the year ended December 31, 2021.

Additional contributions to the profit sharing plan are made at the discretion of the Board of Directors and all funds are invested solely in Company common stock. The Company did not make additional contributions to the profit sharing plan in 2023, 2022 or 2021.