Incentive and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2019

Compensation Related Costs [Abstract]

Incentive and Deferred Compensation Plans

Incentive and Deferred Compensation Plans

Annual Incentive Plan. The Annual Incentive Plan ("AIP") incorporates quantitative performance measures, strategic qualitative goals and competitive target award levels for management and employees for the 2018 and 2017 performance years. Incentive bonus awards for 2019 will be provided at the discretion of the Board of Directors and will be paid quarterly during 2020. Payout percentages ranged from 0% to 200% of specified target levels based on actual performance in 2018 and 2017. As of December 31, 2019, the Company had accrued approximately $2.7 million for the 2019 AIP. Payment of $7.1 million was made in the first quarter of 2019 for the 2018 performance year.

401(k) Plan. The Company maintains a 401(k) retirement plan for its employees. Under this plan, eligible employees may elect to defer a portion of their earnings up to the maximum allowed by IRS. For the years ended December 31, 2019, 2018, and 2017, the Company made matching contributions to the plan equal to 100% on the first 10% of employee deferred wages, excluding incentive compensation, totaling $2.2 million, $2.8 million, and $3.6 million, respectively. The decrease in contributions is due primarily to reductions in force that occurred in each of those years. Participants in the plan are immediately 100% vested in the discretionary employee contributions and related earnings on those contributions. The Company's matching contributions and related earnings vest based on years of service, with full vesting occurring on the fourth anniversary of employment.