CONTRIBUTING EMPLOYEE OWNERSHIP PLAN

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

CONTRIBUTING EMPLOYEE OWNERSHIP PLAN

NOTE 17. CONTRIBUTING EMPLOYEE OWNERSHIP PLAN

The Contributing Employee Ownership Plan (CEOP) is a defined contribution plan available to essentially all domestic employees. We provide a contribution to an individual retirement contribution account (Company Contribution) maintained with the CEOP equal to an amount between 5.0% and 7.5% of the employee’s eligible compensation. Employees generally vest in the value of the Company Contribution according to a schedule based on service. Prior to February 2023, participants vested 25% after 2 years of service, and 25% each year thereafter, through year 5 of service. After February 2023, participants vest 50% after 2 years of service and 100% after 3 years of service.

We also match a percentage of our employee’s CEOP contributions (Company Match), which are invested in the same investment allocation as the employee’s contribution. Prior to February 2023, participants vested 25% after 2 years of service, and 25% each year thereafter, through year 5 of service. After February 2023, employees immediately vest in matching contributions.

Our contributions to the CEOP for 2023, 2022 and 2021, were as follows:

	Years ended December 31,
	2023		2022		2021
	($ in millions)
Company contribution	$	36.8	$	37.4	$	35.4
Company match	14.5		14.4		14.2