Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plan

v3.19.3.a.u2
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plan
Note 16 - Employee Benefit Plan
The Company sponsors a defined contribution 401(k) plan (the “401(k) Plan”) in which substantially all U.S. employees are eligible to participate. During 2019 and 2018 the Company matched 25.0 percent of each participant’s pre-tax contributions in an amount not exceeding 6.0 percent of the participant’s compensation, up to the maximum amount of contributions allowed by law. Starting January 2020, the Company will match 100.0 percent of each participant’s pre-tax contributions in an amount not exceeding 5.0 percent of the participant’s compensation. 401(k) Plan participants hired prior to July 2017 become 100.0 percent vested immediately in the Company’s matching contributions, and 401(k) Plan participants hired after July 2017 become vested on a pro-rata basis over three years.
The costs of matching contributions to the 401(k) Plan were as follows:
 
Successor
 
 
Predecessor
 
Nine Months Ended December 31,
 
 
Three Months Ended March 31,
 
Year Ended December 31,
Dollars in thousands
2019
 
 
2019
 
2018
401(k) Plan matching contributions expense
$
639

 
 
$
179

 
$
642