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Employee Benefits
 12 Months Ended
Dec. 29, 2024
Retirement Benefits [Abstract]  
Employee Benefits
(8)
Employee Benefits

 

The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 60 days of service and are at least 18 years of age are eligible to participate in the plan. The plan requires the Company to match 100% of the first 5% of each employee’s elective deferrals. The Company’s matching contributions are made in the form of cash and vest immediately. The expenses incurred for Company contributions to the plan were $14.1 million, $12.5 million and $12.4 million in 2024, 2023 and 2022, respectively.

 

The Company has established a non-qualified deferred compensation plan available for certain key employees. Under this self-funding plan, the participants may defer up to 40% of their base salary and up to 80% of their bonus compensation. Beginning in fiscal 2025, participants may defer up to 50% of their base salary and up to 80% of their bonus compensation. The participants direct the investment of their deferred compensation within several investment funds. The Company is not required to contribute and did not contribute to this plan during 2024, 2023 and 2022.

 

The Company has an employee stock payroll deduction plan (the “ESPDP”). Under the ESPDP, eligible employees may deduct up to 15% of their eligible wages to purchase common stock at 85% of the market price of the stock at the purchase date. The ESPDP requires employees to hold their purchased common stock for at least one year. The Company purchases common stock on the open market for the ESPDP at the current market price. There were 15,935 shares, 18,439 shares and 17,378 shares of common stock in 2024, 2023 and 2022, respectively, purchased on the open market for participating employees at a weighted-average price of $450.59 in 2024, $341.76 in 2023 and $391.23 in 2022. The expenses incurred under the ESPDP were $1.0 million, $0.9 million, and $1.0 million in 2024, 2023 and 2022, respectively.