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Employee Benefits | 6 Months Ended
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Jul. 02, 2022
Postemployment Benefits [Abstract] |
Employee Benefits | 20. Employee Benefits Defined Contribution Plans The Company sponsors one qualified defined contribution plan or 401(k) plan, the Masimo Retirement Savings Plan (MRSP), covering the Company’s full-time U.S. employees who meet certain eligibility requirements. The MRSP matches a Masimo employee’s contribution up to 3% of the Masimo employee’s compensation, subject to a maximum amount. The Company may also contribute to the MRSP on a discretionary basis. The Company contributed $1.0 million and $0.9 million to the MRSP for the three months ended July 2, 2022 and July 3, 2021, respectively, all in the form of matching contributions. The Company contributed $2.1 million and $1.9 million to the MRSP for the six months ended July 2, 2022 and July 3, 2021, respectively, all in the form of matching contributions. In addition, the Company sponsors various defined contribution plans in certain locations outside of the United States, the contributions to which were not material for any period. On April 11, 2022, in connection with the Sound United acquisition, the MRSP was amended to allow for participation by eligible SU employees. Defined Benefit Plans On April 11, 2022, the Company assumed sponsorship of the two noncontributory defined benefit pension plans (Defined Benefit Plans) which cover employees in Japan and the Netherlands. The Company’s contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. The Company pays the entire cost of the Defined Benefit Plan and funds such costs as they accrue. Virtually all of the assets of the Defined Benefit Plan are comprised of equities and participation in equity and fixed income funds. The service cost component for the Defined Benefit Plans are recorded in cost of sales and operating expenses in the condensed consolidated statement of operations. All other cost components are recorded in other income (expense), net in the condensed consolidated statement of operations. The Company’s net periodic defined benefit costs for each of the three and six months ended July 2, 2022, and July 3, 2021 were not material. The Company is still determining its contributions to the Defined Benefit Plans for the year. No contributions were made to the Defined Benefit Plans during the three and six months ended July 2, 2022 and July 3, 2021. The expected rate of return on the Defined Benefit Plans’ assets for determining net periodic benefit plan cost is 0%.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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