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Employee Benefits
3 Months Ended
Apr. 01, 2023
Postemployment Benefits [Abstract]  
Employee Benefits
21. Employee Benefits
Defined Contribution Plans
In the U.S. 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. On April 11, 2022, in connection with the Sound United Acquisition, the MRSP was amended to allow for participation by eligible Sound United employees.
The MRSP matches 100% of a participant’s salary deferral, up to 3% of each participant’s compensation for the pay period, subject to a maximum amount. The Company may also contribute to the MRSP on a discretionary basis. The Company contributed $2.3 million and $1.1 million to the MRSP for the three months ended April 1, 2023 and April 2, 2022, respectively, all in the form of matching contributions.
In addition, some of the Company’s international subsidiaries also have defined contribution plans to which both the employees and the employers are eligible to make contributions. The Company contributed $0.8 million to these plans for the three months ended April 1, 2023. The Company made no contributions to any of these plans for the three months ended April 2, 2022.
Defined Benefit Plans
The Company sponsors several international noncontributory defined benefit plans. In connection with the Sound United Acquisition, the Company assumed sponsorship of several international defined benefit plans and post-retirement benefit plans. All defined benefit plans and post-retirement benefit plans assumed with the acquisition of Sound United were closed to new participants prior to the acquisition.
The service cost component for the defined benefit plans are recorded in operating expenses in the 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 months ended April 1, 2023, and April 2, 2022 were immaterial.